Group Health Insurance Policy
A group health insurance policy offers coverage to a group of members, usually a group of employees or members of an organisation. if offered by an organisation, the premium for this plan is paid by the organisation itself. Banks, housing societies, etc also offer group health insurance plans.
Difference between Group Health Insurance and Individual Health Insurance
The comparison of Group Health Insurance and Individual Health Insurance is mentioned in the table below:
|Features||Group Health Insurance||Individual Health Insurance|
|Premium||Premium is more affordable||Premium is higher|
|Customisation||Cannot be customised||Can be customized as per individual needs|
|Tax benefits||There are no tax benefits available||Tax benefits are available|
|Cancellation||The plan generally gets canceled by the owner of the group term plan||
The plan can be canceled at the will of the policyholder
- Tax BenefitUp to 75000**
- Claim SupportEveryday 10AM-7PM
- 45 Lacs+Happy Customers
*Standard Terms and Conditions Apply.
**Tax benefits are subject to changes in Income Tax Act.
What is Group Health Insurance Policy?
Group Health Insurance is a type of plan that provides insurance coverage to a group of members, usually a group of employees of a company or members of an organization. These health insurance plans are usually offered by banks, business groups, organisations, employers to their employees, housing societies, etc., and the amount of premium is borne by the organisation itself.
Why Should I Buy a Group Health Insurance Policy?
Group Health Insurance policy is also referred to as Corporate Health Insurance. The primary benefit provided by employers under a Group Health Insurance policy is that the employees often get an option to include their family members namely spouse, children, and in some cases parents.
Group Insurance Policy proves to be a beneficial plan for both employers as well as employees. A Group Health Insurance plan provides employers with benefits like low cost, tax benefits, motivated employees, and increased employee retention.
Benefits Of Group Medical Insurance Policy
Listed below are some advantages of being covered under a group insurance policy:
- Immediate cover without any waiting period
- No health check-up required
- Cover for pre-existing diseases from day one
- Wide cover range with no limit on the number and types of diseases
- Advantage of maternity benefits along with cover for newborn baby expenses
- Low premium in comparison to individual health insurance
It is important to note that employees can enjoy the benefits of a corporate health insurance policy only till they work in the organization that bought the plan. The day employees quit the job, their Group Health Insurance plan becomes null and void.
How Many Members Can Be Covered Under Group Health Insurance?
Under the group mediclaim policy, you can cover your dependents such as spouse, parents, or children (depending on the plan).
How To Buy The Best Group Health Insurance Policy
When it comes to buying a Group Health Insurance plan, it is the employer who makes the choice. An employee cannot buy the policy.
If you are an employer looking for the best Group Medical Insurance plan for your employees, consider the below-mentioned points while purchasing a plan:
The most important aspect of a Group Health Insurance plan is its coverage. The policy should cover all medical needs of the employees, without compromising on the quality of treatment.
The quality of service is another factor that you must keep in mind while buying a Group Health Insurance plan for your employees.
3. Geographical Coverage
An ideal Group Health Insurance plan should come with a vast cover in terms of geographical location. Also, it is important to check the number of hospitals that are a part of the insurer’s network spread across the country. A cashless claim facility is available only at insurer network hospitals.
4. Premium Amount
Premium is another key aspect that you should consider while purchasing a Group Health Insurance plan. You must ensure that the premium paid is worth the coverage provided.
Besides checking the coverage, also do check the exclusions of the Group Health Insurance plan beforehand so that your employees do not face inconvenience later
What is Covered Under a Group Health Insurance Policy?
A group health coverage plan usually covers you for the following:
- In-patient hospitalisation expenses
- Pre-hospitalization and post-hospitalisation expenses
- Daycare procedures
- Chronic illnesses like arthritis, diabetes, etc.
- Cover for pre-existing diseases
- Option to include spouse or kids, etc.
- Emergency ambulance expenses
- Cashless hospitalisation benefits at network hospitals
- Some insurers also cover maternity expenses
- No requirement for medical screening
What is Not Covered Under Group Health Insurance Plans?
Group mediclaim policy do not cover you for the following expenses:
- Pre-existing diseases are not covered during the waiting period
- Injuries arising due to war or warlike situations
- Expenses related to external durable items
- Dental treatments
- Maternity expenses during waiting periods
- Cosmetic surgeries
- Any treatment required due to self harm including attempt of suicide
Health Insurance Calculator
Whom do you want the insurance for ?
Select the age of all members
Where do you live ?
Choose required Coverage for yourself?
Health Insurance Coverage Calculator
Who do you want to insured ?
Age of eldest insured member ?
Where do you live ?
*Tax benefits are subject to changes in Income Tax Act.
Choose Group Health Insurance Plan With
Disclaimer: InsuranceDekho does not endorse, rate or recommend any particular insurance company or insurance plan.
Variety Of Health Insurance Plans
Health Insurance Terminologies
Buy Critical Illness Health Insurance
Learn more about group Health Insurance
- Choosing best health insurance policy may save your money during critical medical treatment. From a variety of health insurance plans in the market, choosing the most suitable one for you can be a tiresome task. This article contains details of best healt
- Want to know how to spend time at home during coronavirus lockdown? Here are a few things you can indulge in and utilize your free time in a perfect manner.
- Understand the importance of health insurance claim settlement ratio. View list of 10 best health insurance companies with fast claim settlement process.
- Looking for health insurance with pre-existing disease coverage? You are at the right place! To uncover your options, continue reading.
- Purchasing dental health cover brings along many benefits. Read here to know best plans that offer dental insurance cover in India.
- Buying cashless health insurance policy is the need of the hour. The article explains 5 best cashless health insurance policies in India. Read here.
- Want to save yourself from out-of-pocket medical expenses? Buy health insurance with OPD cover to make the most of your medical investment. To know why and how, read along.
- Coverage for pre-existing conditions comes with a waiting period. When buying health insurance with PED cover, every individual should look for waiting period to make the ideal choice. To know more, read along.
- OPD Expense Coverage in Health Insurance Policy: Get to know the key benefits OPD Expense Coverage in health insurance.
- Health insurance plans for senior citizens are designed to help seniors during their golden period of life. Read about the 5 best senior citizen health insurance plans here.
Best Insurance Advisors in Your City.
FAQ About Group Health Insurance
What is group health insurance and how does it work?
A group health insurance policy fulfils the insurance requirements of a group of members, usually the members of an organisation or employees of a company.
When should I buy a group health insurance plan?
You are not required to buy a group health insurance policy. A group health insurance policy, also known as a corporate health insurance policy is provided to you by the employer when you join a company that provides the benefit.
What is covered under group health insurance?
A group health insurance policy covers the employees against several healthcare expenses such as in-patient hospitalisation expenses, pre-hospitalisation and post-hospitalisation expenses, daycare procedures, ambulance expenses, etc.
What is the waiting period for group health insurance?
Group health insurance plans do not come with any waiting period. This means that the insured can start availing the policy benefits from day 1.
What are the eligibility criteria for group health insurance?
People working in the company that provides health insurance to its employees are eligible to get the insurance as per the terms and conditions of the company.
Health Insurance Companies User Reviews
Health Insurance News
Want to save taxes? Explore the best tax savings schemes oth...30 November 2023
Explore the world of Religare Health Insurance with our guid...23 November 2023
Health insurance premium is the amount you pay to get covera...22 November 2023
Health insurance plans, like other goods and services, incur...21 November 2023
Find out all about ICICI Lombard health plans and their bene...07 November 2023