When Should You Port?

Given the fact that most health insurance products are similar, if another insurer offers you a lower premium, you should think about porting.

Girish Rao, Chairman, Vidal Health, said, "Premium rate is going to be the single largest factor driving portability. As competition increases with the new entrants, we will see new products with lower premium and attractive features. Portability will be used to garner market share by non-life insurers."

If the new insurer's provides you better features such as higher renewability, flexibility to increase your sum insured and no limits on room rent, porting should be taken into consideration.

If the service levels of your present insurer are wanting and the prospective insurer are better, you should think about porting.

Glance through the quality of hospital network in your location where you can get cashless hospitalization. "The policyholder may be staying in a remote location and the hospital network in his area may have problems with cashless hospitalization. The policyholder should consider the existing insurer's depth of access for cashless hospitalization; which, if found low, he should consider porting," said Rao. If the market reputation of your present insurer is inferior and its solvency ratios are declining, you porting should be taken into consideration.