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Converting group health plan to retail one or buy new from market

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22 Apr, 2021 by  Jani

I have a family group health cover from National Insurance through my employer. Now I am changing jobs, and the new employer will also provide a health cover.

But since it is also advisable to have a separate policy other than company one, I am in dilemma regarding two options:

1) Convert the current group plan to a retail plan (National Parivar) which will not have any waiting period and pre-existing disease issues.

2) Buy a family floater policy from any insurer from market.


Kindly provide your valuable opinions.

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1 Answer

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24 Apr, 2021

Hey Jani,


Opt for the 2nd option. Never compromise your health cover by porting from co policy to personal cover.


Company policy is a customized one, so you won't get a matching product in retail. Also, why limit yourself to National if you can choose from 30 insurers. You know, you're marrying into this product for a lifetime.


Lastly, you are getting a policy from next employer, so don't worry about the waiting period bit. Most treatments not covered in waiting period are daycare surgeries, which your group cover will protect you for.


Hope it helps.

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24 Apr, 2021
Jani
Thank you for the detailed explanation.
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30 Apr, 2021
Kalpesh Singh
Anuj, I would like to validate my understanding. - Convert Group plan to Retail one so that PED waiting and other waiting periods are collapsed - Port this policy after a year with better insurance provider. I believe new insurance provider will discount waiting periods of all sorts. - Also keep the new job's group policy? Instead of buying new policy and having waiting period of 3-4 years, wouldn't it be good to port from Group to Retail then again port to better insurance company after a year. I hope they have to discount waiting periods of all sorts across holding period (from group to that 1 year as retail).
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