Insurance regulator IRDAI has allowed companies to reject health insurance portability applications if the set criteria aren't met.
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At least 45 days before the date of renewal, you'll have to request for porting specifying which policy you are moving to.
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Failing to produce required documents, inadequate information, poor claim history or breaks in the renewal of policy can be possible reasons for rejecting a portability application.
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Portfolios focused on credit risk are typically illiquid due to their strong exposure to lower-rated securities.
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If your claim history as revealed by the previous insurer is not the same as mentioned in the portability application form, the request can be denied outright.
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The present age of the policyholder can be crucial to determine whether the portability request will be accepted or not. If you don't fit in the age bracket of a particular plan, it can get rejected.
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For senior citizens, porting health insurance can be far more challenging. Insurers charge higher premiums and may even introduce a co-pay clause.
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Never miss deadlines and adhere to timelines of the new insurer. Being unavailable for calls and scheduled medical check ups may call for rejection.
Published: July 5, 2021, 14:11 IST
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