To port your policy, simply submit a request at least 30 days but not earlier than 60 days before your policy renewal date.
Portability also gives you the opportunity to upgrade to better features offered by Magma General Insurance. It is a smart way to retain your accumulated benefits while choosing a plan that better suits your evolving healthcare needs.
There are no additional charges for portability, the process is completely free of cost.
Porting is permitted only at the time of policy renewal. While no extra fee is charged specifically for portability, the premium for the new policy may differ based on the insurer’s pricing, coverage options, and underwriting criteria.
Typically, portability is a simple and hassle-free process. However, depending on factors such as your age and medical history, the insurer may require you to undergo a pre-policy medical check-up before approving the request.
Health Portability - Magma Insurance
What is Portability?
How to Port Your Health Insurance Policy to Magma General Insurance
Step 1 – Apply in Advance
Submit your portability request at least 45 days prior to your policy renewal date to ensure a smooth transition.
Step 2 – Connect with Our Team
Our representatives will reach out to understand your requirements, explain available plans, and guide you through the portability process.
Step 3 – Share Required Information
Provide necessary details such as your existing policy copy, insured member information, and claim history. A medical examination may be requested, if required, as part of the underwriting process.
Step 4 – Policy Issuance
Upon approval of your portability request, your policy will be seamlessly issued under Magma General Insurance, with continuity benefits in accordance with applicable guidelines.
Documents Required for Portability
Portability is largely a digital process; however, you may be required to submit the following documents:
When Can a Porting Request Be Rejected?
In certain cases, the insurer may reject a portability request. Common reasons include:
- Incomplete or inadequate information provided to the insurer.
- Portability request submitted after the renewal date.
- Non-availability of the existing policy document.
- Failure to complete the required porting formalities correctly.
If your porting request is rejected, you will need to continue with your existing insurance provider.
The turnaround time for portability may vary depending on the insurers involved and the completeness of the documentation. Typically, the process is completed within 5 days from the date of submission of all required information.
Portability of health insurance policies is subject to the provisions and guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) from time to time. The acceptance of a portability request, along with applicable benefits such as continuity of waiting periods, is subject to underwriting, receipt of complete and accurate information, and terms and conditions of the chosen product of Magma General Insurance. Magma General Insurance reserves the right to accept or decline any portability request in accordance with its underwriting policy and applicable regulatory guidelines. Timelines indicated are indicative in nature and may vary depending on the response from the existing insurer, completeness of documentation, and other relevant factors.
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