Best Group Health Insurance Companies in India
Oct 14, 2024
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Group Health Insurance Policy
Contents
What is a Group Health Insurance Plan? - Definition
A Group Health Insurance Policy is a type of Insurance Policy which provides coverage for hospitalization expenses incurred by the Employees on account of illnesses or injuries during the Policy Period. The Policy insures all the employees of an organization under a single Health Insurance Plan providing comprehensive Health Insurance Coverage at lower premiums as compared to a regular Health Insurance Policy. A Group Health Insurance Policy is also known as Corporate Health Insurance Policy or a Group Mediclaim Policy.
What are the Benefits of a Group Mediclaim Policy for employees?
The benefits of a Group Mediclaim Policy are as follows:
- Lower Premiums: Due to large group size, Group Health Insurance Policies have lower premiums as compared to an Individual Health Insurance Policy. The premium per employee or per family is lesser in a Group Health Insurance Policy as compared to a standard Health Insurance Policy, thus making it more affordable.
- Wider Coverage: A Group Mediclaim offers wider Coverage with lesser waiting periods v/s an Individual or a Family Floater Health Insurance Policy.
- Pre-Existing Diseases Coverage: Group Health Insurance Policies offer coverage for Pre-Existing Diseases without any Waiting Periods while a regular Health Insurance Policy has a Waiting Period of 3-4 Years before providing coverage for Pre-Existing Diseases.
- Maternity Coverage: Group Health Insurance Policies offer Maternity Coverage without any Waiting Periods while a regular Health Insurance Policy has a Waiting Period of 3-4 Years before providing coverage for Maternity Expenses. This is a vert useful feature for Female Employees and spouses of Male Employees
- Mid Term Policy Addition and Deletion: A Group Health Insurance Policy allows for additions and deletions of members during the midterm of the Policy. In any organization, there will always be new employees who join and existing employees who leave the organization. A Group Health Insurance Policy allows for addition and deletion of members during the midterm of the Policy, thereby making the administration of the Insurance Policy quite simple.
- Tax Benefits: There are multiple tax benefits of a Group Health Insurance Policy as well. The Premiums paid by the employer for a Group Health Insurance Policy are a tax-deductible expense for the Employer and can be used to reduce the tax liability. Additionally, the claim amounts received by the employees from the Group Health Insurance Policy are not taxable.
You can read our detailed blogpost on benefits of a Group Health Insurance Policy to understand the benefits of a Group Health Insurance Policy in detail.
Which are the best Group Health Insurance Companies in India?
This article will look at some of the Group Health Insurance Providers in India and their policy features.
New India Assurance Group Health Insurance Policy
The New India Assurance Company is India’s leading Government Owned General Insurance Company with a presence in 25 Countries. The New India Group Health Insurance Policy offers comprehensive group health insurance coverage for employee and their family members.
The features of New India Assurance Group Medical Insurance Policy are as follows:
- Minimum Number of employees required: 100 employees
- Ability to opt for a wide range of Sum Insured from Rs1 lakhs to Rs10 lakhs
- Provides coverage for Hospitalisation Expenses, Daycare Procedures and Pre and Post Hospitalisation Expenses etc.
- Maternity Coverage and New-Born Baby Cover
- Zero Waiting Period for Pre-Existing Diseases
SBI General Group Health Insurance Policy
SBI General Insurance Company, established in 2009, is the 6th Largest Private General Insurance Company in India with the strong parentage of SBI. SBI General Insurance Company is a leading Insurance Company for Group Medical Insurance Policy for employees in India.
