As per Health Regulations 2016, portability guidelines, members covered under any group health insurance policy of a general/health insurer can port/migrate from a group policy to an individual policy with the same insurer. Though group health insurance schemes are more relaxed, they do not provide all the benefits which are available in an individual policy. This guideline is extremely beneficial for members who move out of the group and want to continue their comprehensive coverage, credit gained on waiting periods, and higher sum insured.
The process to be followed for the group to individual insurance porting is as under –
- You need to intimate the insurer at least 45 days prior to your date of leaving the group or the expiry of the existing group policy.
- Select the right policy among multiple policies which are offered by the insurer. Take into consideration sum insured, benefits, terms & conditions and exclusions while selecting the right policy for you.
- Fill the application form to port from group cover to personal cover. In the form, you will have to provide details of the existing policy, age proof, claim experience, PED declaration, etc.
- Some insurers may ask for a pre-medical checkup before providing the cover. In most cases, a pre-medical checkup happens after receipt of the premium for the individual policy. However, this may change depending on the insurer’s policy issuance process.
- Once the insurer has received your application it takes approximately 15 days for them to share the terms and conditions and premium of the new policy. The insurer has the full right to decide on the terms and conditions of the new policy along with the premium amount.
- If you are okay with terms and conditions, you can go ahead with the payment for the new policy issuance.