I understand that on completion of continuous 8 years of renewal of health care insurance, insurers cannot reject an eligible claim. Is this correct?
I took a health policy from Max Bupa in Aug 2016 and continued renewal for 4 years until Aug 2020 post which I ported my policy to another company for a period of 2 years.
Will this be considered as 6 years of continuous renewal of my policy or will porting have an impact on the continuity period?
Ans: Hi Syamala, to answer your first query, your understanding is correct.As mandated by IRDAI, a health insurer cannot reject an eligible claim if the policy has completed 8 years of renewal.
This period of 8 years is called Moratorium Period.
Except for proven fraud and permanent exclusions specified in the policy contract, no health insurance claim shall be contestable after the Moratorium Period expires.
The policies, however, would be subject to all policy limits, sublimits, co-payments, and deductibles.
As you have mentioned that you ported the policy after 4 years, it will not be an issue as porting is also considered continuous renewal.