Group Mediclaim to Personal Health Insurance Portability


image of doctor - Group Mediclaim to Personal Health Insurance Portability

The insurance regulator has permitted the porting of health insurance.

Here are the guidelines for converting group health insurance to individual health insurance:

If an employee wants to port the policy to a personal health insurance policy from the group policy, he can do so, at the time of exit from the company.

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The employee needs to declare his intent to the insurer at least 45 days before the exit date.

The employee can port the policy from the group to any retail health insurance policy with the same insurer.

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If an employee wants to shift to a new insurance company, he can do that in his next renewal.

The employee will get the waiver of waiting periods in the retail insurance policy (for the time he was in group insurance).

Employees will not get any discount on the retail insurance premium. It is just a waiver of waiting periods.

The insurer has the discretion to accept the proposal based on its underwriting guidelines.

An employee or his family members may be required to go for a pre-policy health check-up as per the retail policy conditions.

The cost of health check-ups will be taken care of by the insurer if the proposal is accepted. If the proposal is declined, then the employee will have to take care of the cost of health check-ups.

For the convenience of employees, Ethika can facilitate the whole process.

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Susheel Agarwal

Susheel is the CEO of Ethika Insurance Broking P Ltd. This company, which has a current value of 10 million dollars, was bootstrapped by him and two of his friends. He attributes his success to his ability to inspire others to seek happiness at work.