Health insurance is a vital way to protect individuals and families from unexpected medical expenses. However, over time, your current policy no longer aligns with your changing healthcare needs. This is when switching health insurance policies becomes necessary.
For this, migration allows you to switch from one policy to another within the same insurance company — without losing benefits you have earned, such as waiting periods or cumulative benefits bonuses.
Keep reading to learn more about the migration of health insurance policies.
What is Health Insurance Policy Migration?
Health insurance migration refers to switching from one health insurance policy to another within the same insurer. For example, if you have a floater health plan for individuals and want to switch to a family floater plan, or if you are going to upgrade from basic coverage to a broader strategy, you can do so by migration.
The Insurance Regulatory and Development Authority of India (IRDAI) defines migration as a change in health insurance policy from:
- Switching from one plan to another within the same insurer (with or without enhancement in coverage).
- An individual policy to a family floater policy, or vice versa.
The primary benefit of migration is preserving continuity benefits, such as the waiting period for pre-existing conditions and the accumulated no-claim bonus.
Why Do You Need to Migrate a Health Insurance Policy?
There are several reasons why policyholders choose to migrate their health insurance plans:
1. Need for Better Coverage
As time goes on, your medical needs might change. You could require higher coverage, maternity benefits, or protection against critical illnesses that your current policy does not cover.
2. Addition of Family Members
If you are married or have children, consider a family floater plan instead of multiple individual policies.
3. Dissatisfaction with Current Policy Features
Your current policy may be limited to a restricted hospital network, offer lower benefits, or have more exclusions. Switching policies enables you to upgrade to a better plan without starting from scratch.
4. To Access New Plans and Benefits
Insurers often introduce new features like wellness programs and cashless health insurance facilities.
5. Premium Affordability
You might find a different plan with the same insurer that offers better coverage and costs less.
IRDAI Guidelines on Health Policy Migration
The IRDAI has set specific rules to ensure a fair and transparent policy migration process for customers. Some of the main guidelines include:
- Eligibility: Migration is allowed for both individual floater and family floater policies.
- Intimation Period: Policyholders must provide notice of their intent to move at least 30 days before renewal (many insurers allow up to 60 days).
- Continuity Benefits: Waiting periods for pre-existing conditions and time-limited exclusions are transferred to the new policy, provided there is no lapse in coverage.
- Medical Underwriting: The insurance company may review your health before approving migration. You might be required to undergo a medical test.
- Premium Revision: Premium can increase depending on the features of the new plan, the sum insured, and your age.
- No Claim Bonus (NCB): Your accumulated NCB remains safe if you switch to the same insurer.
Steps to Migrate Your Health Insurance Policy
Here is a detailed step-by-step guide to migrating your existing health insurance policy:
1. Review Your Current Policy
Start by reviewing your current policy’s coverage, exclusions, and benefits. Identify the gaps or loopholes you want to address in your new plan.
2. Compare Available Plans
Verify the plans provided by your current insurer. Top insurers like Star Health Insurance offer a variety of health insurance plans that address different needs — such as individual, family, senior citizens, and critical illness plans. Compare coverage, room rent caps, and add-ons before making a decision.
3. Inform the Insurer
Submit a written request for migration to your insurance company at least 45 days before your current policy’s renewal date. You can also visit the insurer’s branch or apply online through their customer portal.
4. Submit Necessary Documents
Provide your existing policy documents, proof of identity, the proposal form for the new policy, and a health declaration. The insurers may also request recent medical test reports.
5. Medical Examination
Depending on your age, health condition, and the coverage of the new plan, the insurer may require a medical exam to evaluate the risk.
6. Underwriting and Approval
Once your documents and health evaluation are reviewed, the insurer will decide whether to approve or deny your migration request. You will receive updated terms, premium details, and policy documents after approval.
7. Pay the Premium and Activate the Policy
Once approved, pay the updated premium amount. Your new policy will take effect without any coverage gap.
What are the Benefits of Health Policy Migration?
Migrating your health insurance policy can offer several advantages:
- Retain Waiting Period Benefits: No need to restart the waiting period for pre-existing conditions.
- Flexibility: You can adjust your coverage as your life stages and medical needs change.
- Access to Advanced Plans: Switch to policies offering increased coverage, cashless hospitalisation, and preventive medical check-ups.
- Avoid Portability Hassles: Unlike portability (changing insurers), migration stays within the same firm, making it easier to process.
- Continued Relationship: You maintain trust and continuity of services with your current insurer.
Health insurance migration offers an easy solution for policyholders seeking better coverage, more freedom, and enhanced benefits without losing current privileges. Whether you are looking for increased protection, family coverage, or added value features, migration ensures you do not have to sacrifice continuity benefits.
Leading insurers like Star Health simplify this process by offering clear migration options and personalised support, making your transition smooth and stress-free. With foresight and careful choices, you can ensure long-term security for your health and your family’s well-being.
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