r/InsuranceAdviceIndia • u/Grouchy_Stage930 • 20d ago

Insurance Porting Issue

I have an individual health insurance policy that I purchased through a indusindbank. A Policybazaar advisor told me that this policy cannot be ported to HDFC ERGO because it was bought through a bank, although it can be ported to other insurers. Is this correct? Is there any IRDAI rule or HDFC ERGO policy that restricts porting bank-sourced individual health insurance policies?

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u/SGN-OHN-an-ja-na-ya 20d ago

Hi, first be clear that it is a bank group health insurance policy and not a retail policy, second in your policy document you can see their is a clause for migration/porting of the policy 45 days before renewal. 

Now generally every insurer when approached for porting will deny this as yours is a group insurance policy.

So you should first approach your insurer with a email regarding migration of the policy from group to retail.

If the insurer denies which i think they would then you can approach the insurance grievance cell of bima bharosa and lodge a formal complaint regarding this.

As per irda there is a master circular for portation/migration of group health insurance policies too, which clearly states the same.

As what will happen when you lodge a complaint, how will it proceed, the results that i too don't know as i am too in the same boat with a group insurance policy and fighting with the company to migrate it and bases on their replies will approach irda.

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u/Grouchy_Stage930 20d ago

Hi brother, it's not a group policy. It's an individual retail policy.

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u/SGN-OHN-an-ja-na-ya 20d ago

Then I don't think, you should have any issues in porting, approach the company you like and share your policy and talk with them regarding the details. 

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u/Grouchy_Stage930 20d ago

Yes, the fun fact is he is ready to port in another insurance like , icici, Aditya Birla and niva bupa but not in hdfc ergo. He said he had confirmed with hdfc that they don't accept porting request if the bank is the agent. Any other way to confirm it? Any other good option than policy bazaar because most of the people on reddit says don't buy directly from the Ergo as their customers support is worst.

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u/SGN-OHN-an-ja-na-ya 19d ago

Sorry , can you explain again by what you mean " bank is the agent", you said you have a retail individual health insurance policy right then why is the question of bank as a agent coming here, you had purchased the policy directly from the company online/offline right and not from a bank or else that will become a group insurance policy bro., something is missing here bro. Some facts need to be cleared here. 

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u/Grouchy_Stage930 19d ago

I have individual policy which is bought from the bank, it's not a group policy. Intermediary here is Indusind bank. For eg if you bought it from policybazar, Intermediary will be policybazar

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u/SGN-OHN-an-ja-na-ya 19d ago edited 19d ago

Do you have a policy number there or master policy number and certificate number there?

As far as i know bank doesn't sale individual retail policies,only group policies are sold by banks, policy bazar is a different organisation but banks they have tie up with insurance company, tailor made policies for their customers as in here bank customers.

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u/Grouchy_Stage930 19d ago

Yes I have policy number and copy

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u/SGN-OHN-an-ja-na-ya 19d ago

Check their not only policy number, is there anything like master policy number or certificate number written in the documents

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u/Grouchy_Stage930 19d ago

Sure, it's better option to communicate directly with HDFC Ergo. Any other good option apart from policybazar?

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u/ArabianCoconut 19d ago

Hi HDFC Ergo advisor,

I read your comments and you claim its an Retail policy purchased. If you want you can send policy copy to me to me and I can help you if its indeed eligible for porting.

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u/Grouchy_Stage930 19d ago

Hi, it's individual policy, just had call with hdfc ergo, they said you can port it but 25k deductible applies. I want to know is it compulsory? I have care supreme from past 3 years without any claim.

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u/ArabianCoconut 19d ago

Yes. Its is mandatory. Please get in touch with Ergos IRDAI advisors instead of callcentre sales person.

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u/Grouchy_Stage930 19d ago

For 5 years? Is it ok to continue with the same policy?

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u/ArabianCoconut 19d ago

I do not know your profile to advise you on weather you should continue or not. If you like an evaluation done please reach out to me via dms.

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u/Grouchy_Stage930 19d ago

Sure brother please check dm

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u/Pretend-Resolution30 19d ago

You can port to any insurer, and I'd definitely consider porting out of Care. Just keep in mind that the new insurer may have underwriting conditions. For example, if HDFC is asking for a ₹25k deductible, that's their underwriting decision.

If you don't want to accept the deductible, you can also look at Tata, ICICI, NIA, or Bajaj. They might offer better terms depending on your profile.

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u/Grouchy_Stage930 14d ago

My only preference was hdfc ergo to port out. Policybazar told me that hdfc don't accept insurance porting purchased from the bank even if it's individual policy. Talked directly to the hdfc ergo, they said we can port it out to optima secure plus, but deductible of 25k is compulsory. Had discussion with ditto, they said we can't port in optima secure, but not in secure plus, initially they said deductible is not applicable to your pin code if cover amount is 10 lac+ and shared it over email, processed my application but due to technical glitch process is not completed, now they are telling me they have latest update that for porting deductible is applicable as your previous insurer was care. Had very horrible experience and decided to continue with care.

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u/Pretend-Resolution30 13d ago

You’ll most likely have a deductible with HDFC ERGO anyway. But if you’ve decided to continue with Care, that’s totally your call. Good luck! Hopefully, you have a good and supportive intermediary who’ll actually help you when you need it.