PORTABILITY OF MEDICLAIM POLICY:
“For Group health insurance policies, the individual members shall be given credit for the number of years of continous insurance cover, irrespective of whether the previous policy had any pre-existing diseases exclusions/time-bound exclusions".
Hence, on leaving Honeywell, the Employee or his insured family members can migrate from the Group Corporate Policy to an Individual/Family Health Policy with the same Insurer on similar terms and Sum Insured as available. On completion of 1 year, they can migrate/port to another Insurer. Hence, since Honeywell has taken a Group Corporate Mediclaim Policy with THE NEW INDIA ASSURANCE CO. LTD., Honeywell employees can take a policy upto the same sum insured THE NEW INDIA ASSURANCE CO. LTD. After completion of 1 year, they will have option to renew with any other insurer.
Following conditions will be applicable:
a. Such Persons who are above 45 years and have not completed 4 years under the Honeywell Group Policy, have to submit a medical report; Pre-medical test not applicable for persons above 45 years and who are covered continuously for 4 or more years.
b. A Honeywell employee porting to existing Insurer can approach and take Retail Policy from the existing Insurer before he exits the Honeywell policy. Subsequently, after 1 year, if he desires to port to another Insurer, he must approach the other Insurer atleast 45 days before the policy expiry date.
c. Porting benefit is available only upto the Sum Insured opted for in the Honeywell policy
d. Porting benefit is available only for the waiting period and not for other benefits like maternity expenses which are not covered under a retail policy
e. Premiums (including loading, if any) as applicable for a retail policy will be applicable. Premium calculator attached. However, kindly contact the personnel mentioned below in THE NEW INDIA ASSURANCE CO. LTD. prior to sending the completed papers for confirmation of coverage and premium due.
f. Other terms and conditions like room rent clause, package rates (if any), co-pay/excess for high claims ratio, etc. as applicable for a retail policy will be applicable.
Honeywell employee must submit the form as per Annexure “A” for consideration of his/her porting request.
FAQ’s:
Q. What are the terms and conditions for converting my Parent Cover into a retail policy (portability benefit) in the event that I resign from Honeywell?
· Portability benefit terms and conditions are primarily subject to the insurer’s requirements as well as IRDA regulations. Following are the current key terms and conditions, which are subject to future changes by IRDA as well as the insurer:
o Request for conversion must be submitted prior to employee’s termination date in Honeywell.
o Parents/employees/dependnats who are above 45 years and have not completed 4 years under the group Voluntary Parent Cover will be required to submit a medical report.
o Conversion to retail policy must be with existing insurer for at least 1 year.
o Employee must inform the new insurer at least 45 days before the policy expiry date, if s/he would like to change insurer after 1 year.
o No increase in Sum Insured;
o Premium rate will be subject to the applicable rate for retail policy at the point of conversion
o Employee will be communicated of the prevailing terms and conditions details by the insurer upon submitting request for conversion.
Q. Is there minimum number of service years required for employee to avail the portability benefit?
· No, there are no such restrictions for availing portability benefits. However, maximum benefits would accrue only if the employee and his dependants have been covered for 4 or more years with Honeywell prior to availing the porting facility.
· For persons over 45 years and who have not completed 4 continous years coverage under mediclaim policy with Honeywell prior to porting, pre-acceptance medical check up is a must. Format is enclosed in the Portability Kit. This test can be carried out at any reputed medical centre convenient to yourself provided it has all the requisite facilities for carrying out the required tests. The cost of the medical check-up is to be borne by yourselves.
