Group Health Insurance Policy

Group health insurance policy is a type of health insurance or mediclaim plan that provides coverage to a group of employees of an organization. The employees can avail the health cover for themselves or their family members as per the given sum insured. Every major company (private and public) is required to provide group cover to their respective employees on an annual basis.

For the employees, it is a perk of working in the company and does not require any premium payment from their (employees) side.

Why Buy Group Health Insurance?

Not everyone in India can afford health insurance coverage. A group employee cover is ideal for salaried individuals who cannot buy a separate health insurance coverage policy. The best part about group health cover is that it is completely provided by the employer/organization. You, as an employee, are not required to pay for the premium amount.

In addition, the employees also have an option to include their respective family members under a corporate group cover (spouse, children, and parents). Employers can avail of the following gains, such as tax benefits, low-cost cover, motivated employees, and increased employee retention.

Note: The day an employee resigns from the company, the group cover will not be applicable.

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Advantages of Group Medical Health Insurance

Here are the key benefits of getting covered under a group insurance coverage policy.

  • Employees do not have to pay for the cover. It is provided by the employer

  • There is no health-check up required

  • Pre-existing diseases and illnesses are covered from day one

  • There is no waiting period

  • Comes with maternity benefit and newborn baby cover

  • Provides comprehensive cover against a number of diseases and conditions

  • Low premium payment in comparison to individual healthcare policies

  • Provides tax benefits to the employer

  • Employees remain highly motivated; reduces retention

Who can be Covered in a Group Health Plan?

  • Existing employees and new employees of the company are covered by default under a group insurance policy. The employees have the option to include family members, spouses, children, and parents. For employers, the entire workforce can be covered under a single group employee policy. There is no upper limit on the maximum number of employees.

How to Buy a Group Health Cover?

If you are an employer looking for a new group health coverage plan, you have come to the right place. At Coverfox, you can buy, compare, and renew top group health insurance plans from the best insurance providers in India. Call us on 1800 209 9930 to know more.

Here is a list of things to consider before buying a group health cover:

  • Scope of Cover - Your group medical plan should cover all the healthcare needs of each and every employee and their dependents if included.
  • Service - Makes sure that the insurance company offers excellent service for claim settlement services. Or else your employees will not be happy with your organization.
  • Premium Amount - A benefit of group health insurance is that you can cover a large group of employees at the cost of an affordable nominal premium.
  • COVID-19 Cover - Do not forget to check the list of inclusions and exclusions and communicate the same to each and every employee.
  • Geographical Coverage - If your organization has more than 2-3 branches across multiple cities or even abroad, you need to ensure that the group cover is applicable across geographical regions.

Top Group Health Insurance Plans

Here is a list of the best health insurance policies in India for 2020. Get complete details on Coverfox.

Insurance Company/Plan COVID-19 Cover Network Hospitals Renewable Option
Royal Sundaram Group Insurance Plan Yes 3000+ Lifelong Available
Oriental Group Insurance Cover Plan Yes 4300+ Lifelong Available
National Insurance Group Cover Yes 6000+ Lifelong Available
New India Assurance Group Cover Yes 1200+ Lifelong Available
Universal Sompo Group Insurance Yes 4000+ Lifelong Available
Cholamandam MS Group Insurance Yes 8000+ Lifelong Available
HDFC ERGO Group Insurance Yes 10000+ Lifelong Available
IFFCO Tokio General Group Insurance Yes 4200+ Lifelong Available
Start and Health Allied Group Insurance Yes 9800+ Lifelong Available
Manipal Cigna Group Health Insurance Yes 4500+ Lifelong Available
SBI General Group Insurance Cover Yes 3000+ Lifelong Available
Care Health Group Cover Yes 5400+ Lifelong Available
Max Bupa Group Health Insurance Cover Yes 4000+ Lifelong Available
ICICI Lombard Group Health Insurance Yes 6500+ Lifelong Available
Edelweiss General Insurance Group Cover Yes 2500+ Lifelong Available
Bharti AXA General Insurance Group Cover Yes 4500+ Lifelong Available
Bajaj Allianz General Insurance Group Cover Yes 6500+ Lifelong Available

Note: All information has been sourced from the official website of the respective insurers.

In Simple Words,

If you are a salaried employee, you will be entitled to a group cover by your company. A group cover is essential if you do not have an alternate health insurance plan. Get complete details on group health insurance policies online on Coverfox.

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