- Group health can be replaced by private insurance for 4 consecutive years
- Do not have to undergo medical examination on taking another insurance policy
Utility desk. Now employees will be able to convert their company’s insurance to personal insurance. According to the insurance regulator IRDA, collective health issued for 4 consecutive years can be replaced with private insurance. IRDA also said that there will be no compulsion for medical examination on taking another insurance policy of the same company.
IRDA has said that if an employee has been taking group health insurance for four consecutive years and wants to convert it to another insurance policy of the same company, then the company will not be able to impose any condition on it. However, in case of a four-year low, the insurance company can add the condition.
Medical examination is also not necessary.
IRDA has said that except for the old policy, there is no need for medical examination if you take another policy of the same company. IRDA has changed the family floater plan for this. IRDA has said that if a person takes a personal policy of the same company except the family floater plan, then he will get the option without any conditions. Also, companies cannot force medical examination to do so.