A group Mediclaim policy is a type of health plan where all the employees of a firm and covered under a common health insurance cover. It is a very common type of health insurance that is offered by practically every organisation in India. Group plans are also offered to members of large clubs, associations, etc, though it is more commonly seen in the corporate world. Look at this article to know more about what group Mediclaim policy is.
Most employers today offer health benefits to employees. These benefits are in the form of group Mediclaim covers provided by insurance companies which cover an individual up to a maximum of Rs 5 lakh. Properly administered, the group Mediclaim cover can be hugely beneficial to employers as well as employees.
Compared to individual policies, group covers are more lenient in terms of coverage. For example, there are group covers that have features such as maternity health benefits and family floater plans, which are usually excluded under individual policies. Besides, insurers are willing to waive the 30-day cooling period which is usually there under individual policies.
Insurers also provide corporates the option of increasing the sum insured for special cases. The best part is that since rates on group Mediclaim are around 25% cheaper than individual policies, the cost to company for this employee benefit works out far lower than what it would be for the individual.
Need for Group Mediclaim
There are many benefits of Group Mediclaim Insurance Policy for employees. This policy covers the policyholder (employee) as well as his/her family members. This extended support is impressive for the professionals.
Need for Group Health Insurance Plan
- Low cost because of larger risk: When it comes to cost, the group health insurance plans are always cheaper than individual or family floater health insurance plans. This is due to the shared premium amount among the employees.
- Employees feel valued: With group health insurance cover, the employees feel happy that the organisation values them. In return, they also work hard to deliver their best and make better for all.
- A higher number of people increases the plan advantages: As a higher number of people are covered under group health insurance plans, its advantages increase for the policyholders. They get a higher value with added benefits like cover for pre-existing diseases, hospitalisation expenses, etc.
- Family protection is included: It may depend on policy to policy, but group health insurance plans often cover your family members too. These plans protect the dependents of the employees by offering them financial help in the time of need. If not this, the family members may have to purchase another family floater health insurance plan and pay the premium out of own pocket.
- Easy to claim: Instead of running around health insurance companies for a claim, in group health insurance plans all you need to do is connect with your employer with relevant bills. As many employees are insured, the employer ensures that your claim request gets approved. The employees can even enjoy the cashless treatment.
- These plans offer coverage for pre-existing illnesses and maternity-related expenses. In some conditions, employees can get their additional members covered under the plan with a bit higher deduction.
- Room and Boarding Charges
- Doctor, Surgeon and Nursing Fees
- ICU Charges
- Cost of Medicines
- Pre and post hospitalisation expenses for 30 and 60 days respectively
What’s not covered?
- First aid or other incidental cost
- Consumables like syringes, cleaning products like lab spirit, bandages etc.
- Any cost incurred on any Pre-existing condition listed out in the Policy Terms and Conditions
Please note that Group Mediclaim policy can be customised to include/exclude specific coverage terms through different insurer
Emedlife offers a comprehensive Health insurance plan to cover a group of workers who work in the same organization. Our premiums are cost effective and therefore affordable as compared to regular individual health plans and covers against all illnesses and injuries from the very next day.
Talk to us today to start protecting your employees and their dependents health at an affordable price and for reliable claims management.
For registration of claims and to learn more about our claims process please contact our dedicated claims team for advice on an incident/claim.
D&O Policy protect company director or officer from legal liability arising out of actual or alleged wrongful acts in managing a company.
- The policy covers a wide range of litigation that could arise from customers, vendors, shareholders, employees.
- In addition to defence cost, it provides cover for :
- Investigation Cost
- Entity Protection against Employment Practice Liability claims
- Outside Entity Directorship cover,etc.