My son is suffering from kidney ailment. I have already taken 3 claims. Can I port my health insurance policy?

My son is suffering from Kidney ailment (Nephorotic Syndrome) from early childhood. I have taken a Family Floater Policy I have claimed 2-3 times from my family floater policy for my son. Can I port my policy to another company?

Nephrotic syndrome is a common kidney disorder among kids. Typically, this health condition is caused by damage to the kidney’s blood vessels, which leads to excessive release of protein into the urine. This condition tends to cause swelling, particularly in one’s ankle and feet, and is more prevalent among children aged between 1.5 years and 5 years. However, the disease cannot be ruled out at later stages. Notably, nephrotic syndrome is a chronic disease and may require hospitalization and recurring treatments over time.

Shilpa Arora, Co-Founder and COO, Insurance Samadhan said that most insurance companies offer coverage to children only after 91 days of birth. However, in some cases, the policy coverage may start from day 1, along with relevant maternity benefits. This is why, it is suggested to read the terms and conditions of insurance products in detail before purchasing the policy. One can avail of a family floater policy if the number of family members is two or more. By definition, the family includes the policyholder, their spouse, children, and parents.

A family insured under the family floater policy has already raised 2-3 claims for their child with a nephrotic syndrome disorder within a period of 2 years. The family may have the option to port their policy to another company. However, before they initiate the process they must consider a few factors to make an informed decision that would be in their interest. To begin with, one needs to: 

  1. Check the existing coverage and ascertain whether they require any additional coverage.
  2. Seek port plans with a lower waiting period.
  3. Read the fine print regarding exclusions under various plans.
  4. Opt for a plan with a lifetime renewability feature.
  5. Check the claim settlement ratio of the insurance provider.
  6. Declare all claims and hospitalization-related details to the new insurer to avoid any claim rejection later.

When a policyholder is looking to port their insurance policy to another insurer, there might arise situations when the new provider seeks to assess their underwriting risk before accepting the policy proposal. In such a situation, family members with a healthy track record may avail of the policy port with a continuity benefit plan. However, the child diagnosed with nephrotic syndrome might be subjected to a specific waiting period along with the pre-existing disease waiting period of 2-3 years, depending on the insurer’s protocols.

Alternatively, the child might be permanently excluded from the plan based on the severity of their condition and co-morbidities. Hence, it is advised to read policy documents and understand each term and condition carefully before porting existing health insurance policies. Individuals are also encouraged to seek assistance from a certified health advisor to choose the best-suited policy for existing ailments and concerns.

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