Q1. Can I convert corporate health insurance to a family floater?

Ans: Yes, you can convert your corporate health plan to a family floater plan either at the time of exiting the organisation or when the group health insurance is being modified. However, please note that the insurance provider has to be the same.

Q2. Can I convert individual health insurance to a family floater plan?

Ans: Yes, you can convert your individual health insurance policy to a family floater policy, which covers your entire family under one policy. Simply contact your insurer to understand the process and any additional costs.

Q3. Can corporate health insurance be ported?

Ans: Yes, corporate health insurance plans can easily be ported either into individual or family floater plans as long as the insurer is the same.

Q4. Can I convert corporate health insurance to an individual plan?

Ans: Yes, you can easily convert your corporate health insurance to an individual plan at the time of leaving the organisation. However, you cannot switch to a new insurer upon leaving the group plan.

Switching Job? Convert your Employer’s Health Insurance to an Individual Health Plan

Is it Possible to Convert Employer Health Insurance to Individual/Family Health Insurance?

Yes. If you and your family members are covered in a group health insurance policy provided by your employer, you can migrate it to family floater or individual health insurance at the time of leaving the job or when the policy is being modified. However, the insurer has to be the same. This means you cannot port your group policy to an individual or family policy from another insurance company.

In fact, switching to an individual or family plan allows you to retain continuity benefits, such as waiting periods for pre-existing diseases, provided there is no gap in coverage during the transition. Moreover, you must go through the terms and conditions of various health insurance plans carefully before porting.

How Can You Convert Your Group Health Policy to a Family/Individual Health Policy?

Here are the steps that will help you port your group health policy to an individual or family health policy:

Step 1: Notify Your Current Insurer

Inform your group health insurance company that you plan to switch to an individual/family plan. Make sure you do this at least 30-45 days before your current group policy expires.

Step 2: Choose the Right Plan

Look for individual/family mediclaim insurance plans that suit your and your family's needs. You can compare the features, benefits, and add-ons of different plans to find the most suitable option.

Step 3: Request an Application Form

Once you have chosen a health insurance plan, ask the insurance company for the application form. Fill it out accurately, and do not forget to gather essential documents like your claim history, group plan details, etc. Notably, some insurers might also ask for a health check-up at this stage.

Step 4: Submit Required Documents

Submit all the required documents well before your group policy expires, preferably 30-45 days in advance. If the insurer needs more details, they will contact you.

Step 5: Pay the Premium

Unlike group policies paid by employers, you will need to pay the premium yourself for an individual plan. So, after submitting the form and undergoing the approval process, you can pay the health insurance premium online.

Note: The acceptance of the health insurance policy conversion 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.

Things to Keep in Mind While Porting a Group Health Insurance Policy

You must keep the following things in mind while porting a group mediclaim policy to an individual or family health insurance policy:

The premium for an individual health insurance policy will be higher than that for family floater plans as it depends on many factors, including the age of the policyholder and the coverage.
Some mediclaim insurance plans often limit room rent to a percentage of the sum insured or cover specific room types only. However, such plans may offer optional cover to remove the room rent limit or enhance the category of room.
It is always better to have a health insurance policy with minimum restrictions, even if it has a little more premium.

Advantages of Having a Personal Health Insurance Policy

It is always good to have a personal health insurance policy despite being covered in your company's group health insurance. Check out the following benefits of having a personal health insurance plan:

You can purchase a plan based on your specific health condition. For instance, BP patients can buy health insurance for high blood pressure.
You do not have any fear of losing your job and, consequently, losing your medical coverage, as you already have a personal health policy.
You get tax benefits under Section 80D of the Income Tax Act for paying the premium of your personal health insurance policy, unlike in a group health plan, where your employer gets the tax benefits for paying the premium.
With a high sum insured, you may receive discounts and bonuses on your personal health insurance. Insurers often offer no claim discounts for claim-free years or may increase your coverage without raising your premium.
You are not limited to a set of inclusions offered in your group health insurance policy. Instead, you can increase the coverage by including add-ons or riders in your personal health policy.

