You need health cover regardless of what you take two at a time - pills or stairs.

Why you should Convert Employer Health Insurance into Individual Policy?

Group health insurance covers have a lot of limitations in terms of coverage amount, flexibility, and duration. Once you move out of the job, the group cover terminates. Individual health cover is a must even if are already covered by a group plan.
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Group health insurance policies and individual health insurance policies are drastically different from each other. These differences are not the simplest to comprehend and as a result, many people confuse between individual and group health insurance policies. A comparison between these two kinds of policies can be rather useful to help one understand the differences between the two, and therefore, allowing them to make a truly informed decision about choosing a health insurance policy that best addresses their needs.

Group and individual health insurance policies are rather similar in terms of the coverage they provide. However, there are stark differences between the two kinds of policies, especially when it comes to the details. Before we begin to count the benefits of converting to an individual health insurance policy from a group health insurance policy, it is important to know what each policy means.

What is Group Health Insurance and Individual Policy?

A Group Insurance policy is basically an insurance policy package which is taken by an organization or an employer for its employees. Organization have the choice of either opting for a pre-planned insurance policy provided by an insurance company or they may formulate a self-insured plan themselves.

An Individual Insurance policy, as the name suggests, is an insurance package which is taken by an individual themselves or for a close group of people like their family. However, contrary to what the name indicates, an individual insurance doesn’t cover only a single person.

Benefits of Converting to an Individual Plan:

Waiting Period – Group health insurance policies do not offer a waiting period for all diseases. However, individual health insurance policies do offer differing terms of waiting period for different categories of diseases. Under individual health insurance, waiting period of 30 days is provided for coverage of common disease, 24 months for specific diseases and a waiting period of 48 months is provided for coverage of pre-existing diseases. Do keep in mind that the waiting period offered for specific diseases will differ with each insurance provider.

Waiver of Waiting Period – Upon conversion from a group health insurance policy to an individual health insurance policy, you stand to benefit from the waiver of waiting period. This is done due to the reason that the waiting period for diseases is far less under a group insurance policy. Sometimes, there may be no waiting period altogether. For this reason, when you convert from a group insurance policy to an individual insurance policy, the coverage will begin from the very day on which you have made the conversion to an individual policy.

Things to Remember While Converting:

Some important points to keep in mind while converting from a group health insurance policy to an individual policy are as follows:

  1. Conversion must be done to the same company – Do remember that when you are converting from a group insurance policy to an individual policy, the conversion must be done within the same insurance company. In other words, you must convert to an individual insurance policy with the same company with which you held a group insurance policy. It is not feasible to shift to another company to convert to an individual policy. However, the conversion from a group to an individual insurance policy will be done at the discretion of your company.
  2. Conversion should be done no later than 45 days – In order to convert to an individual policy, the conversion must be done in no more than 45 days before the policy is lapsed. Conversion taking any longer than 45 days will not be possible.
  3. Medical test may be required – In some cases, it is possible that the insurance company may ask for a medical test report to check the person’s medical history before converting the policy. Once the medical report has been provided and evaluated, the company may begin the process of converting the policy.

