- You may be charged higher premium while buying a new company policy
- The biggest disadvantage of getting the policy ported is the loss of the no claim bonus
- One has to wait for four years if the diseases fall under the category of pre-existing diseases.
Medical science development is happening as fast as it is in today’s time. At the same time, the cost of treatment is also increasing. The easiest way to cover medical expenses like this mountain is through a health insurance policy. This policy covers hospitalization expenses due to accidental illness.
Due to the increasing trend of people towards health insurance in the country, the competition in this market has increased. Along with this, the government has also given the facility to the customers to port or change their policy to another company. Customers have the option to choose the insurance company based on the price and plan coverage. But customers get their policy ported only on the basis of cost. Often this becomes a cause of trouble for them. Team India Tv Paisa brings to you the potential pitfalls of getting an insurance policy ported.
premium may increase
When we leave an old health insurance company and go to a new company, it is possible that the new company will get your health checkup done. Here it may be that after taking the old policy, you may have suffered a serious illness. In such a situation, after porting the policy, it may be that in view of your existing illness, the new company may charge you a higher premium while buying the policy.
Lost No Claim Bonus
The biggest disadvantage of getting the policy ported is the loss of the no claim bonus. If the sum assured of a person is Rs 5 lakh. If his no claim bonus is Rs 50,000, then the new company will fix the premium by keeping the sum assured of that policyholder at Rs 5.50 lakh. By this you will not get the real benefit of NCB.
Time will increase for pre-existing disease
Another problem is that of pre-existing disease. If a policyholder who did not have any disease at the time of taking the policy, but later develops blood pressure or any other disease, then the new insurance company to which the policyholder wants to port his policy, will classify such diseases as pre-existing diseases. Can wait for four years while the old company will not keep it in the category of pre-existing disease.