Switching jobs? Here's how you can port your corporate health plan to an individual policy

A group health insurance policy or ‘corporate health insurance’ is a policy in which your employer or the organisation pays the health insurance premium. On the other hand, an individual policy is your personal health insurance policy, for which you need to pay the premium.

However, you may be wondering what happens to the plan if you switch jobs or you’re terminated. As per the Insurance Regulatory and Development Authority of India (IRDAI) regulations, an employee covered under a group health insurance policy can migrate to an individual health insurance policy.

For this, you will need to complete some formalities as listed by the insurer and can avail of the waiting period benefits accrued from the ongoing group medical insurance policy.

Here’s how to migrate to an individual health insurance policy from a group policy:

1. Inform the group insurance company

You must inform the insurance company at least 30-45 days before your last day of employment. In case you are terminated you have till five days after leaving your current job.

You may choose a health plan offered by the insurer based on their inclusions, exclusions, terms, the coverage amount and estimated policy premium.

You must fill the health insurance portability form to migrate. You may also need to submit certain documents, such as your existing group policy, medical history, age proof, claim history and more. All of this should be submitted at least 45 days before the renewal date of your existing policy.

Once your insurance application is processed, you can pay the first premium and your new policy will be issued.

The acceptance of the health insurance policy migration depends on the insurer. The insurance company has the full right to decide the terms and conditions of the new health insurance scheme and the premium amount.

Also, in case of termination, you need to get in touch with your company’s admin or the HR department to know the porting process in detail.