When we join an organization, our package is not all about the salary we will draw but it also includes a corporate health insurance policy. This is also called a group health insurance policy. Usually, the coverages provided under this kind of policy are daily hospital benefits, maternity coverage, accidental hospitalization COVID insurance, critical illness cover, and many more. Before we discuss the types of these health insurance plans, let us first talk about the meaning of group health insurance policy.
What is a group health insurance policy?
As the name explains it all, a group health insurance policy comes up with medical coverage for a group of people. It is mainly opted for by the companies or organizations to provide additional medical coverage to their employees. The premium amount for the policy is paid by the employer.
Benefits of group health insurance policies for the employees
A group health insurance is beneficial for both employees and employers. Let us here discuss the several benefits of a group health insurance policy for the employees.
- Pre-existing illness is covered from the first day: There is no waiting period for the employeesin a group health insurance policy, even if they have a pre-existing illness. They can avail themselves of the benefits of the policy from the first day of joining the company.
- Coverage on many types of ailments:Apart from pre-existing illnesses, a group health insurance policy provides coverage on many other diseases.
- Maternity coverage:Maternity coverage is provided to young professionals. These plans provide coverage for both normal as well as C-section deliveries. Some plans even provide coverage for the newborn.
Benefits of group health insurance policies for the employers
The employers enjoy several benefits from the group health insurance policies. Here are some of them mentioned below:
- Employee retention:Employees switching for better opportunities is very common in the corporate sector. Therefore, employee retention is very important. In one such case, if a health insurance policy is provided to each of the employees and their families; it helps the company to retain the employees.
- Benefits in lower cost: Group health insurance policies come with better benefits at a lower cost.
- Tax benefits:The companies or organizations enjoy tax benefits out of the group health insurance policies since both the employers and employees are the beneficiaries.
- Employee motivation: The medical costs are higher these days, and having health insurance provided by the company motivates the employees to work with the organization for a longer time.
Top group health insurance policies in India
Here are some of the best group health insurance companies in India mentioned below:
Aditya Birla Group Health Insurance
The waiting period for any pre-existing illnesses is 4 years under this company. There is no renewability and the incurred claim ratio is 59%. The network hospitals under this company are more than 6000.
Bajaj Allianz Group Health Insurance
Under the health insurance policies of this company, the waiting period for any pre-existing illness is 3 years. The incurred claim ratio is 85% and it comes with lifelong renewability. The network hospitals are more than 6500.
Bharti AXA Group Health Insurance
The waiting period of Bharti AXA Group Health Insurance for pre-existing illness is 3 years. The incurred claim ratio is 89%. And the network hospitals are more than 4500. There is no renewability of the health insurance policy.
Like these three, there are several insurance companies providing group health insurance policies. To find out more about those companies and know the features of the policies, you can visit the website of IIFL today. Apart from group health insurance policies, you will also be able to find many more health insurance policies at IIFL.
