highlights
You can continue the group policy by talking to the insurance company.
The insurance company will convert this policy into a personal or family plan.
However, for this you will have to inform the company 45 days in advance.
New Delhi. As long as you are working in a company, you get the benefit of the group insurance policy there. After leaving the company, insurance also ends and if you do not have your own individual policy, then before going to a new job, you become completely exhausted in terms of health insurance. This can be a very scary situation. It can be very difficult to deal with the hospital expenses after any untoward incident without insurance. However, if we tell you that only the insurance policy of your old company can work for you in the future, then you will definitely have to worry.
Many people are not aware that they can convert their group insurance policy into an individual plan. In this regard, according to the 2016 directive of the country’s insurance regulator IRDA (IRDAI), employees taking advantage of the company’s group insurance policy can convert it into an individual or family cover. Another good thing here is that the waiting period will not be added afresh. Your waiting period will be counted on the basis of the day your group cover started.
read this also- Good news for LIC policy holders, will be able to get the insurance policy closed for 5 years, will get this much discount on late fee
How to convert to individual plan
If you want to continue its insurance plan even after leaving the company, then this information will have to be given to the insurance company at least 45 days before the last day of the job. If you make this mistake and you are not able to inform the insurance company, you still get time till 5 days after the last day on the job. Keep in mind that your sum assured will be the same as it was at the time of the group policy. You can talk to the insurance company to increase it but it depends on them whether they will increase it or not.
what are its advantages
Its biggest advantage is that your waiting period does not start again. If your waiting period has ended under the group policy, then here too you will be able to take full advantage of the policy from day one. If the waiting period of the individual plan for a particular disease is longer than the waiting period of the group policy, the insurance company will inform you about it in advance.
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Tags: business news, health, health insurance, insurance company, personal finance
FIRST PUBLISHED : February 17, 2023, 16:26 IST
