Your Queries — Health Insurance — You can port from group health plan to family floater from same insurer

January 13, 2021 2:00 AM

You can opt for a floater plan where your sister and her daughter are covered as insured members and your sister can be the proposer.

Whether paying for a two- or three-year term makes you eligible for a discount on premium depends on the product but in general, there is a long term discount available for two and three years policy tenure.Whether paying for a two- or three-year term makes you eligible for a discount on premium depends on the product but in general, there is a long term discount available for two and three years policy tenure.

By Prasun Sikdar

My firm has a group health plan for my family. Can I port that policy post retirement and continue with the same or a new insurance provider?
—Rajeev Pathak
As per the guidelines on Portability and Migration, all group insurance policy customers are eligible to migrate into a retail product offered by the same insurer. This migration, however, would be subject to underwriting. You should approach your HR team and establish contact with your group insurance provider and procure details at the earliest and continue to stay secured.

We are a family of four covered under an individual health insurance plan with highest age member (52 years). Can we convert it into a family floater plan?
—Vibha Gupta
This is possible but subject to the product and underwriting guidelines of the insurer. However, in the current circumstances, where there is a chance of the whole family getting infected, continue with the individual policies as the coverage shall be available for every member.In floater plans the premiums are payable, generally basis the age of eldest insured member, which the younger insured may not find relevant.

Can I pay premium of three years in one-go? Will I get any discount on it?
—K R Srinivas
Yes, you can pay your health insurance premium for a three-year term at one-go provided the insurance company has that feature available in their product. Whether paying for a two- or three-year term makes you eligible for a discount on premium depends on the product but in general, there is a long term discount available for two and three years policy tenure.

My sister is a single mother and is dependent on me and my wife. Can I include her and her minor daughter in our family floater plan which includes my wife, our two sons and I?

A family floater policy generally refers to self, spouse, two or three dependent children-. You can opt for a floater plan where your sister and her daughter are covered as insured members and your sister can be the proposer. You may also go for multi-individual policy where spouse, children, brother and sister, niece and nephew could be covered under the same policy with individual sum insured.

The writer is MD & CEO, ManipalCigna Health Insurance. Send your queries to fepersonalfinance@expressindia.com

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