Page 45 - The Insurance Times November 2024

To port your policy, you Rs. 12 lakh and Rs. 5 lakh in a year, When you move from insurer A to insurer B, you get to port
the policy will honour both the hospitalisation bills in full. the benefits accrued, if any, but not the specific features of
This reset benefit will not get triggered for the first claim. the policy. Every insurance product has some unique
features, so it's essential to clearly understand the policies'
Riders add Weight
features to know what you are leaving behind and what
There are interesting riders with the policy that are made additional benefits you will be acquiring. You must correctly
available upon additional payments, apart from the regular disclose all the details about your medical and claims history,
premiums. too, to avoid any hassles of non-disclosure.

For those who haven't opted for the unlimited cover in the In a recent circular, the IRDAI has allowed policyholders to
base policy, there is the option to take an add-on called port their policies within specified timelines. Both the
infinite care that pays for bills in excess of the sum assured acquiring and existing insurers are responsible for seamlessly
should send a portability request, initiated 45 days before
transferring all your details and claim history.
renewal. This request will typically be accompanied with
submitting a new proposal and portability forms. As a policyholder, you can be in advanced economies.
Elevate offers worldwide cover for up to the sum assured,
Once the new insurer receives your portability request, they
subject to a maximum of Rs. 3 crore. There will be a two
will approach the existing insurer to verify your medical and
year waiting period in case of regular claim. But there will
claims history. Following verification, the new insurer might be no waiting period for accidental emergencies.
accept, propose restricted covers or reject the request
based on their underwriting guidelines. Unique Aspects
Before porting your policy, review the policy terms and Overall, ICICI Lombard's Elevate has refreshingly unique
conditions, and coverage details of new policy thoroughly. features and most importantly, the premiums aren't priced
Look for a policy without too many restrictions on coverage. expensively considering the higher coverage on offer.
However, this add-on will be available only once during the A high age of entry, other add-ons such as those on inflation
lifetime of the policy. Then there is a PowerBooster rider protection, maternity benefits and so on are quite well-
that gives guaranteed super bonus. So, 100 per cent of the thought-out.
annual sum assured is added each year when this rider is
Policyholders can opt for as high a sum assured as possible
taken, even if a claim is made.
from the available options or even take the unlimited cover
The bonus can be accumulated without any upper limit. But choice.
if you opt out of this add-on, all additions made thus far will
Many of the add-ons offering higher bonus amounts, wider
be withdrawn.
cover and shorter waiting periods are also worth exploring
Pre-existing diseases have a 36-month waiting period, while entitled to transfer the credits you have earned, including
specified ailments have a 24month waiting period. the sum insured, no-claim bonus, specific waiting periods,
waiting periods for pre-existing diseases, and the
But with the JumpStart addon, the health insurance policy
allows coverage for six specified illnesses - asthma, diabetes, moratorium period, from your existing insurer to the
hypertension, hyperlipidemia, obesity and coronary artery acquiring insurer in your new policy.
disease - covered with a waiting period of just 30 days. However, frequent porting of your policy could be a

With international travel becoming common for both work cumbersome task. Hence, it's essential to identify the
and leisure purposes, a global health cover becomes problems you faced and try to clarify your exact
essential, given how costly medical expenses requirements with your insurer.

Many people switch insurers because the second insurer But once you have decided to port your policy, do a thorough
offers a lower premium, but this lower premium usually research on insurers including their offerings, claims service
comes at the cost of restricted coverage. It is imperative to history, their hospital network, whether they meet your
understand the coverage extended by the new insurer, product and service expectations, and overall reputation of
including the limits and sub-limits capped by the insurer. This the insurer. This will help you opt for the insurer that best
will help avoid confusion during claims. suits your exact requirements. BusinessLIne

40 November 2024 The Insurance Times