Yes, you can convert your corporate health insurance policy into an individual plan when leaving your job. This is known as portability or conversion and allows you to maintain uninterrupted health coverage without losing benefits like waiting period credits for pre-existing conditions. However, the process is time-sensitive and comes with some key considerations.

Let’s break down everything you need to know about converting your corporate policy into an individual plan in a step-by-step guide.

1. What Happens to Your Corporate Health Insurance When You Leave a Job?

Corporate health insurance (or group health insurance) is a policy provided by your employer. While this offers great coverage while employed, the moment you leave your job, the policy:

• Expires immediately (unless there's a short grace period)
• Does not continue unless you actively convert it
• Leaves you uninsured if you don’t arrange a backup

Why is this a problem?

If you or your family members have pre-existing conditions, finding a new insurance plan later could be more expensive and come with waiting periods, meaning some treatments won’t be covered for 2-4 years.

2. What is Portability? How Can You Convert Your Corporate Insurance?

Health insurance portability allows you to convert your corporate policy into an individual health plan from the same insurer.

• Benefits of Converting Corporate to Individual Policy:
• No Fresh Waiting Period for Pre-existing Conditions – Any waiting periods already served under your corporate policy will continue in the new plan.
• Uninterrupted Coverage – Avoid a coverage gap, especially if you or a dependent need ongoing treatment.
• No Need for New Medical Tests – Some insurers waive medical tests if you opt for portability.
• More Control Over Policy Terms – Unlike corporate plans, you can customize coverage and add riders.

3. Step-by-Step Guide to Converting Corporate Insurance to an Individual Plan

Step 1: Check If Your Insurer Allows Portability

Not all insurers allow policy conversion, so check if your corporate health insurer offers this option.

✔ Who is eligible?

• Employees covered under a corporate health plan for at least 1 year.
• Those who apply within 30-60 days after leaving their job.
• Employees who choose to convert to an individual policy from the same insurer.

❌ Who is NOT eligible?

• Employees leaving a company where the insurer doesn’t offer portability.
• Those who delay application beyond 60 days after job exit.
• People who wish to switch insurers (portability applies only within the same insurer).

Step 2: Inform Your Insurer & Employer (30-45 Days Before Exit)

How to Apply for Conversion?

• Contact your HR department or corporate insurer to request portability.
• Submit a formal portability request at least 30-45 days before your job ends.

Step 3: Choose an Individual Health Plan

Things to consider when selecting a plan:

✔ Coverage Amount – Ensure the sum insured is adequate for your family.

✔ Premium Cost – Individual plans cost more than corporate plans, so compare options.

✔ Additional Benefits – Maternity cover, OPD expenses, critical illness riders.

✔ Cashless Hospital Network – Check if your preferred hospitals remain covered.

Pro Tip: If your corporate policy had a low sum insured (₹2-5 lakh), consider increasing it to at least ₹10 lakh+ when switching to an individual plan.

Step 4: Submit Documents & Application Form

Documents Required for Portability:

✔ Portability request form

✔ Copy of your corporate policy

✔ Claim history statement (issued by your insurer)

✔ ID Proof (Aadhar, PAN, Passport)

✔ Address Proof

Step 5: Pay the Premium & Activate the Policy

Unlike corporate plans where employers pay a share, you must now bear the full cost.

• Once your application is processed, pay the premium.
• The new individual health policy is issued within 15-30 days.

Important: Ensure there is no coverage gap between the corporate policy ending and the new individual policy starting.

4. Important Considerations Before Porting Your Corporate Policy

1. Will The New Individual Policy Be Exactly the Same as the Corporate Plan?

No. While waiting period benefits are retained, the premium, sum insured, and terms may change.

2. How Much Will the New Individual Policy Cost?

Expect higher premiums because:

• Corporate policies are subsidized by employers.
• Individual plans charge based on age and health condition.

Example:

• Corporate Plan Premium: ₹10,000/year (Employer pays 70%)
• Converted Individual Plan: ₹25,000/year (You pay 100%)

3. Will the Waiting Period for Pre-existing Conditions Reset?

• No, if ported within 60 days!
• Yes, if you miss the deadline or choose a new insurer.

4. What If My Insurer Does Not Allow Porting?

If portability is not an option, your best bet is to:

✔ Buy a new individual health policy while still covered under the corporate plan.

✔ Look for Super Top-Up plans (lower premium, higher coverage).

6. Final Verdict: Should You Convert Your Corporate Health Insurance to an Individual Plan?

YES, if:

✔ You want continuous health coverage after leaving your job.

✔ You or your family members have pre-existing conditions and need portability.

✔ Your employer-sponsored insurance had low coverage.

NO, if:

❌ Your insurer does not offer portability (in that case, buy a fresh policy instead).

❌ You already have an individual health policy with better benefits.

Best Strategy?

• If possible, port your corporate insurance.
• If not, buy a new policy before leaving your job to avoid waiting periods.

7. The Final Call – Don’t Lose Your Coverage!

Corporate insurance is a temporary benefit. Your health coverage should be permanent!

If you’re switching jobs or leaving employment soon, ACT NOW!

Port your policy before it’s too late OR get a dedicated plan for long-term protection.