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

Converting Group Health Insurance to Individual Plan Reviews

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  • Reliance General Health Insurance
    "Overall Experience is good"
    0.5 4.0/5 "Great!"
    I'm using the health insurance from Reliance last 5 years. Since I'm the in charge of corporate insurance the customer care service is really fine. I made many claim from Reliance for other employee. As per the policy, they are fulfilling the customer needs. They are providing good cashless treatment facility. They used to send a updation on a regular basis.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • United India Health Insurance
    "Good Claim Experience"
    0.5 5.0/5 "Blown Away!"
    I got group insurance from company, on time I got policy. My father was not good at the time I have used the policy. I got the reimbursement around Rs. 23,000 the total value is Rs. 33,000. I went to shobha hospital they don't have tie up with United India, hence I got the reimbursement.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 18, 2019
  • Apollo Munich Health Insurance
    "Good medical cover with Apollo"
    0.5 5.0/5 "Blown Away!"
    I got the medical cover of Rs. 3 lakhs its covers for my four persons, they got tie up with major hospital. I don't have any medical card but if I want to go for claim. There is a person who coordinate for Tata employee. They do have cash less treatment.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jan 09, 2019
  • ICICI Lombard Health Insurance
    "Yet to explore the policy"
    0.5 3.5/5 "Pretty good"
    My employer has provided me a health insurance with ICICI Lombard. The cashless facility is good and i can show the card to the hospital. They have provided me a coverage of Rs. 3.5 lakhs which covers my entire family. I have not gone through about the network of hospitals in this policy.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 02, 2019
  • Tata AIG Health Insurance
    "Every one must hold a health insurance policy"
    0.5 3.5/5 "Pretty good"
    The premium is somewhat heavy compared to other companies. They have provided me a coverage value of Rs.4.80 lakhs. There is a different slab for according to the age group. I am paying the premium of Rs. 8400 per annum . I have been paying the premium for 2 adults under family platter with a eldest age of 31.
    Was this review helpful? 1
    , mumbai
    Reviewed on Dec 29, 2018
  • Bajaj Allianz Health Insurance
    "Its Good for Health"
    0.5 4.0/5 "Great!"
    My company provided Rs. 2 lakhs of medical coverage for employee alone, they gave me the medical card on time. They sent me the list of hospitals which they got tie up in Bangalore, they are providing cover major or minor disease from the insurance company.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 20, 2018
  • ICICI Lombard Health Insurance
    "Economical policy"
    0.5 4.0/5 "Great!"
    I have a health insurance policy with ICICI Lombard. It is a individual policy. The medical coverage is for ten lakhs and the premium is also economical for me. It is of 510 on a monthly basis. There are cashless facility too. Fortunately I have used it till date.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 11, 2018
  • Reliance General Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have a health insurance with Reliance general from last 8-9 months, i am not aware of the premium amount as my company pays it. I have no claim experience so far with this insurance policy. I have a coverage value of Rs 1.5 lacs and this policy is for individual.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Dec 10, 2018
  • ICICI Lombard Health Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    The policy generation duration is less, they gave me the mediclaim value of Rs. 5 lakhs its individual policy for one year. I am not sure about policy name, they have cash less services, they got tie up many hospital there is no pre existing disease cover.
    Was this review helpful? 0
    , keonjhar
    Reviewed on Dec 10, 2018
  • Bajaj Allianz Health Insurance
    "Not sure about this policy"
    0.5 4.0/5 "Great!"
    The health insurance was given by the employer. Its with Bajaj Allianz. I never interacted with their customer care. I had no claim experience with this policy. My entire family has been covered by this policy as of now. They have offered me a coverage amount of Rs. 5 lakhs and i didn't happy with it.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 02, 2018
  • Cigna TTK Health Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have a health insurance policy with CIGNA TTK from last 3 years, a premium of Rs 28000 has to be paid for this insurance policy every year. I had a good claim experience 7-8 months back and it was a cashless treatment, they covered 90%. Total coverage value for family is Rs 5 lacs per individual.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 29, 2018
  • National Insurance Health Insurance
    "Very easy to get a claim"
    0.5 4.0/5 "Great!"
    My employer has provided me a health insurance with National Insurance. They have given the health insurance policy for my family also. I have got the coverage amount of Rs. 29 lakhs and the chained hospitals list was good. In ten days, i have got my claim settlement. They are providing a cashless treatment facility.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 12, 2018
  • review Health Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    My health is insured with Aditya birla from last 1 year, a premium of Rs 8600 has to be paid for this insurance policy. I have not claimed anything so far with this insurance policy. The coverage value is Rs 6 lacs which includes individual and spouse.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 02, 2018
  • Tata AIG Health Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I've a health insurance policy with the TATA AIG. The policy is for myself and I've employer provided health insurance for my family. , I am paying a premium of 4000 monthly, the annual coverage of the policy is 5 lacs and I do not have any claim experience with the policy so far.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 26, 2018
  • New India Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My health insurance is with New India Assurance from last 1 year, i am not aware of the premium amount as my company pays it. I have no claim experience so far with this insurance policy and the coverage value is Rs 2 lacs for individual.
    Was this review helpful? 1
    , bangalore
    Reviewed on Sep 14, 2018
  • Star Health Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My health is insured with STAR health from last 1year and it is a good policy to use. It is a family policy where the coverage value is Rs 3 lacs per individual. I do not have claim experience with this insurance and i pay a premium of Rs 15000 for this insurance.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Sep 12, 2018
  • National Insurance Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I hold an Individual health insurance policy with National insurance from last 4 years, i have not claimed anything so far from this insurance policy. I pay a premium of Rs 3000 for this insurance policy and the coverage value is Rs 1.5 lacs for this insurance.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Sep 12, 2018
  • ICICI Lombard Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have an Individual health insurance policy with ICICI Lombard from last 4 years, i pay a premium of Rs 6500 for this insurance policy. I have not claimed anything so far from this insurance policy. The coverage value for this policy is 7 lacs.
    Was this review helpful? 1
    , faridabad
    Reviewed on Sep 06, 2018
  • HDFC Ergo Health Insurance
    "Good Service"
    0.5 4.5/5 "Excellent!"
    I've a health insurance policy with the HDFC Ergo. It is a Group policy, it offers a total coverage of 4 lacs, I've claimed this policy the whole claim process was hassle free. I got the full amount claimed with out no questions asked.
    Was this review helpful? 1
    , chennai
    Reviewed on Aug 24, 2018
  • ICICI Lombard Health Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My health is insured with ICICI Lombard from last 121 years and it is one of the good policy to use. I pay a premium of Rs 5800 for this insurance policy and it covers only individual. My claim experience was good, they covered 90% and it was cashless treatment. The coverage valye is up to Rs 4-5 lacs.
    Was this review helpful? 1
    , mumbai
    Reviewed on Aug 21, 2018
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