Keep the existing policy
Often the best answer when it remains affordable, gives useful cover and has built up a favourable claims history.
Life insurance · Switching guide
Can you port term insurance in India? Here’s the honest answer.
You cannot port a term or life policy from one insurer to another in India. You can switch - by buying a fresh policy before winding down the old one - but that resets key protections. Here is how to decide whether a switch is truly worth it.
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The honest answer
Can you port term insurance in India?
No. Health insurance has an IRDAI portability framework; life and term insurance do not. A new life policy is fresh underwriting at your age and health today, with no waiting-period credit, no premium history and no transfer of the old policy’s protections.
Top up with a second policy
Add more cover without giving up a mature policy’s pricing and protection.
Switch only with care
Take the new policy through medicals and issue before changing the old policy - never the other way around.
An honest fit check
Should you switch at all?
Switching can make sense when
Your cover is materially too low, a needed rider is unavailable, the old policy was mis-sold, or a well-priced new option fits a changed situation.
Keeping it is often better when
Your policy is past its Section 45 period, you are older or your health has changed, it was priced well, or the real need is simply additional cover.
The trade-off
What you gain - and what you risk
| What a new policy may add | What it can cost you |
|---|---|
| More cover or riders better suited to today’s income and loans | A higher premium based on your current age and health |
| A simpler protection structure | Fresh medical underwriting, loading, restrictions or a decline |
| Occasionally a better feature set | A fresh three-year Section 45 clock and one-year suicide clause |
| A chance to correct a genuine mismatch | Potential surrender loss on endowment, ULIP or return-of-premium plans |
Step by step
How to switch life cover safely
- 01
Calculate the real gap
Check income, loans, dependants and existing cover. A top-up may solve the problem without a replacement.
- 02
Apply for the new cover first
Complete disclosures, medicals and underwriting while the old policy stays fully in force.
- 03
Wait for issuance
Only an issued, in-force policy protects your family. An approval in principle is not cover.
- 04
Disclose existing policies
Be completely accurate about current cover, health and income. Non-disclosure can hurt a future claim.
- 05
Then decide what to do with the old plan
Keep, reduce, make paid-up or surrender only after comparing the financial consequences.
- 06
Keep a claim expert beside your nominee
MITRA can guide documentation and follow-up should your family ever need to make a claim.
Extra care
Situations where replacing needs more thought
Employer group term cover
It ends when you leave the job and cannot be ported. Buy personal cover while you are young and healthy.
Savings, endowment and ULIP plans
A switch may mean a costly surrender. Compare paid-up value and the benefit illustration before acting.
Recently issued policies
Use the 30-day free-look period for a mis-sold or mismatched policy rather than creating a needless coverage gap.
Advice that has to be honest
The advisor who profits from a switch should not be the only voice
Our first answer is often to keep what already works. When a replacement genuinely helps, we arrange it without leaving your family uninsured for a day - then provide human claim support for the life of the policy.
Thinking about a specific insurer?
Start with your current policy
Switching FAQs
Questions, answered
Straight answers, in plain English.
Can I port a term insurance policy in India?
No. Life and term policies are not portable between insurers in India. Moving means taking a new policy and only then carefully reducing, surrendering or allowing the old one to end.
Should I switch my life insurance policy?
Usually only if there is a genuine coverage gap or a material mismatch. A mature policy often has advantages: a lower age-based premium and an established Section 45 history.
Will Section 45 reset on a new policy?
Yes. A fresh life policy starts a new three-year Section 45 period. That is a real trade-off to assess before replacing an existing policy.
Can I increase cover without replacing my old policy?
Often, yes. A second term policy can top up protection while preserving the benefits of the existing cover. It is frequently safer than a full replacement.
When can I cancel a new life policy?
The free-look period is generally 30 days from receiving the policy, with deductions for stamp duty, days covered and medical costs where applicable.
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Before you replace life cover, get an honest second opinion.
We will help you see whether keeping, topping up or switching makes the most sense for your family.
