Group Health Insurance Policy

Group health insurance 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 insurance for 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.

Not everyone in India can afford health insurance coverage. A group insurance for employees is ideal for salaried individuals who cannot buy a separate health insurance coverage policy. The best part about group health insurance 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 health insurance will not be applicable.

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 health 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.

If you are an employer looking for a new group medical insurance 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 insurance:

• Scope of Cover - Your group medical insurance 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.