1. Home
2. Blogs

₹1 Crore Health Insurance Plan: Porting with Same Premium

• 
• 
• 
• 0
• 0

The temptation to switch over to a larger sum of coverage plan—say, from ₹50000 to ₹1 crore policy while the premium remains the same — may seem rather tempting in the ever-evolving domain of health insurance. However, before you leap, especially in the Indian context, it should be necessary to understand the implications and nuances of such a change. The reason why I am writing this blog is to help you decide on this venture.

Understanding Health Insurance Porting

Health insurance is the process of moving health insurance policy from one insurance company to another while maintaining all benefits which one has accumulated throughout months or years of policy to enhance the characteristics or range of insurance, and at the same time, maintain the continuity of its main advantages such as waiting periods for certain diseases.

Why one must consider porting to a ₹1 Crore Plan?

A ₹1 crore health insurance plan provides great protection which is very vital in today’s health care sector. The costs associated with healthcare in India have gone high with the increase in the incidence of critical diseases, hence making high-coverage plans prospectively profitable. Porting to such a plan can be considered for several reasons:

1. Enhanced Coverage:

As the medical costs are on the rise, a ₹1 crore policy can offer good life coverage. This is especially helpful for cases where one becomes seriously ill or requires a long time in the hospital.

2. Upgrading Benefits:

For instance, newer plans may contain benefits that were not available in the previous plan, such as a special maternity benefit, higher sum assured or better network hospitals.

3. Inflation Protection:

That is where a higher coverage is also useful to protect you against inflation whereby your individual health insurance options are still relevant and adequate.

Key Considerations Before Porting

1. Premium Comparisons:

Similarly, porting to a ₹1 crore plan might sound ideal to achieve higher coverage but it may be more viable to consider the difference in premiums in different insurers. Occasionally, the immediate monetary cost of ₹1 crore of coverage is many times higher because the plan will come with much more coverage and other facilities. Make sure that the premium is kept or is affordable in your budgetary capabilities.

2. Existing Policy Terms:

In some cases, when porting your policy, some of the terms and conditions in the existing policy may not be transferred to you. For instance, an individual with a policy that has a cheaper premium and then transfers the policy to a higher one might be found dropping some of the privileges associated with the trappings of the initial policy contract signed. It is important to review these aspects carefully in order not to forget important benefits that are accruing for the company.

3. Waiting Periods:

Some of the existing diseases have waiting periods when one wants to take up a certain type of policy or get treatment. This is in the event that when one is porting to a new policy, he or she has to take a new wait period. Make sure you know how this is going to affect your coverage, and make the necessary adjustments.

4. Pre-existing Conditions:

Switching to the new plan may impact how pre-existing conditions are handled of the higher sum assured plans. Your health history will be used by the insurers to set the terms or increase the premium rates. One should be straightforward when filling out his or her health conditions and comprehend how exactly they may impact the new policy.

5. Network Hospitals:

Check whether the new plan has a healthy set of affiliations in the network of hospitals. In some of these hospitals, the coverage that is provided for by your current insurer may be adequate although it may not be the case with the new insurer.

6. Claim Settlement Ratio:

Check whether the third party’s claim settlement ratio of the newly appointed insurer has a good record or not. An explicit ratio will show that the company has been more effective in handling claims and this is very important for one to have peace of mind.

Steps to Port Your Health Insurance Plan:

1. Evaluate Your Needs:

Evaluate your existing health insurance and family health insurance policy and then understand the necessity of having ₹1 crore health insurance plan. Know what other perks you need, and in an effort to meet your health and financial needs, a company has to provide them.

2. Research Insurers:

Analyse one health insurance provider with another depending on the plans and coverage offering, their required premium and the kind of customer service provided. It is advisable to seek insurers who provide ₹1 crore coverage with benefits according to what is required.

3. Apply for Porting:

Go to your insurance company which you are currently using and ask for the porting process to be done for you. They will help you with the procedure which includes the porting form where you will fill in some details and other documents required.

4. Undergo Medical Underwriting:

The new insurer may ask for a medical underwriting process, in which your actual health condition will be assessed. Be ready for examinations; do not conceal your health details from your doctor.

5. Review the New Policy:

It is, therefore, advisable to go through the new policy’s details before signing on the dotted line. Make sure that all claimable benefits are properly addressed and that you are at ease with the new premium and coverage.

6. Complete Formalities:

When done, complete all the formalities required by the new insurer. Always make sure that there is no lapse between the old and the new policy to avoid being without insurance for some time.

Conclusion

While again, switching to a ₹1 crore health insurance plan, although keeping the premium the same could sound quite lucrative, one has to look at its aspects. These are the processes of familiarising oneself with the current policy terms, comparing the premiums and estimating how porting would be to your benefit.

By evaluating your needs and consulting with experts, you can ensure that your family health insurance continues to provide robust protection for you and your family without compromising your financial stability. Remember, the goal is not just to have high coverage but to have the right coverage that suits your needs and ensures comprehensive protection.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

RELATED ARTICLES

6 Ways to Lower Your Individual Health Insurance Premium

Health Insurance Premium Increases During Renewal

What are the factors affecting health insurance premium?

How to Save on Family Health Insurance Premiums

Top 5 Factors That Affect Your Health Insurance Premium

---

• 
• 
• 
•