How can you migrate from corporate to individual health #insurance? 🧵 (1/n)
When we talk about perks for salaried employees, corporate health insurance surely tops the list.
After all, your employer pays your premiums & you enjoy the benefits.
But imagine quitting your job...
That means bidding goodbye to your corporate health insurance benefits as well...Or does it?
Well, there’s still a way to enjoy them- by converting your corporate insurance into an individual health plan.
As per India’s Insurance regulator IRDAI’s guidelines, individuals covered under any group insurance policy have the right to migrate from their group policy to an individual one.
The catch? Well, the individual health policy must be taken with the same insurer.
And good news- you won’t have to start from scratch. The no or minimal waiting period you enjoyed under group insurance would be carried over to your new policy as well.
So, how do you make the jump?
1) Well, start by informing the group insurance company at least 30-45 days before your last date of employment.
2) Select an appropriate health insurance policy and fill out the health insurance portability form with your current insurer.
3) Keep ready documents like existing group policy, medical history, etc. The insurer might also ask for pre-medical checkup reports.
4) After your application is processed with all the terms and conditions in place, you can go ahead and pay your first premium.
Voila, you have an individual policy now!
And BTW, if you need any help with selecting that new health policy, talk to us for free and you’ll have the best insurance advisors at your fingertips- bit.ly/3DF3ZtE
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Unfortunately, regular term plans don’t allow you to increase your cover. But life is unpredictable (and so is inflation), so here are a few ways you can boost your cover incase you need to:
1) Buy an additional term plan.
The most obvious answer is - buy another one. Just keep in mind that doing so means you will have to go through the entire documentation process again.
Did you know that Warren Buffett once broke his own investing rules?
Find out why.👇(1/n)
In 1951, a 20-year-old Warren Buffett invested half his own net worth (something he would never advise to do) into a small US insurance firm called GEICO.
Even though he would sell his stake just a year later (something he still regrets), this company would later become his most profitable investment ever.
You’re about to buy a term plan. But there’s one niggling issue. Since you’ve been freelancing for the longest time, you don’t have a steady flow of income.
You wonder- “What if I’m unable to pay my premiums at some point?”
Enter single premium term plans.
Here, you pay the entire premium amount upfront to the insurer, while not having to pay a penny later.
And if you are someone with an irregular income, a freelancer for instance, this plan fits perfectly for you.