Most of us take/ have taken medical insurance for our parents as a part of group policy from employer. Ideal scenario is having separate policy or family floater policy other than group policy taken. But then what if not done especially when the age to be covered is beyond 60?
That was a key concern for me when I decided to take a long-term break from corporate employment. Just in time came the most crucial information from Mr Amit Kallianpur on porting group policy to individual/floater plan. He highlighted this option which enabled me to continue the group medical insurance which had 10 years continuity.
Interestingly very, few even in the industry know this information.
The regulatory norms for last couple of years have included the option of converting the group policy to individual policy. And it helps-
- Continuity benefit/ Waiting period/ Pre-existing conditions covered under existing group insurance policy.
- Limited options on Getting insurance coverage for elderly especially on entry age etc .
- When deciding on starting your own venture or freelancing where the fear of losing out these intangible benefits on health cover from company affects your decision.
So you can continue the policy with same insurance company with continuity benefits of earlier years post leaving the employer from where this policy was taken.
You need to initiate this conversion at least 45 days prior to your last working day. You can write directly to the group insurer who can guide the employers on the process if not known to them.
It’s noteworthy to highlight on the quick response I received from the New India Assurance co – from the chat bot( this one is quite intelligent unlike other experiences where you have to wait for the bot to understand a simple request ) to the person in charge who handled it subsequently.
So, make use of this option of portability of Group insurance to individual when making a switch/change from employment.
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