Things to consider about Corporate Health Insurance When Switching Jobs


11 Jul 2023

Learn about factors to consider about Corporate Health Insurance Policy When Switching Jobs. Check out the health insurance policy from Kotak General Insurance.

Today, many corporate companies in India offer health insurance coverage to their employees under a group insurance plan. Health insurance is usually part of the employee benefits program. Generally, the corporate health insurance plans cover the employee and their family, including parents and spouse. It is a great way to get financial protection against medical emergencies.

However, you must know that you can enjoy the corporate health insurance benefits only until you remain employed with the specific company that offers the coverage. When you switch jobs, you would lose the policy benefits and have no coverage.

In the write-up, we cover the important aspects you must consider about your health insurance while changing jobs so that you and your family remain covered at all times.

Generally, if you are covered under corporate health insurance offered by your employer, you lose the coverage on your last working day. However, not many people know that as per the IRDA (Insurance Regulatory and Development Authority of India) mandate, the employees can convert the group cover into individual cover with the same company after completing the necessary formalities.

However, in such a situation, the insurance company reserves the full rights to decide the new policy’s terms and conditions. Also, you must know that you can convert your group insurance into individual policy only if the original policy purchased by your employer has that option.

If the employer allows you to convert, then you may have to pay an additional premium and even undergo a medical test. The insurance company will determine your eligibility and premium amount based on the test results.

Important questions you ask yourself before leaving your current job

Do you have a separate health insurance policy for yourself and family, apart from group insurance? If not, it is paramount that you immediately purchase a family health insurance plan that covers all your family under a single plan before you leave the job. This way you can be assured that your family never stays without coverage even during the transition period between switching jobs.

Does your personal health insurance policy offer sufficient coverage to cover the medical expenses of your family members? If not, it would be a good idea to increase the sum assured of the policy during renewal. Use the health insurance premium calculator to know the rise in premiums for a specific sum assured and increase the coverage accordingly so that the premium is affordable.

Is the new employer offering a health insurance policy and does it cover you and your family? If yes, the group health insurance can give you an additional financial cushion during an emergency.

When to renew my personal insurance? If the policy is expiring after you quit the job, make sure that you renew the plan without fail to continue getting the coverage.

Compare the plans and choose the right one

Buying a health insurance policy is an important decision. Therefore, you must have a robust plan that offers complete coverage and secures your finances against unforeseen situations. It is advisable to have personal health insurance even if you are covered under a corporate group health insurance policy.

Compare the different plans available in the market and choose the one that offers maximum benefits at an affordable premium. You can check the health insurance plans from Kotak General Insurance. Our plans are specially created to cater to your specific medical needs and offer best coverage at the most affordable premium rates.

To know more about the features and benefits of the plans, visit health insurance plans by Kotak general insurance.

Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.