Can I transfer my no-claim bonus when porting term insurance?

No. Term insurance does not have a no-claim bonus like motor insurance. Every new application starts with a fresh premium calculation.

Will my new premium be higher because I am older now?

Yes, usually. However, the recent removal of GST and better pricing models in 2026 might offset some of that age-related increase.

Do I need to tell the new company about my old policy?

Yes. Disclosing all existing life covers is mandatory. Failing to do so can lead to claim rejection for non-disclosure of material facts.

What happens to the premiums I paid for my old policy?

Since term insurance is a pure protection plan, you do not get any refund of past premiums when you cancel the policy.

Is a medical test mandatory for switching in 2026?

Almost always. Since it is a new contract, insurers require fresh medical evidence to assess your current health status and risk.

How to Port Term Insurance in India: 2026 Step-by-Step Guide

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Can You Port Term Insurance? The 2026 Step-by-Step Reality Check

Porting term insurance isn't like switching your mobile network. Here is how to move your life cover without losing your safety net.

4 min read

OneAssure Team

April 05, 2026

Need advice tailored to you?

Looking for the right plan? You don't have to guess. Let us compare the fine print for you and give you an unbiased recommendation.

Need advice tailored to you?

Looking for the right plan? You don't have to guess. Let us compare the fine print for you and give you an unbiased recommendation.

The Porting Myth

You cannot port a term insurance policy in India. Not in the way you port a phone number or even a health insurance plan. If a salesperson tells you otherwise, they are likely oversimplifying a complex process. In 2026, switching your life cover actually means buying a brand new policy from scratch and then canceling your old one. It is a fresh start. New medicals. New paperwork. A completely new contract.Think about why you want to move. Maybe a new insurer offers a better critical illness rider. Perhaps the removal of GST on term insurance premiums has made newer plans significantly cheaper than the one you bought five years ago. Whatever the reason, you must understand that the clock resets the moment you sign that new proposal form.

The Three Year Risk

Section 45 of the Insurance Act is your best friend. It says that after three years, an insurance company cannot reject a claim except in very limited cases of fraud. This gives your family massive peace of mind. When you switch to a new company in 2026, this three year window starts fresh. You are back to square one. If something happens in the first twenty four months of the new policy, the insurer will investigate much more strictly than your old company would have. This is the biggest hidden cost of switching. You are trading years of 'safety' for a lower premium or better features.

The Overlap Strategy

Never cancel your old policy before the new one is active. This is a non negotiable rule. The application process for a new 1 Crore or 2 Crore cover can take weeks. You might face unexpected medical hurdles. The new insurer could even reject your application based on a lifestyle change you didn't think was a big deal. Imagine canceling your old plan on Monday and getting a rejection letter from the new company on Friday. You would be left with zero cover. Keep both policies active for at least thirty days. Yes, you will pay double premium for one month. It is a small price for continuous protection.

The 2026 Underwriting Reality

Your health has changed since you last applied. You are older now. Maybe your BMI has shifted or you have started taking mild medication for blood pressure. In 2026, insurers are using more advanced data to price your risk. You will likely need a fresh medical checkup. A technician will visit your home for blood tests and a physical exam. Be honest. If you started occasional social smoking or vaping since your last policy, you must disclose it. Hiding a lifestyle change is the easiest way to ensure a claim gets rejected later. At OneAssure, we often see how honest disclosure at the start prevents heartbreaks during claims.

The Document Checklist

To make the 2026 application smooth, keep these ready:

Latest 3 years of ITR to prove your income eligibility.
Last 6 months of bank statements showing salary credits.
A copy of your existing life insurance policy bond.
Recent medical reports if you have had any surgeries or chronic issues.

Is an Upgrade Better Than a Switch?

Before you jump ship, call your current insurer. Ask if they can increase your sum assured or add the riders you want. Sometimes, adding a 'Top-up' or a 'Life Stage Upgrade' to your existing plan is safer than starting a new policy. You keep your Section 45 protection intact. You avoid the hassle of fresh medicals in some cases. Compare the final premium. With GST now out of the picture for term plans, the price gap between companies has narrowed. If the difference is just a few hundred rupees a month, staying put is often the smarter, safer choice for a young family.

The 30 Day Safety Valve

Once your new policy arrives, read the fine print immediately. You have a thirty day free look period. This is your exit door. Check if the riders like 'Terminal Illness' or 'Waiver of Premium' work exactly how you thought. If the premium is higher than the initial quote because of your medical results, you can return the policy. The company will refund your premium after deducting the cost of medical exams and stamp duty. Only after you are 100% satisfied with the new bond should you send that cancellation email to your old insurance provider.