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Group Mediclaim 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 in details.

Features of a group medical insurance policy

A group mediclaim insurance plan has various unique features which are as follows:

Eligible groups

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
  • Clubs
  • Trade unions
  • Societies, etc.

Policy issued

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 be renewed.

Sum Insured

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.

Premiums

The best part about group mediclaim policies is the lower premium rates. Premiums are lower in group plans than in individual health insurance plans.

Continuity

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 Paybima.