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How to convert the company’s corporate health insurance into a personal policy after leaving the job, know the complete process and its benefits – health insurance how to convert the health corporate plan into a personal health policy know the complete process

highlights

Apply to the insurance company to convert the corporate health plan into a personal health plan.
In this process, the applicant has to get necessary documents and health checkup done.
Its biggest advantage is that the accumulated benefits in the policy are not lost.

New Delhi. Health insurance has become a big necessity in today’s world. After the Corona epidemic, people’s attitude towards better health and serious diseases has changed, so the demand for health insurance has increased rapidly. There are many types of health insurance available in the market, people can buy them according to their needs. At the same time, employed people often get a corporate health policy. However, its benefit remains only till the job in the company. But, there are many more advantages and features of corporate health insurance.

The biggest advantage, which many people may not be aware of, is that the corporate health plan can be converted into a personal policy. The advantage of this will be that even after leaving the job, the benefit of health insurance will continue. Let us know the whole process related to it.

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How to Convert Corporate Health Plan to Personal Health Plan
After leaving the job from the company, the employee can convert the health policy into a personal health insurance scheme by paying the policy convert charge. Many corporate health plans offer this option or come with this facility. Its biggest advantage is that the accumulated benefits in the policy are not lost and the insured can continue to enjoy the benefits of insurance coverage even after changing companies or retirement.

  • To convert a corporate health plan into personal health insurance, you will first need to select a plan from the insurance company. You can choose a personal health insurance plan keeping in mind your facilities.
  • You can initiate the process of changing the policy by informing the insurer. This can be done by filling the form both online/offline. You may be asked to provide other documents such as existing group health insurance plan, claim history, health profile etc. along with this form. In some cases, you may be asked to submit a health checkup or related reports.
  • The above mentioned two step process and all the documents have to be completed in time, that too 30 to 45 days before the renewal of the group health insurance. If the insurer requires more information based on the documents submitted, they may ask from you.
  • To convert a group health insurance plan into an individual health insurance plan, you need to pay the required premium as per the plan. The premium amount is decided on the basis of the underwriting process and terms and conditions set by the insurance company.

Other benefits available in the corporate plan
Flex-Benefit GMC Plans:
In many corporate health plans, insurance companies offer the option of customizing the policy to suit the needs of the organization based on the size and business of the organization. Apart from this, there are also flex-benefit group medical cover plans which give options like covering parents or other dependents. But for this additional premium has to be paid.

Ease of Claim Settlement: Most insurance companies these days provide a completely digital interface not only for buying plans but also for making claims. This has been made possible by the strong digital infrastructure created over the years. The companies also have AI-enabled WhatsApp chatbots to automate and speed up the claim settlement process.

Treatment facilities other than allopathic treatment: Corporate insurance plans are now moving beyond allopathic treatment to provide comprehensive insurance benefits to the employees. Some health insurance plans also cover alternative treatment options like Homeopathy, Ayurveda, Unani etc. Certain conditions may apply here, such as network hospital, sub-limits or co-pays.

No Waiting Period: Most pre-existing diseases are covered in most health insurance policies only after a waiting period, which can extend up to four years. Moreover, maternity benefit is also not available in the first few years of the policy. However, most corporate plans waive this waiting period and cover all employees from day one of the policy itself.

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