Hi everyone,
I’m seeking some guidance regarding the portability of a health insurance policy.
Back in 2017, I purchased a health insurance policy for my parents ( M - 62, F - 56 ) from Oriental Bank with a sum insured of ₹5 lakh. Recently, I wanted to port this policy to another insurer and increase the sum insured to ₹10 lakh.
I approached Care Health Insurance and received a reasonable premium quote, so I proceeded with the purchase. However, the policy was later rejected by their underwriting team on the grounds that it is a group policy and therefore not eligible for portability. I’ve since requested a refund and am currently still waiting for it.
In the meantime, I contacted another agent from Care Health who is now claiming that porting is possible and is asking me to pay the premium again. I have not proceeded, as I am still awaiting my initial refund.
I also reached out to Niva Bupa, and they have indicated that they can port the policy. On the other hand, some agents have clearly stated that such policies cannot be ported at all and that I would need to purchase a fresh policy.
This conflicting information has left me quite confused.
Could anyone here clarify:
Is it actually possible to port a group health insurance policy to an individual policy with another insurer?
Are there any common issues faced during claim settlements after porting?
Has anyone had a similar experience?
Any insights or advice would be greatly appreciated.
Thank you!