The key features of SBI General Group Health Insurance Policy are as follows:
- Minimum Number of employees required: 25 employees
- Provides coverage for Hospitalisation Expenses
- Ability to opt for a wide range of Sum Insured from Rs1 lakhs to Rs5 lakhs
- The Policy covers Pre and Post-Hospitalization Expenses
- Provides Domiciliary Hospitalisation Coverage as well
- SBI General Group Medical Insurance provides Maternity Coverage and New-Born Baby coverage without any waiting period
Bajaj Allianz Group Health Insurance Policy
Bajaj Allianz General Insurance Company is a leading private General Insurance Company in India and a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Allianz General Insurance company offer a comprehensive Group Mediclaim Policy for employees with the following features:
Key features of Bajaj Allianz Group Mediclaim Policy are as follows:
- Minimum Number of employees required: 7 employees
- 130 Daycare Procedures are covered under the Policy
- All treatments including dialysis, chemotherapy, radiotherapy, anaesthesia, organ transplants etc are covered.
- Ability to opt for a wide range of Sum Insured from Rs1 lakhs to Rs5 lakhs
- Bajaj Allianz Group Health Insurance Policy has an In-House Health Administration Team facilitating quick processing of claims
- Bajaj Allianz GMC Policy offers support for both, Cashless and Reimbursement Claims Settlement
- Zero Waiting Period for Pre-Existing Diseases
Given the minimum required number of employees is just 7, Bajaj Allianz General Insurance Company (BAGIC) offers an ideal Group Health Insurance Policy for Small Businesses.
ICICI Lombard Group Health Insurance Policy
ICICI Lombard General Insurance Company, incorporated in 2001, was India’s first Private Sector General Insurance Company. Within a span of two decades, ICICI Lombard has established itself as the market leader in the General Insurance Space. ICICI Lombard offers a comprehensive Group Health Insurance Policy covering Hospitalisation Expenses, Pre and Post- Hospitalisation Expenses and Daycare Procedures
ICICI Lombard Group Mediclaim Insurance Policy offers the following features:
- Minimum Number of employees required: 10 employees or 25 lives
- Provides coverage for Hospitalisation Expenses
- Provides coverage for Pre and Post-Hospitalisation Expenses as well
- Optional add-on covers for Maternity Coverage, OPD (Out-Patient Department) expenses, New-Born Baby Cover are available.
- Zero Waiting Period for Pre-Existing Diseases
- Option for either, Cashless Claim Settlement or Reimbursement Claims Settlement of medical expenses upto the Sum Insured
- ICICI Lombard General Insurance Company also has an Inhouse Claims Settlement Team for faster claims settlement
HDFC Ergo Group Health Insurance Policy
HDFC Ergo General Insurance Company is the 4th largest General Insurer in India with a Market Share of 6.5% and the second largest Private General Insurer. HDFC Ergo General Insurance Company offers a comprehensive Group Health Insurance Policy which can be tailored to suit the needs of small or big groups. The major coverages under HDFC ERGO Group Health Insurance Policy include:
- Hospitalisation Expenses
- Pre and Post-Hospitalisation expenses
- Can choose a wide range of Sum Insured from Rs1 lakhs to Rs10 lakhs
- Maternity Coverage and New-Born Baby Cover
- Coverage for Daycare Procedures
- Ability to opt for a wide range of Sum Insured from Rs1 lakhs to Rs5 lakhs
- Pre-Existing Disease Coverage from Day 1
- Similar to ICICI and Bajaj, HDFC Ergo General Insurance Company also has an Inhouse Claims Settlement Team
The premium for this HDFC Ergo Employer Group Health Insurance Policy depends on the size of the group, profile of members in the group (like occupation, age, salary etc) and the benefits opted.
