Royal Sundaram Health Insurance Portability

Royal Sundaram Health Insurance Portability

Royal Sundaram General Insurance Company provides a Health Insurance Portability option Individuals who want to switch from their current health insurer. While switching to another plan, the policyholder retains accumulated benefits from the current health plan. Eligible individuals can transition around 45 days before the current policy expires.

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Benefits of Porting to a Royal Sundaram Health Insurance Policy

Porting to a Royal Sundaram health insurance policy makes it beneficial in the following manner:

• Enhanced Scope of CoveragePolicyholders always have the option to port to a better health plan withadded benefits.For instance, customers can switch to a Royal Sundaram health insurance policy to enjoy benefits such as room rent waiver, critical illness cover, hospital cash cover, restoration of sum insured, etc.
• No-Claim-Bonus Retention When a policyholder switches to a Royal Sundaram health insurance policy, portability does not affect the accumulated NCB or No Claim Bonus.For example, if the NCB under the previous policy is 10%, the same applies to the Royal Sundaram health insurance policy.
• Get Lower PremiumsPortability allows a person to switch to a Royal Sundaram health insurance policy with a lower premium if their current policy providing similar coverage becomes costlier due to the age of the policyholder or the company's underwriting.
• Continued Waiting Periods When a person ports to Royal Sundaram health insurance, the waiting periods served under the earlier policy are carried forward. Therefore, after switching the customer has to serve only the remaining waiting periods.

How to Port to a Royal Sundaram Health Insurance Policy?

Porting to a Royal Sundaram health insurance policy has become seamless with the online process. Follow these steps to port to a Royal Sundaram health insurance policy online on Policybazaar.com:

Step 1: Select a Royal Sundaram health insurance policy you want to buy.

Step 2: Raise a porting request with Policybazaar for your desired Royal Sundaram health insurance policy approximately 45 days prior to your existing policys expiry date.

Step 3: Submit your duly filled online proposal along with portability forms to Policybazaar.

Step 4: Pay your preferred Royal Sundaram health insurance policy premium.

Step 5: Policybazaar will send across your portability request to Royal Sundaram General Insurance.

Step 6: Royal Sundaram General Insurance will contact your current insurer to get details on your medical documents, claim history, etc.

Step 7: Your existing insurer will deliver all the requested information to Royal Sundaram General Insurance within 7 working days through IRDAIs common data-sharing portal. In case of any delay in data sharing by your current insurer, your portability request may be put on hold.

Step 8: Royal Sundaram General Insurance will assess the porting request within 15 days of receiving the documents. Your request will be auto-accepted if there is still no decision.

Documents Required for Royal Sundaram Health Insurance Portability

Go through the list of documents necessary for Royal Sundaram health insurance portability:

• Copy of last years medical insurance policies
• Details of claim history in the earlier policies
• Latest renewal notice specifying the NCB
• Medical documents, such as hospital discharge certificates and test reports in case of claims

How Does NCB Work Under Royal Sundaram Health Insurance Portability?

When a customer ports to Royal Sundaram health insurance, the NCB accumulated under their existing policy works differently under the following scenarios:

Scenario 1: If the customer opts for a Royal Sundaram health insurance policy having the same base policy amount, the waiting periods of the earlier policy will suffice.

For example, Sneha has a Rs. 10 lakh health insurance policy with an NCB of Rs. 5 lakh, and she wishes to port to a Royal Sundaram health insurance policy of Rs. 10 lakh. In this scenario, the waiting periods from the earlier policy carry forward, and she need not serve any additional waiting periods to avail of the coverage benefits.

Scenario 2: If the customer switches to a Royal Sundaram health policy with a base sum insured equal to the combined value of their current policy's base sum insured and NCB, the waiting periods from the previous policy will be sufficient.

For example, Sneha has a Rs. 10 lakh health policy with an NCB of Rs. 5 lakh, and she wants to switch to a Royal Sundaram health plan of Rs. 15 lakh. In this scenario, the waiting periods of the earlier policy will be carried forward and any additional waiting periods wont apply. This happens because the sum of the base sum insured of the earlier policy i.e. Rs. 10 lakh, and the NCB i.e. Rs. 5 lakh, is equivalent to the Royal Sundaram medical policys base SI i.e. Rs. 15 lakh.

Scenario 3: If the customer prefers a Royal Sundaram health insurance policy with a higher base SI than the current health policy's base SI plus the NCB, the additional coverage amount will require specific waiting periods.

For example, Sneha has a Rs. 10 lakh health policy with an NCB of Rs. 5 lakh but wishes to port to a Royal Sundaram health insurance policy of Rs. 20 lakh. In this case, the waiting periods served under the earlier policy will suffice for a coverage amount of Rs. 15 lakh. However, to claim the additional Rs. 5 lakh, standard waiting periods apply.

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