Oriental Health Insurance Portability

Oriental Health Insurance Portability

The Oriental Insurance Company provides the Health Insurance Portability service, enabling individuals insured by other companies to switch to a similar Oriental health insurance policy. The policyholders can customize their current health plan while retaining the benefits accrued during the policy term, including the waiting period and NCB. However, the policyholders need to port their policy around 45 days before the renewal date of their existing policy.

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Benefits of Porting to an Oriental Health Insurance Policy

Porting to an Oriental Health Insurance policy can have several advantages, including:

• Enhanced Coverage Benefits: Policyholders holding policies with other insurance providers can switch to an Oriental Health Insurance policy to opt for broader scope of coverage and services without any additional charges. This includes advantages like domiciliary treatment, AYUSH treatment, maternity expenses, newborn baby expenses and assisted reproduction techniques.
• Reduced Premium Options: Through portability, individuals can switch to a similar Oriental health insurance plan with more affordable premiums. This can happen if their existing policy's costs have increased due to factors like age or underwriting adjustments.
• Transfer of Waiting Periods Served: When a policy is switched to Oriental Health Insurance, the waiting periods served under the previous policy are also carried forward. Therefore, only the remaining waiting periods shall be applicable after porting to Oriental health insurance plans.
• No Loss of NCB: Porting guarantees the retention of accumulated No Claim Bonus (NCB) upon switching to an Oriental health insurance policy. The NCB earned in the previous policy is transferred to the new Oriental health policy. For instance, if the NCB from the prior policy is 35%, it adds to the Oriental Health Insurance policy.

How to Port to an Oriental Health Insurance Policy?

To port to an Oriental health policy online is simple. The steps to do so on the official website of Policybazaar.com are listed under:

Step 1: Choose the Oriental health insurance policy that meets your needs.

Step 2: Initiate a portability request with Policybazaar about 45 days before your current policy's expiration date.

Step 3: Complete the online proposal and portability forms and submit them to Policybazaar.

Step 4: Make the premium payment for the preferred Oriental medical insurance plan.

Step 5: Policybazaar will forward your portability request to 'The Oriental Insurance Company'.

Step 6: Oriental Insurance will reach out to your existing insurer for your claim history, medical records, and other relevant information (available on the official IRDAI website)

Step 7: Your current insurer must provide the requested information to Oriental Insurance within 7 working days via IRDAI's shared data portal. Delays in data sharing may temporarily halt the portability decision.

Step 8: Oriental Insurance will assess the received documents and decide on accepting or rejecting your portability request within 15 days. If no decision is mailed/announced, your portability request is automatically accepted.

Documents Required for Oriental Health Insurance Portability

The checklist of documents required for the Oriental Health Insurance porting procedure are given below:

• Summary of claim history/claims filed from the previous medical insurance policy
• Latest health insurance renewal notice containing information about NCB
• Record of past year's medical insurance policies
• Health documents like prescription slips, consumables, and lab test reports from any prior claims

How Does NCB Work Under Oriental Health Insurance Portability?

NCB operates uniquely under different scenarios during the porting of an existing policy to Oriental Health Insurance. Let us delve into these scenarios in detail:

Scenario 1: If the policyholder chooses an Oriental health policy with the same base sum insured as the previous policy, then the waiting periods of the previous policy will be sufficient.

For instance, Raj has a health insurance policy of Rs 7 lakh with an NCB of the same amount. He switched to an Oriental health insurance policy of Rs 7 lakh. In this case, the waiting periods from his previous policy carry forward so that he can enjoy the coverage benefits without additional waiting periods.

Scenario 2: When the policyholder opts for an Oriental health policy with a base sum insured equal to the sum insured of the previous policy plus the NCB, the previous policy's waiting periods are considered enough.

Consider Raj, who has a Rs 7 lakh health policy with an NCB of Rs 7 lakh. He intends to port to an Oriental health insurance policy with a sum insured of Rs 14 lakh. In this case, the waiting periods from his existing policy will be carried forward without additional waiting periods. This occurs because the combined value of the previous policy's base (Rs 7 lakh) and the NCB (Rs 7 lakh) matches the base sum insured (Rs 14 lakh) of the Oriental health policy.

Scenario 3: If the policyholder selects an Oriental health policy with a higher base sum insured than the sum insured of the previous policy plus the NCB, the waiting periods will apply for the extra coverage amount.

Consider Raj, who has a Rs 7 lakh health policy with an NCB of Rs 7 lakh. He intends to port to an Oriental health insurance policy with a sum insured of Rs 20 lakh. Here, the waiting periods served under the previous policy will be sufficient for a coverage amount of Rs 14 lakh. However, standard waiting periods must apply to claim the additional Rs 6 lakh.

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