Group health insurance is a collective health insurance policy offered to a group of individuals. This plan allows companies, organisations, banks, and even housing societies to procure health insurance for their entire staff or members. The employer pays the premium of this policy while all employees and their families can avail the benefits. A group health insurance plan is beneficial for both the employers as well as the employees. While the employees get health coverage benefits, the employers get the increased chances of an employee staying in the company. In addition, the employer also gets tax benefits for providing such policies to its employees
Here are the key features and benefits of Group Health Insurance Policy:
The policy provides comprehensive coverage for medical expenses, including the cost of specialists, ambulance, medicines, and more.
The policy offers comprehensive coverage against medical expenses incurred due to a wide range of health problems, including accidental hospitalisation and daily hospital benefits.
Group/employee health insurance policy offers an option of covering the employee’s spouse and children under the plan at a reasonable additional cost.
Group health insurance plans are perfect for saving time and money. It is one of the best options for the employees working in the same organisation. In this kind of insurance, the insured group also gets discounts and waivers.
Avail cashless claims facility for medical treatments at all network hospitals.
Choose a policy term according to your needs and group size.
You can apply for the group/employee health insurance online with a few easy steps.
Get a medical cover for pre-existing diseases or maternity expenses with an add-on cover.
When companies offer group health insurance, they book a tax rebate for themselves and the employees .The plan can be characterized as an employee benefits policy and is generally termed as 'profit in lieu of salary'. The employer pays the premium for the sum insured under the policy and is considered a business expense for the company.
Employers can derive better cost propositions by negotiating premiums on group insurance plans that cover many employees. Employees also benefit from better plan features compared to retail health insurance plans.
Group health insurance refers to the health insurance plan covering a group of people working under the same organisation. One of the biggest advantages of group health insurance is that the employer bears the premium.
Under this insurance plan, you can get coverage against medical expenses related to illnesses, diseases, and accidents. Additionally, it also covers pre-and post-hospitalisation charges. The policy provides cashless facilities and direct settlement of expenses with the hospital. Under certain circumstances, the policy can also be extended to the employee's family members. You can add the member's spouse and up to three children aged between three months to 25 years or other dependents for an extra cost.
Apart from this, offering group health insurance also indicates an employer's emphasis on employee well-being. The plan provides assistance and safeguards members from bearing financial expenses that may occur uninvited.
|Insurance provider||Waiting period (pre-existing diseases)||Claim ratio||Renewability||Network hospitals|
|Aditya Birla Group Activ Health (ABCD)||2 years||94%||-||8000+|
|Aditya Birla Super Top-up||NA||94%||-||8000+|
|Global Personal Guard Policy|
|Manipal Cigna Pro-health Group||2 years||91%||-||6500+|
|Manipal Cigna Pro-health Group||4 years||96%||-||7000|
A group health insurance covers the following things:
With the constantly changing scenarios worldwide, it has become crucial to take care of one’s health and build a plan to secure the financial requirement that could arise due to health-related concerns. This shift has made group health insurance more relevant to companies.
Tax deductions: Group health insurance policy comes with tax deductions for both the employees and employers. Hence, investing in a health insurance policy is a win-win for the employer and the employee.
Lower premiums, great benefits: Health insurance is a great tool to keep yourself insured against medical expenses. A group medical insurance has a relatively lower premium and has better benefits. You can also add some covers and customise them, as per your needs and preferences.
Here are the exclusions under the group health insurance policy:
Bajaj Finance is the most diversified non-banking institute in the country, with multiple product lines across consumer, commercial and SME finance, making it one of the most profitable companies in the category.
Cashless ClaimTo raise a claim for group health insurance, you can refer to the set of steps given below:
Here are the steps to apply for group health insurance online:
Step1: Click the ‘Apply Now button at the top
Step2: Fill in the online application form with your personal and click on the ‘Submit’ button
Step3: A Bajaj Finance representative will get in touch with you to discuss the available policies and receive necessary documents
Steps4: Receive your group health insurance within few hours.
Group health insurance is offered by organisations, banks, business groups, housing societies, and employers to their employees, and the organisation itself bears the cost of the premium. It is also known as a corporate health insurance policy. When the employer provides the group health insurance policy, both the employer and employee are the beneficiary. The premium will vary from one insurance policy to the other. Similarly, insurance coverage, payment, and premiums will also be different for every employee.
The main benefit of group health insurance is that the premiums paid towards these insurances are cost-effective. Plus, the policyholder gets access to the best medical facilities and quality healthcare at times of emergency.
Group Health Insurance acts as an incentive that employers can offer to their team. Employees are guaranteed financial aid in the event of an unfortunate hospitalisation. It also helps in tax deductions under the income tax act if you have corporate health insurance.
Group health insurance is important as it provides safety and protection to the employees and their dependents. The security of group insurance results in better productivity and creativity.
Moreover, by offering coverage to the employees, the employers get tax deductions under the Income Tax Act. Group insurance policy is beneficial for both the employer and employees.
Yes, the premium paid towards group health insurance is eligible for tax exemption under section 80D of the Income Tax Act. Employers can claim a tax deduction. Employees are only entitled to the benefits offered under the group health insurance policy. Employees cannot claim the tax benefit if the premium amount of the group health insurance policy is paid by their employer. However, if the premium amount is deducted from the employee’s salary, then the employee can claim for a tax rebate.
Group Health Insurance is insurance coverage for the health of a group of individuals. It is designed for companies to cover all employees under a stable plan to cushion the risk of any medical expenses. Group health insurance is cost-effective with better coverage, benefits, and customisation options.
A group of individuals can buy a group health insurance, whereas an individual cannot. Various group health insurance policies come with different coverage plans, inclusions and exclusions. Some group health insurance policies cover 7 to 10 people, whereas others cover up to 50 people. You can explore and find the kind of coverage that best suits your needs.
Individual health insurance covers the policyholder, whereas group health insurance is a cover extended by an employer and may cover your family as well. Both health insurances have variations in coverage and other benefits.
Husband and wife can be a part of a group health insurance policy if they work for the same organisation. They can also be a part of the same policy if that particular policy availed by the employer covers your family as well.
Yes, all employers must cover their employees under group health insurance. The current health scenario has changed the government’s perspective, making it mandatory for all organisations to cover their employees.
Group insurance is an umbrella to protect all employees against any medical emergency. Generally, pregnancy is not covered under a group health insurance policy but can be taken up as an added cover.
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