Group Medical Insurance Policy
If you thought that a health insurance plan can be availed only by an individual
and his family, think again. There are group mediclaim plans as well which offer
coverage to the members of a registered group. If you are also a part of a registered
group and your group has bought a mediclaim policy, you can also enjoy health insurance
coverage under the group medical insurance policy. Let us understand the policy
Features of a group medical insurance policy
A group mediclaim insurance plan has various unique features which are as follows:
A group, to avail a medical insurance policy for its members, has to be registered
and recognized. The members must not form a group only for the purpose of insurance.
Some commonly accepted groups which can buy group medical insurance policy include:
- Employer-employee groups
- Trade unions
- Societies, etc.
One policy is issued covering all the members of the group. The policy is called
a Master Policy and is issued for one year. After every year, the policy has to
The Sum Insured offered under a group mediclaim policy is usually limited in nature.
It might be different for every member or a flat cover for all members. The Sum
Insured can also be uniform across members in a particular level in the group.
The best part about group mediclaim policies is the lower premium rates. Premiums
are lower in group plans than in individual health insurance plans.
You can enjoy coverage under a group health plan only if you continue to be the
member of the group. If you leave the group for any reason whatsoever, the coverage
would be over.
Group medical insurance for employees
An employee health insurance policy is the most popular group mediclaim plan which
is availed by corporates for their employees. Group medical insurance for employees
covers all the employees of the organization under a health plan. In fact, under
many policies, coverage is also extended for the immediate family of the employee
(spouse, children and dependent parents).
The Sum Insured under an employee health insurance policy is, either, uniform for
all employees of the organization or varies according to the company hierarchy.
However, employees in one level of hierarchy usually have the same Sum Insured.
Premiums for a group mediclaim policy for employees are usually paid by the employer
and the coverage continues as long as the employee is in the employer’s employment.
If the employee leaves the company, the policy would terminate for him/her.
Importance of group mediclaim plan for employees
A group health plan for employees is a very important cover to boost employee morale.
The cover ensures that the corporate cares about the health and well-being of its
employees and extends financial help in case of any medical emergency. Moreover,
it also boosts the reputation of the company and earns goodwill.
From the perspective of employees, the policy provides them financial assistance
in a medical crisis. The cover is also easily available with lower underwriting
formalities. Since premiums are usually paid by the employer, the employee has no
financial burden of the policy.
Given the importance of a group mediclaim policy, employers and other groups should
buy one for its members. Paybima offers you a wide variety of choice when it comes
to group insurance plans. You can compare and avail a policy for your group through