TATA AIG Group Health Insurance Policy
Tata AIG General Insurance Company was incorporated on 22 January 2001 as a Joint Venture between the Tata Group and AIG. TATA AIG is one of the leading Group Health Insurance Providers in India. Tata AIG Employer Group Health Insurance Policy offers the following features:
- Minimum Number of employees required: 10 employees for an employee only GMC Policy or 15 lives for an Employee + Spouse GMC Policy
- Coverage for Hospitalisation Expenses
- Coverage for Pre and Post-Hospitalisation Expenses
- Option to choose a wide range of Sum Insured from Rs1 lakhs to Rs10 lakhs
- 139 Daycare Procedures are covered under Tata AIG Group Health Insurance Policy
- Pre-Existing Disease Coverage from Day 1
- Optional Add-on to cover Maternity Expenses and New-Born Baby
- TATA AIG offers options to choose TPA for claims settlement as well as an Inhouse Claim Settlement Team
GoDigit Group Health Insurance Policy
GoDigit General Insurance Company, established in 2016 and headquartered in Bangalore, is one of the newest players in India’s rapidly growing General Insurance Industry. The Company was found by Kamlesh Goyal and backed by the Fairfax Group. It is one of the youngest general insurance companies in India. GoDigit Group Health Insurance Policy cover employees for all hospitalisation expenses (including COVID-19). GoDigit has tie-ups with 6400+ hospitals across India to provide cashless hospitalisation and they cover employees with a simple process which is completely hassle-free. Some features of GoDigit Group Health Insurance Policy are as follows:
- Coverage for Hospitalisation Expenses
- Coverage for Pre and Post-Hospitalisation Expenses
- Tie-ups with a wide network of hospitals in India for Cashless Claims Settlement
- Can choose a wide range of Sum Insured from Rs1 lakhs to Rs10 lakhs
- Zero Waiting Period for Pre-Existing Diseases
- Maternity Coverage and New-Born Baby Cover
- Coverage for Daycare Procedures
Want to Purchase a Group Health Insurance Policy for Employees? We can help!
A comprehensive Corporate Health Insurance Policy is indispensable for employees today because of skyrocketing medical expenses. There are multiple Group Health Insurance Plans available in India and it is prudent to take the assistance of an experienced Insurance Broker to select an appropriate Group Medical Insurance Policy for employees. Qian Insurance has tie-ups with the top Group Health Insurance Providers in India and can assist employers in choosing the best Corporate Health Insurance Policy for employees at affordable premiums. Moreover, our dedicated Claims Settlement Team also assists employees with the entire Group Health Insurance Claims Process. If you have any query regarding Group Medical Insurance or want to purchase a Group Health Insurance Plan for employees, you can reach out to us via email at insurance@qian.co.in or call us on 022-35134695 for a free consultation. We would be glad to assist you.
- Group Health Insurance Policy for Employees
- What is Group Health insurance?
- What is an Employee Group Health Insurance Policy?
- What does a Group Health Insurance Policy cover?
- What is not covered under a Group Health Insurance Policy?
- How is a Group Health Insurance Policy different than an Individual Health Insurance Plan?
- What are the Key Features of a Group Health Insurance Policy?
- What are the add-on covers available under a Group Health Insurance Policy?
- What is the impact of Room Rent Limit on the claim amount payable under the Group Health Insurance Policy?
- Should employers opt for a Pre-Existing Disease Coverage from Day 1 in Group Medical Insurance Policy for employees?
- Does a Group Medical Insurance Policy provide Maternity Benefits?
- What are Waiting Periods under a Group Health Insurance Policy?
- What are the benefits of Group Health Insurance Policy for Employers?
- What are the benefits of Group Health Insurance Policy for Employees?
- Why should you purchase an Employee Group Health Insurance Policy for your organisation?
- How many employees do you need to purchase a Group Health Insurance Policy?
- Who is eligible for Group Health Insurance for Employees?
- Are Employer Group Health Insurance premiums Tax-Deductible?
- How much does a Group Health Insurance Policy Cost?
- Which are the leading Group Health Insurance Companies in India?
- How to purchase a Group Health Insurance Policy?
- What are the Documents required to make a claim under a Corporate Health Insurance Policy?
- Why should I Purchase a Group Health Insurance Policy through an Insurance Broker?
- Compare Plans from 20+ Group Health Insurance Companies and choose the Best Group Health Insurance Policy in India with Qian!
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