If I cannot port my term plan, what should I be aware of before buying a new term plan?

Here are a few things to remember when buying term insurance to avoid this situation -Look before you leap - Have a clear idea of your requirements. Read up on various term insurance plan options available. Consult an insurance advisor if you want.Want to know how to choose life a insurance company? Let’s find out. Try the free-look-in period - This is the period where you have the freedom to cancel your term policy and get a refund in case the policy is not a good fit for you. Use this time to review the term policy you have just purchased. Go through the documents. Consult your insurance advisor if you have any doubts. And then, cancel the policy if it is not working out for you. That way, you won’t feel the need to port your term plan later.

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Can I port my term insurance?

10 Oct 22 | 0 | Share Share Blog Or copy link Share this link via

Authored by: Anurag Ainapurapu

Reviewed by: Krupa Kenia

The Long Read

Everything you *need to know* about term insurance portability is right above this. Scroll down, only if you'd still like to read more (honestly, why?)

No. As per IRDAI rules, term insurance plans are not portable.

So even if you are unhappy with your current life insurance company and want to port your term plan to another insurer, with all your term policy benefits intact, you cannot.

It is not as simple as porting your mobile number.

See, in India, there are many challenges in implementing term plan portability due to a lack of product standardization.

This means, currently, there are no common product features across insurers for you to port your plan with all your benefits intact.

You may also have to pay higher premiums and/or take additional medical tests as every insurer assesses term plan applications differently.

So, long story short, you cannot port your term insurance plan.

Here are a few things to remember when buying term insurance to avoid this situation -

Look before you leap - Have a clear idea of your requirements. Read up on various term insurance plan options available. Consult an insurance advisor if you want.

Want to know how to choose life a insurance company? Let’s find out.

Try the free-look-in period - This is the period where you have the freedom to cancel your term policy and get a refund in case the policy is not a good fit for you. Use this time to review the term policy you have just purchased. Go through the documents. Consult your insurance advisor if you have any doubts. And then, cancel the policy if it is not working out for you. That way, you won’t feel the need to port your term plan later.

Disclaimers:

HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101. Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 022-68446530. Available Mon-Sat from 10 am to 7 pm.

ARN: ST/07/24/13467

This material has been prepared for information purposes only, should not be relied on for financial advice. You are requested to seek advice from your financial advisor

For more details on the products , riders , risk factors, associated terms and conditions and exclusions please read the sales brochure carefully before concluding a sale.

Please consult your financial advisor for financial advice.

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

HDFC Life | Privacy policy | Terms & conditions

Disclaimers:

The tools and calculators available on this website, like the Term Guide, Underinsurance Checker, and Premium Comparer, (the “Tools”) are indicative tools and are meant to provide a general estimate for your life insurance planning. The results are based on limited facts provided by you, hence HDFC Life Insurance Co. Ltd. (“HDFC Life”) cannot guarantee the accuracy, adequacy, reliability or completeness of any information, computation or recommendation provided by the Tools. By using these tools you provide your consent to HDFC Life to store, process, analyse, or use the data collected from you and you waive your rights you may have in this regard. HDFC Life shall not be liable or responsible for any errors, inaccuracies or omissions or for any loss or damages suffered by any person in connection with the use of or reliance on the Tools. The Tools do not and are not intended to provide any investment, legal, tax or accounting advice. Results from the Tools are not an indication that the product and/or service will automatically be offered by HDFC Life and we reserve the right to offer our product or change information or features of the product and/or service listed at any time without notice. The Tools are the property of HDFC Life and are protected by applicable intellectual property laws. No reproduction, sale, publication, modification, dissemination or commercial exploitation of the Tools or information provided by the Tools is permitted.
HDFC Life Insurance Company Limited (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101. Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: [email protected], Tel No: 022-68446530. Available Mon-Sat from 10 am to 7 pm.

ARN: ST/07/24/13467

This material has been prepared for information purposes only, should not be relied on for financial advice. You are requested to seek advice from your financial advisor

For more details on the products , riders , risk factors, associated terms and conditions and exclusions please read the sales brochure carefully before concluding a sale.

Please consult your financial advisor for financial advice.

BEWARE OF SPURIOUS PHONE CALLS AND FICTIOUS/FRADULENT OFFERS

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

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Can I port my term insurance?