Switching Job? You can convert your Employer’s Health Insurance to an Individual Health Plan

A corporate or employer health insurance plan is provided by an employer to the eligible employees of an organization. The employee benefit packages provided by employers’ health insurance plans are extendible to family members as well.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*(In 120+ cities)
  • Relationship manager For every customer
  • 24*7 claims assistance In 30 mins. guaranteed*
  • Instant policy issuance No medical tests*

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
Find affordable plans with up to 25% Discount**
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      valid-mobile-number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      A group health insurance policy by your employer is also called ‘corporate health insurance’ or an ‘employer’s health insurance’. Your employer or the organization pays the health insurance premium towards these insurance policies.

      For this reason, they are one of the most popular health insurance options for employees. And some of you may wonder if the policy benefits of the group health cover can be transferred to an individual cover after a job change?

      As per the Insurance Regulatory and Development Authority of India (IRDAI) regulations, an employee covered under a corporate health insurance policy can migrate to an individual health insurance policy. This can be done if the insured employee switches to another job or loses the job and wants to continue getting health insurance benefits.

      The individual will need to complete some formalities as listed by the insurer and can also avail of the waiting period benefits accrued from the ongoing employer’s medical insurance policy.

      The acceptance of the health insurance policy conversion, though, depends on the insurer. The insurance company holds the full right to decide the terms and conditions of the new health insurance scheme along with the premium amount.

      Typically, to initiate the conversion process, policyholders need to first inform the current group insurance company. And in case of job loss, the policyholder would need to get in touch with the company’s admin or the HR department to know the porting process in detail.

      The desire to port from a group health insurance plan to an individual health insurance policy should apply around 30 days before the last employment date. As per the rules, the insured employee should inform the insurer before leaving the company.

      Or this needs to be done within 5 days of the date of termination of group policy to issue a new retail health plan to cover up the policy coverage amount, on paying the premium in full for the new individual health plan.

      The new retail policy is issued as per the insurance company’s underwriting requirements, at the time of policy issuance. In some cases, the insurer might ask for pre-medical checkup reports and then issue the policy.

      Long story short

      If you are insured under your employer’s health insurance policy then you can buy a separate health plan to be able to pay for the increasing cost of healthcare expenses. On the other hand, if you do not have an individual health cover, as per the IRDAI regulations you can now convert your corporate health plan to an individual health plan and avail the coverage benefits.

      Search
      Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

      Health insurance articles

      Recent Articles
      Popular Articles
      Surgeries Covered by Magma HDI Health Insurance Plans

      18 Apr 2024

      Magma HDI General Insurance Company offers a spectrum of
      Read more
      Surgeries Covered by Raheja QBE Health Insurance Plans

      17 Apr 2024

      Raheja QBE General Insurance Company offers a diverse range of
      Read more
      Surgeries Covered by Aditya Birla Health Insurance Plans

      16 Apr 2024

      Aditya Birla Health Insurance Company offers a range of
      Read more
      Surgeries Covered by Cholamandalam Health Insurance Plans

      16 Apr 2024

      Cholamandalam MS General Insurance Company offers a range of
      Read more
      Surgeries Covered by Future Generali Health Insurance Plans

      16 Apr 2024

      Future Generali India Insurance Company offers comprehensive
      Read more
      Best Health Insurance Plans for Senior Citizens
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      Does Health Insurance Provide Coverage for LASIK Eye Surgery?
      A vast majority of the Indian population is suffering from vision problems. For some of them, LASIK eye surgery is
      Read more
      Zero Waiting Period in Health Insurance Plans
      Every medical insurance plan comes with a few terms & conditions, and the waiting period is one of them. A
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      10 Major Benefits of Ayushman Bharat Yojana
      Pradhan Mantri Jan Arogya Yojana (PM-JAY) is the second component under Ayushman Bharat Scheme. PM Narendra Modi
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL