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 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 enjoy
health insurance coverage under the group medical insurance policy. Let
us understand the policy in details.
Features of a group medical insurance policy
The unique features of a group Mediclaim insurance plan are:
Eligible groups for group medical insurance plans
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 for example a group insurance
policy for employees will cover existing and working employees of that organization.
The policy is called a Master Policy and is issued for one year. After every year,
the policy has to be renewed.
Sum Insured under Group Medical Insurance Plans
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 of the group.
Premiums for Group Health Insurance Policy
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 of Group Health Insurance Policy
You can enjoy coverage under a group health insurance plan only if you continue
to be the member of the group. If you leave the group for any reason whatsoever,
the coverage will be terminated.
Group medical insurance for employees
A group insurance policy for employees is the most popular group mediclaim plan
vailed by corporates for their employees and it covers them under a health plan.
In fact, under many corporate group health insurance policies, coverage is also
extended for the immediate family of the employee (spouse, children and dependent
The Sum Insured 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 health insurance policy 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. We can compare best group corporate health insurance plans
and avail a policy for your group. You should compare group mediclaim policy on
the basis of the sum insured allowed, coverage features offered, premium charged,
etc. Do a thorough research before purchasing a policy.
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Benefits of Group Medical Insurance Policy for Employees Contact us for
further information or clarification when you want to buy the best group corporate
health insurance for your employees.