Can insurance coverage advantages supplied by your ex-employer be retained?

I will likely be leaving my present group in a month and want to understand how I can retain the advantages of my firm’s insurance coverage coverage, which I’ve been lined beneath for the previous three years. What’s the handiest strategy to proceed with my present coverage?


The present insurance coverage coverage might be ported as per the norms issued by the Insurance coverage Regulatory and Improvement Authority of India (Irdai). The rules stipulate that policyholders can transfer from group insurance policies to particular person insurance policies or from individual-to-individual insurance policies as nicely’. Underneath portability norms, clients can swap from one insurer to a different insurer, the place the credit score or advantages on continuity of the protection could be handed on from the earlier insurance coverage coverage to the brand new insurance coverage coverage.

Clients also can port from an worker’s group mediclaim coverage to a retail well being coverage supplied by the identical insurance coverage firm. Therefore, in your case, you may port your organization’s coverage and go for a person or retail coverage.

In your case, you may port your coverage nearer to your medical health insurance coverage’s renewal. It’s higher that you just begin the method 45 days forward of the . For the portability course of, you might be required to submit a brand new proposal kind, the portability kind, and extra paperwork, corresponding to id and tackle proof, a medical historical past, and so on., as requested by the brand new insurer to port your coverage.

The brand new insurer will get in contact with the earlier insurer to be taught extra about your medical and declare historical past after receiving your request for portability. The brand new insurer could comply with the request, suggest protection, and even deny your request for portability relying on its diligence tips.

After the diligence course of is over, and if the proposal is accepted, continuity could be given for all of the ready durations beneath the coverage, together with the ready interval for pre-existing diseases together with continuity for time sure exclusions.

When porting your coverage, it’s a superb alternative to re-evaluate in case you want to improve your sum insured or if you’d like extra protection or add-ons to your coverage.

It’s really helpful to do an intensive analysis on merchandise supplied by insurers and select an insurer that gives superior service and never simply choosing an insurer providing decrease premiums. It’s important to learn the exclusions and inclusions within the new coverage doc, together with understanding the sub-limits, co-pay phrases, room-rent capping, and so on. Go for a coverage that doesn’t have too many restrictions within the coverage. To keep away from any problems ensuing from non-disclosure, it’s important to supply the brand new insurer with all the knowledge related to your medical and claims historical past to have a seamless claims expertise!

Tapan Singhel is managing director and chief government officer, Bajaj Allianz Normal Insurance coverage.

Catch all of the Enterprise Information, Market Information, Breaking Information Occasions and Newest Information Updates on Stay Mint. Obtain The Mint Information App to get Day by day Market Updates.
Extra Much less