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Can I transfer my policy from one insurance company to another without losing the renewal benefits?

May 02, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Everyone knows about the benefit of mobile portability. You get to keep your number even if you change your location. There is no hassle of updating everyone from your boss to your maid about a new number. Did you know that you can also transfer your health insurance policy from one company to another? Plus, you don’t lose any renewal benefits. The benefits are transferred as well!

Here are the answers to some common questions on health insurance portability:

  • Will my sum insured be reduced?

The new insurer cannot reduce your prevailing sum insured

  • Are there restrictions based on health insurance type?

There are no restrictions. Both individual and floater policies are portable

  • I have already been through a waiting period for a certain coverage benefit. Will I have to go through a fresh waiting period?

Not at all. The new insurer will consider the waiting period already completed. Suppose, you are waiting for maternity cover and have one more year to go. Under the new policy, you only need to wait for that one year.

  • What happens to the credit that has accrued under my original policy?

The new insurer will accept all previous credits accrued under your original policy

Why transfer your health insurance policy?

Customised health insurance policy

Customise your new policy as per your current health conditions and financial status. For example, you can opt for more coverage.

Higher sum assured

 Your new sum assured comprises your original sum assured and the accrued No Claims Bonus.

Lower premiums offered by the new insurance company

 Insurance companies want your business. So, they may offer lower premiums to attract you.

Better service

Go for an insurance provider with a reputation for providing impeccable service.

Better reimbursement timelines

Nobody likes delayed reimbursements. Choose a new insurance provider who offers quick reimbursements.

Improved claim settlement process

Your original insurance provider may have a slow and cumbersome claim settlement process. Look for an insurance provider with an easy and efficient process

Transparency of the new insurance company

You may have forgotten to check for hidden clauses in your first health policy. You can opt for a new policy that does not have hidden clauses.

Existing benefits remain with no time-bound exclusions

 All your existing benefits such as waiting periods and credits remain unchanged

No transfer or switching charges

 You don’t have to worry about transfer charges

Opt out of a co-pay clause

Your original policy may have involved mandatory co-payment. You can opt out of it with a new policy under a new insurer

Better benefits at same or reduced premiums

 You may get better benefits from the new insurer at the same premium. Or, you can even look for a reduced premium for the same

When should you transfer your health insurance policy?

  • You can transfer your policy only at the time of renewal.
  • Inform your insurance company at least 45 days before the expiry of your current policy.

Things to keep in mind to avoid rejection of your transfer

  • Age: Insurers are keen to insure young customers. If you are over 55 years old, the insurer may reject your transfer plea
  • Adverse health history: Insurers do not prefer people with a history of poor health. If you are over 45 years old, you will have to undergo medical tests
  • Increase in sum assured: If you opt for a sum assured that is 100–200% higher than your current sum assured
  • Inadequate information: Do not provide inadequate or wrong information. The insurer can reject your claim
  • Non-availability of policy documents: You must furnish three years’ policy documents
  • Break in policy renewal: The insurer may reject the transfer if there is a break in the policy renewal 


Do not stay with an insurance company that provides unsatisfactory service. Transferring your health insurance policy is an easy process. But do your homework on the new insurance company. Only then, sign on the dotted line.

You can get tax breaks if you have a life insurance policy as well, provided you have add-ons like medical insurance and critical illness riders.

Advt. no.: IA/Apr 2018/3895

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