united india insurance notification 2014

Renew your policy without a break (there is a 30 day grace period if porting is under process).Specify company to which you want to shift the policy.Write to your old insurance company requesting a shift.At least 45 days before your renewal is due you have to.Apart from the waiting period credit, all other terms of the new policy including the premium are at the discretion of the new insurance company.That is, the new insurance period will be with the new insurance company You can port the policy only at the juncture of renewal.The two insurers should complete the porting as per the timelines prescribed in the IRDA (Protection of Policyholders’ Interests) Regulations and guidelines.Your new insurer has to insure you at least up to the sum insured under the old policy.Your new insurer has to give you the credit relating to waiting period for pre-existing conditions that you have gained with the old insurer.You can port any individual/ family policies.You can port your policy from and to any general insurance company or specialised health insurance company.This applies not only when you move from one insurer to another but also from one plan to another with the same insurer.

It has laid down that your new insurer “shall allow for credit gained by the insured for pre-existing condition(s) in terms of waiting period”. Now IRDA protects you by giving you the right to port your policy to any other insurer of your choice. In the past in health insurance policies, such a move resulted in your losing benefits like the waiting period for covering 'Pre-existing Diseases'. When you change your health insurance policy from one insurance company to another, you don’t have to lose the benefits you have accumulated.

United india insurance notification 2014