Thinking about switching your insurance provider? Maybe your current plan isn't living up to expectations, or you've found a better offer elsewhere. Whatever the reason, switching insurance providers can be a smart move—if done correctly.

But what about your existing benefits? Can you switch providers without losing the

advantages you've already accumulated, such as your No-Claim Bonus (NCB) or coverage for pre-existing conditions?



Here's a little insight from Subject Matter Experts: 


1. Why Would You Want to Switch Insurance Providers?

Let's start with the basics: why switch or ‘port' your insurance at all? Here are a few reasons

why policyholders in India often consider switching their insurance provider:

● Better benefits and terms

● Better customer service

● Lower Premiums

● Relocation or change of Circumstances

● Better Policy Customization and flexibility

● Health changes and improvements

● Better Offers post conversion



2. What Happens to Your Existing Benefits When You Switch?

One of the biggest concerns when switching providers is whether you'll lose the benefits

you've already accumulated, such as:



● No-Claim Bonus (NCB) for motor insurance

● Waiting periods for pre-existing diseases under health insurance

● Discounts or loyalty perks



The good news is that Indian regulations, particularly under the Insurance Regulatory and Development Authority of India (IRDAI), protect your existing benefits during a switch.



3. A Step-by-Step Guide to Switching Your Insurance Provider

Step 1: Explore and Select a New Insurer - Start by looking into various insurance providers.

Find a plan that matches your requirements, offers the needed benefits, and fits within your

budget comfortably.

Step 2: Compare Your Options - Assess the new policy by comparing it to your current one. Look at the coverage, premium costs, benefits, and terms.

Step 3: Inform Your Current Insurer - Notify your current insurance provider of your plan to

port your policy at least 45 days before the renewal of your existing policy.

Step 4: Get the Portability and Proposal Form - Request the portability form from your new

insurer. This form will capture the important policy details and will be needed to transfer

benefits to the new plan.

Step 5: Complete the Form Carefully - Fill out the portability form with accurate details and

hand over the completed portability form to your new insurer. Make sure all information is

correct to avoid any issues during the porting process.

Step 6: Wait for the Approval Process - The new insurance company will review your request and receive the necessary data from your current insurer via IRDAI's Common data-sharing portal (under 7 days) and respond within 15 days with their decision regarding your application.

Step 7: Receive the New Policy Documents - If your application is approved, you will receive the new policy documents. Review them carefully to ensure all your terms and benefits are as expected. Once you are satisfied with the new policy, contact your old insurer to cancel your previous coverage and complete the transition. 

4. Still Confused? Seek Professional Guidance

Subject Matter Experts (SMEs) can guide policyholders in resolving insurance claim

related issues, including complaints about insurance companies, claim rejection services, and delays in the claim process.

Through consultations, SMEs provide expert advice on navigating these challenges, helping policyholders make informed decisions when switching insurers or dealing with claims. Their expertise ensures smoother transitions and better outcomes by addressing potential pitfalls early on.