INSURANCE PORTABILITY
A GUIDE TO PORTING YOUR INSURANCE POLICY
Published By Livemint
| 28 Jan, 2023
Insurance portability allows policyholders to switch insurers without any hassles
It allows policyholders to transfer their exisiting policies with all its benefits and features to a new provider
IRDAI introduced insurance portability in a bid to provide more flexibility to policyholders
To port the insurance policy, policyholders need to fill a form on IRDAI website
Once the form is submitted, the current insurer will be notified about the requestÂ
They will have to provide the policyholder with all relevant information regarding the policy
Policyholder can then approach a new insurer for policy porting
The new insurer will verify the details provided by the policyholder and the current insurer
If the details are found to be accurate, they will accept the proposal and issue the policy