· The individual members shall be given credit for the number of years of continous insurance cover with Honeywell. Hence, the Employee or his insured family members can migrate from the Honeywell Group Corporate Policy to an Individual/Family Health Policy with the current Insurer i.e THE NEW INDIA ASSURANCE CO. LTD. for the same Sum Insured as available. On completion of 1 year, they can migrate/port to another Insurer. The benefit available is restricted to the deletion/reduction in waiting period for coverage of pre-existing ailments depending upon the no. of years covered under Honeywell policy. The following chart will clarify/elucidate further:
TYPE OF POLICY / PRE- EXISITNG CONDITION / 2 YEARS WAITING PERIOD / 4 YEARS WAITING PERIODHoneywell employee insured under Group Mediclaim Policy for less than 1 completed year / All pre-existing ailments will be excluded from scope of the policy for 4 continous policy periods / Waiting period of 2 years for following specified ailments :
o Any Skin disorder,
o All internal & external benign tumors, cysts, polyps of any kind, including benign breast lumps;
o Benign Ear, Nose, Throat disorders;
o Benign Prostate Hypertrophy;
o Cataract & age related eye ailments;
o Diabetes mellitus;
o Gastric/ Duodenal Ulcer;
o Gout & Rheumatism;
o Hernia of all types;
o Hydrocele;
o Hypertension;
o Hysterectomy for Menorrhagia/ Fibromyoma, Myomectomy;
o Prolapse of uterus;
o Non Infective Arthritis; Piles,
o Fissure and Fistula in Anus;
o Pilonidal Sinus, Sinusitis and related disorders;
o Prolapse Inter Vertebral Disc unless arising from accident;
o Stone in Gall Bladder & Bile duct;
o Stones in Urinary Systems;
o Unknown Congenital internal disease/defects;
o Varicose Veins and Varicose Ulcers; / Waiting period of 4 years for following ailments:
o Age related Osteoarthritis & Osteoporosis;
o Joint Replacements due to Degenerative Condition;
Honeywell employee insured under Group Mediclaim Policy for 1 completed year / Credit of 1 year; Balance Waiting period of 3 years / Credit of 1 year; Balance Waiting period of 1 year / Credit of 1 year; Balance Waiting period of 3 years
Honeywell employee insured under Group Mediclaim Policy for 2 completed years / Credit of 2 years; Balance Waiting period of 2 years / Credit of 2 years; Balance Waiting period NIL / Credit of 2 years; Balance Waiting period of 2 years
Honeywell employee insured under Group Mediclaim Policy for 3 completed years / Credit of 3 years; Balance Waiting period of 1 year / No Waiting period / Credit of 3 years; Balance Waiting period of 1 year
Honeywell employee insured under Group Mediclaim Policy for 4 or more completed years / Credit of 4 years; No waiting period / No Waiting period / Credit of 4 years; No waiting period
Q. What are the differences between the current coverages and the retail policy to which I will be ported?
· Other than the waiting period applicable (as explained in chart above), the following differences will be applicable from the current Honeywell policy:
o In the event of hospitalization, Room rent will be restricted to 1% of Sum Insured per day; For ICU the room rent limit is 2% of Sum Insured per day.
o Maternity and related expenses will not be covered in the ported retail policy
o For further details please refer to attached brochure and policy clause
Q. Can I opt for higher Sum Insured?
· The sum Insured under the Honeywell policy being Rs. 200,000, the sum insured under the ported retail policy will be restricted to Rs. 200,000 only.
Q. When should I opt for porting?
· If you are leaving Honeywell and desire to cover yourself, spouse, children and Parents (if covered under Honeywell policy), you may opt for porting to New India’s retail policy. However, premium has to be paid before you exit from Honeywell. Hence, ensure to commence the process atleast 45 days before your exit date.
Q. What are the documents to be sent?
· Please send the following in original:
o Hard copy of the proposal form (soft copy attached) duly completed in all respects & signed by yourself
o The proposal form must be countersigned by Honeywell HR to confirm the previous coverage under Honeywell group mediclaim policies
o Pre-acceptance medical test report, (if applicable i.e if employee/dependants not covered under Honeywell Mediclaim Plan for atleast 4 years prior to porting) duly completed by a regd. Doctor, alongwith all Test reports IN ORIGINAL. The test reports should be not be dated more than 30 days prior to taking the policy.
o 2 colour stamp size photos of each of the persons to be covered
o A/c payee cheque in favour of "THE NEW INDIA ASSURANCE CO. LTD."for the premium amount due
o Address to which courier to be sent:
Neerja Kapur,
Regional Manager,
The New India Assurance Co. Ltd.,
Regional Office, 2-B , Unity Building Annexe,
P. Kalinga Road , Bangalore -560027
Q. Whom may I contact in case of any queries/clarifications?
· For any queries please contact either of the following:
o Neerja Kapur, Regional Manager,
The New India Assurance Co. Ltd.,
Tel: 080-22113772; Fax: 080-2227359;
e-mail: ;
o Ms. Mary Abraham, Divisional Manager,
The New India Assurance Co. Ltd.,
Tel: 080-22868138; Fax: 080-22866343;
e-mail: ;
Q. What is expected response time?
· For any queries by e-mail or fax: 1-3 working days;
· For issue of policy: 7 working days from date of receipt of ALL original documents
· For receipt of courier from/to outstation locations: 2-3 working days
· For receipt of courier from/to Bangalore: 1-2 working days