Health insurance plans have undergone quite a transformation. Whether it is the plan benefits or the terms and conditions of the coverage, modern-day health insurance plans have changed considerably. Some of the changes have been notified by the Insurance Regulatory and Development Authority of India (IRDAI) while others were done by insurers to offer competitive benefits to policyholders. If your clients have age-old health insurance plans, it’s time for them to wake up to the new benefits under new plans. Moreover, your clients’ existing health plans might not have a comprehensive scope of coverage which is another reason why switching the policy is advised.
Here are, therefore, some benefits which your clients can get if they port their health insurance policies –
- Coverage without restrictions
If your clients’ existing health insurance plans has limits on room rent, domiciliary treatments, AYUSH coverage, etc., they can port to another health insurance policy where such limits are not available. Especially in case of room rent, having sub-limits impacts the claim considerably. So, it is better to invest in a policy where there are no sub-limits so that your clients can enjoy complete claim settlement. In other coverage features, a wider limit would be better for a more inclusive coverage.
- Better coverage features
The IRDAI has dictated health insurance companies to allow newer coverage benefits which were, earlier, excluded. For example, nowadays, health plans allow coverage for –
- Mental illnesses and disorders
- Robotic treatments
- Modern, advanced treatments
- Sum insured restoration
- Telemedicine, etc.
If your clients have existing health plans, chances are that these coverage benefits would be missing from the plan. So, when your clients port their existing policies to new age plans, they can get a more comprehensive scope of coverage from the new plan.
- Missing coverage benefits
If your clients need coverage that is not available in their existing policies, they can switch to other policies that offer such coverage. For example, suppose your client does not have maternity coverage in his/her existing policy and he/she is planning a family soon. You can help your client port to another policy that offers maternity coverage. Similarly, if the client wants OPD coverage which is not available in the existing policy, he/she can port to another policy for availing of the coverage. So, if there is a missing coverage, then porting becomes a good solution.
- For investing in new age health plans
New age health insurance plans are very different from old age plans. Benefits like wellness benefits, health assessments, second medical opinion, lifelong renewals, etc. are commonly found in new age plans but not in old ones. So, if your clients want to enjoy the benefits of new age health insurance plans, switching would be the ideal choice.
Whatever the reason, porting might benefit your clients with better coverage benefits. Moreover, they can also find better premium rates in other plans if they switch. Porting is free and your clients can also retain the renewal benefits of no claim bonus and reduction in waiting period when they port.
Porting can help your clients get better benefits from better health insurance policies, both in terms of coverage and premium. If your clients have a low sum insured you can also advise them to opt for a super top-up policy to enhance their coverage at affordable premium rates. While your clients can get the benefit of advanced and comprehensive coverage, you can get more business as your clients switch to a better cover. So, it’s a win-win situation for you and your clients both.