ICICI Lombard Health Insurance Portability

ICICI Lombard Health Insurance Portability

ICICI Lombard health insurance portability allows policyholders to transfer their existing health insurance policy to ICICI Lombard General Insurance Company without losing continuity benefits like no-claim bonus and waiting periods. This process ensures that they retain their accumulated advantages while gaining access to better coverage and benefits. To port to an ICICI Lombard health policy, policyholders must inform the insurer around 45 days before their current policy renewal date.

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Benefits of Porting to an ICICI Lombard Health Insurance Policy

Following are the benefits of porting to an ICICI Lombard health insurance plan:

• Better Benefits and Coverage: Porting to an ICICI Lombard health policy can provide access to better coverage and additional benefits that their current medical plan may lack. For example, people can choose to port to an ICICI Lombard health plan to enjoy unique coverage, such as infinite care benefit, inflation protector, power booster benefit, NRI advantage benefit, etc. 
• Lower Premiums: Porting allows people to switch to an ICICI Lombard mediclaim policy with lower premiums if their current policy has become expensive due to age or other factors. This can help policyholders maintain similar coverage without the higher costs.
• Transfer of Waiting Periods: When porting a health insurance policy, any waiting periods already served under the previous policy are carried forward. This means the insured will only have to serve the remaining waiting periods if they move to ICICI Lombard health policy.
• No Loss of No Claim Bonus (NCB): The ICICI Lombard health insurance portability ensures that the policyholder does not lose any accumulated No Claim Bonus (NCB) from their previous policy on porting. For example, if the policyholder has earned a 30% NCB with the current policy, this same NCB percentage will be transferred to their new ICICI Lombard mediclaim policy. 

How to Port to an ICICI Lombard Health Insurance Policy?

The steps to port to an ICICI Lombard health insurance plan online at Policybazaar.com are as follows:

Step 1: Select an ICICI Lombard mediclaim policy of your choice.

Step 2: Raise a portability request with Policybazaar in order to port your current medical insurance policy to the ICICI Lombard health policy of your choice. Make sure you do it approximately 45 days before your current policy expires. 

Step 3: Fill out and submit the online proposal and portability forms to Policybazaar.

Step 4: Pay the premium online for the chosen ICICI Lombard health plan.

Step 5: Your portability request will be forwarded by Policybazaar to ICICI Lombard General Insurance Company.

Step 6: ICICI Lombard General Insurance Company will contact your existing insurer for your claim history, medical documents and other details. They may also retrieve this data from the IRDAI website.

Step 7: Your current insurer will provide the required information to ICICI Lombard General Insurance Company within 7 working days via the common data-sharing portal of IRDAI. Any delay in data sharing will put your portability request on hold.

Step 8: ICICI Lombard General Insurance Company will review the received documents and decide on your portability request within 15 days. If you do not hear back within this period, your request will be auto-accepted.

Documents Required for ICICI Lombard Health Insurance Portability

To initiate health insurance portability with ICICI Lombard General Inusrance Company, the following documents must be submitted:

• Most recent renewal notice stating the details of the NCB 
• A copy of the previous years’ health insurance policies
• Claim history details, if any, in the previous years’ medical insurance policies
• Medical documents, such as test reports, doctor's consultation papers, hospital discharge certificates, etc., if applicable

How Does NCB Work Under ICICI Lombard Health Insurance Portability?

When an existing policy is ported to ICICI Lombard health insurance, the No Claim Bonus from the previous policy is handled differently depending on the situation. Let us understand each scenario in detail:

Scenario 1: When a policyholder switches to an ICICI Lombard health policy with the same sum insured, the waiting periods from the old policy will be enough.

For example: If Shruti has a ₹20 lakh health insurance policy with an NCB of ₹7 lakh and decides to port to an ICICI Lombard policy of ₹20 lakh, the waiting periods from her old policy will apply. As a result, she will not have to serve any additional waiting periods and can use the coverage benefits immediately.

Scenario 2: When a policyholder switches to an ICICI Lombard health insurance policy with a sum insured that equals the old policy's base sum insured plus the NCB, the waiting periods from the old policy will be sufficient.

For example: If Shruti has a ₹20 lakh health insurance policy with an NCB of ₹7 lakh and decides to port to an ICICI Lombard medical insurance policy of ₹27 lakh, the waiting periods from her old policy will still apply. This is because the new policy's sum insured matches the old policy's base sum insured plus the NCB. Thus, she will not have to serve any additional waiting periods in this case. 

Scenario 3: When a policyholder switches to an ICICI Lombard health policy with a higher sum insured than the old policy's base sum insured plus the NCB, fresh waiting periods will apply to the extra coverage amount.

For example: If Shruti has a ₹20 lakh health insurance policy with an NCB of ₹7 lakh and decides to move to an ICICI Lombard policy of ₹30 lakh, the waiting periods from her old policy will apply to ₹27 lakh only. To claim the additional ₹3 lakh, she will have to serve the standard waiting periods as per the terms and conditions of the chosen policy.

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