FAQs

Q1. Can I convert corporate health insurance to a family floater?

Ans: Yes, you can convert your corporate health plan to a family floater plan either at the time of exiting the organisation or when the group health insurance is being modified. However, please note that the insurance provider has to be the same.
Q2. Can I convert individual health insurance to a family floater plan?

Ans: Yes, you can convert your individual health insurance policy to a family floater policy, which covers your entire family under one policy. Simply contact your insurer to understand the process and any additional costs.
Q3. Can corporate health insurance be ported?

Ans: Yes, corporate health insurance plans can easily be ported either into individual or family floater plans as long as the insurer is the same.
Q4. Can I convert corporate health insurance to an individual plan?

Ans: Yes, you can easily convert your corporate health insurance to an individual plan at the time of leaving the organisation. However, you cannot switch to a new insurer upon leaving the group plan.

Health insurance companies

View more insurers

Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in

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*We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30- minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881.

*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. Policybazaar does not provide any medical or surgical advice or diagnosis and is not responsible for your interactions / treatment by a medical practitioner/hospital. Please consult a registered medical practitioner for any medical or surgical advice. The Information that you obtain or receive from Policybazaar, and its employees, or otherwise on the Website is for informational purposes only. As per the Insurance guidelines, you are allowed to cancel the policy with-in 30 days from the date of Issuance of policy.This option is available incase of policies with a term of one year or more.

*All the health insurance plans cover hospitalization expenses including COVID-19 treatment cover up to the specified limits. You can also buy specific COVID-19 health insurance policies such as Corona Kavach Policy and Corona Rakshak policy.

**All savings and online discounts are provided by insurers as per IRDAI approved insurance plans. #Tax Benefits are subject to changes in tax laws. GST Exemptions depend on fulfilment of qualification criteria and submission of relevant documents.

*₹1748/month is the starting price for a 1 crore health insurance for an 18-year-old male, with no pre-existing diseases. Discount on renewal premium is subject to the number of wellness points earned in the health insurance policy. For more details about the plans, please read the sale brochure carefully to get upto 100% discount on renewal premium.

*₹400/month is the starting price for ₹ 5 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹541/month is the starting price for ₹ 10 lakh Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹762/month is the starting price for ₹ 1 Crore Health insurance for a 30 year old male & 29 years old female, living in Delhi with no pre-existing diseases

*₹243/month(₹ 8/day) is the starting price for a 5 lakh health insurance for a 20-year-old male, non-smoker, living in Bengaluru with no pre-existing diseases

*₹2020/month is the starting price for ₹ 1 Cr Health insurance for a 50 year old male & 50 years old female, living in Bangalore with no pre-existing diseases rounded off to nearest 10.

*₹390/month (₹13 per day) is starting price for 1 cr. Health insurance for 25 years old male, with pre-existing diseases, residing from tier 1 city rounded off to the nearest 10.

*No medical tests are required unless requested by the insurer’s underwriter. In-case of pre-existing diseases relevant medical proof would be required as per the terms and condition of the policy opted.

*The values taken for effective cost calculation are indicative values and may change as per the selected plan.

*Coverage upto double the amount of Sum Insured is available on certain covers for a minimum plan of Rs. 5 Lakh on the first claim only to an individual of upto 45 years of age with no pre-existing diseases. The benefit is available with or without extra cost depending on the plan chosen.

*Coverage of pre-existing diseases is provided by insurer as per their underwriting policy.

*The scope of coverage may vary from plan to plan.

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##On ground claim assistance is available in 114 cities

Tax Benefits are subject to changes in tax laws. GST Exemption depends on fulfilment of qualification criteria and submission of relevant documents as required by the insurers. For more details on risk factors, terms and conditions, please read the sales brochure and applicable rules and regulation carefully before concluding a sale.

STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.

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Switching Job? Can You Convert Your Group Health Insurance to Individual/Family Health Insurance?