Migration : ( shift policy in the same company)
If a person(insured) covered under the group policy, when he/she wants to come out from that group policy to individual policy in the same company(insurer) that's called Migrations.
1.Same Company
Portability: (shift company/change company/move company )
If a person(insured) taken a policy cover from a company(insurer), He/She wants to move with the same cover(features) to another company(insurer) that is called Portability.
Main uses of Portability & Migration
0. Individual or Family Floater1. Save Time deduction
2. Credits which was obtained in previous policy( for ex: if a person has taken a policy for a critical illness he has waiting period 24 months, but in the month of 20th he wants to shift another policy/company using Migration/Portability than he doesn't lose the time period.)
Different between Portability & Migration
in Portability, the insured will go to a new company. in Migration, the insured in the same company.
in Portability, Same cover or another cover similarly. in Migration, New cover in the same company
if you have any doubts regarding this please feel free to contact me at comment box
No comments:
Post a Comment