Dear Sunil

It is always advisable to have an individual policy apart from your group medical coverage. One of the most important reason is the waiting periods which is there in all the health insurance policies. So the right time to buy a separate policy for yourself and your family is NOW!
Also, though you are covered with your current company but what about the shifting time to a new company? What if your new company doesn't have insurance benefits? You might want to take a lower sum insured in your separate policy and then increase it gradually.