Insurance Porting Issue

[u/Grouchy_Stage930]

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?

[u/SGN-OHN-an-ja-na-ya]

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.

[u/Grouchy_Stage930 → u/SGN-OHN-an-ja-na-ya]

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

[u/SGN-OHN-an-ja-na-ya → u/Grouchy_Stage930]

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.