How health insurance portability is becoming a trap for policyholders
How portability works
To port your policy, you need to apply at least 40-60 days before the policy is due for renewal. The new insurer is required to obtain policy details from the existing insurer through the Insurance Information Bureau of India (IIB), an insurance data repository promoted by the Insurance Regulatory and Development Authority of India (Irdai). “Earlier, the portability process depended largely on insurers exchanging information among themselves, which often resulted in incomplete data, delays and customer complaints. That’s why Irdai mandated that every portability request be routed through the IIB. It serves as a common repository and exchange platform for underwriting and claims data, and if any information is missing, IIB obtains it from the existing insurer within prescribed timelines,” explained Dr. Mukund Kulkarni, chief business officer, life and health, IIB.
