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.
A group health insurance covers the following things:
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.
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.