How can you port from Group Medical Insurance to Individual Health Policy

Porting from Group Medical insurance to individual health policy

If you are an employee with a Group Medical Cover from your employer, and you decide to leave your current employer, do not worry about your family’s health insurance.  You can continue to be covered in an Individual/Family policy to the extent of your current sum insured. Premiums could be higher though, in line with individual rates, because you lose the group advantage.

All you need to do is to ask the group medical policy insurer to give you an individual health insurance policy with continuity benefits from the date you leave the group policy.  As per IRDAI’s Health Regulations 2016 portability guidelines, individual members, including the family members, covered under any group health insurance policy have the right to migrate from the group policy to an individual health insurance policy or a family floater with the same insurer. Please do note, however, that the migration is subject to underwriting approval by the insurer.

There are many advantages of migrating your Group Medical policy compared to buying a new individual plan.  The continuity benefits for the period you have already been covered under the group policy remain with you. You get the cover right away, without the usual 30 days of an initial waiting period. For example, if you have been covered for over 4 years in the group policy, you have full-blown medical insurance from day 1. No specified diseases waiting period, no pre-existing disease condition, everything covered from day 1.

To initiate the migration process at least 30 days ahead of your last working day at the current employer. There may be underwriting requirements by the insurer, but they will have time to revert to you on those within 15 days of your request.