Best Group Health Insurance Companies in India

What is a Group Health Insurance Plan?

A Group Health Insurance Policy (also known as a Group Mediclaim Insurance Policy) is a type of health insurance plan that provides health insurance coverage for a common group of people who are working for the same company or are part of the same club etc. A Group Health Insurance Plan is also known as a Corporate Health Insurance Plan as companies normally purchase it for their employees.

A Group Health Insurance Policy provides coverage for the hospitalisation expenses incurred by the employees for any illness or injuries.

Why should companies purchase a Group Health Insurance Policy for employees?

The advantage of a Group Health Insurance Policy are listed below:

• Premiums for a Group Mediclaim Insurance Policy (GMC Policy) are lesser than an individual health insurance policy. Hence, providing health insurance coverage is affordable for employers
• A Group Health Insurance Policy provides coverage for all hospitalisation expenses including COVID-19
• Premiums paid for the Group Medical Insurance are tax-deductible for the employer
• A Comprehensive Corporate Health Insurance Plan boosts employee motivation and retention as their medical expenses are covered by their Employer Group Mediclaim Insurance Policy

You can read our detailed blogpost on advantage of a Group Health Insurance Policy for employees to understand the benefits of a Group Health Insurance Policy in detail.

Which are the leading 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 Group Health Insurance Policy is a government owned group health insurance provider in India. It is one of the biggest general insurance companies in India

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
• Provides coverage for Hospitalisation Expenses
• Provides coverage for Pre and Post-Hospitalisation Expenses as well
• Maternity Coverage and New-Born Baby Cover
• Zero Waiting Period for Pre-Existing Diseases

SBI General Group Health Insurance Policy

SBI General Insurance Company commenced operations as a joint venture between State Bank of India and Insurance Australia Group (IAG). IAG exited the JV on 27^th March 2020. SBI General Insurance Company is a leading Insurance Company for Group Medical Insurance, Cyber Liability Insurance Policy, Marine Insurance Policy, Product Liability Insurance Policy etc

The key benefits 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 one of the leading private group health insurance providers in India. Bajaj Allianz General Insurance Company is a joint venture of Allianz SE and Bajaj FinServ Limited and commenced operations on 2^nd May 2001. Bajaj Allianz General Insurance company offer various products such as Corporate Health Insurance Policy, Marine Cargo Insurance Policy, Trade Credit Insurance Policy, Commercial General Liability Insurance Policy, Directors and Officers Liability Insurance Policy, Workmen’s Compensation Insurance Policy etc.

Bajaj Allianz Group Mediclaim Insurance Policy for employees offers the following features:

• Minimum Number of employees required: 7 employees
• 130 daycare procedures are covered under this 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

Established in 2001, ICICI Lombard General Insurance Company has a long operating history and is one of the oldest group health insurance providers in India. Bharti Axa General Insurance Company, one of India’s leading general insurance companies, merged with ICICI Lombard General Insurance Company in 2021.

ICICI Lombard Group Mediclaim Insurance for Employees 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 Sum Insured
• ICICI Lombard General Insurance Company also has an Inhouse Claims Settlement Team for faster claims settlement

Given the minimum required number of employees is just 7, ICICI Lombard General Insurance Company also offers a good Group Health Insurance Policy for Small Businesses.

HDFC Ergo Group Health Insurance Policy

HDFC Ergo is a joint venture between HDFC and Ergo International AG, one of the insurance entities of Munich Re Group in Germany. HDFC Ergo General Insurance Company offers multiple insurance products such as Corporate Health Insurance, CGL Insurance Policy, D&O Liability Insurance Policy, Product Liability Insurance Policy etc.

HDFC ERGO Group Health Insurance Policy 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 will generally depend on the size of the group, profile of members in the group (like occupation, age, salary etc) and the benefits opted.

TATA AIG General Insurance Group Health Insurance Policy

TATA AIG General Insurance Company is a joint venture between the Tata Group and the American International Group. TATA AIG General Insurance Company commenced operations on 22^nd January 2001 and 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

GoDigit Group Health Insurance Policy

GoDigit General Insurance Company was found by Kamlesh Goyal and backed by the Fairfax Group. It is one of the youngest general insurance companies in India.

GoDigit Corporate Insurance Policy cover employees for all hospitalisation expenses (including COVID-19).

GoDigit has tie-ups with 6400+ network 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 Group Health Insurance Policy is indispensable for employees today because of skyrocketing medical expenses. As mentioned above, there are numerous advantages of a Group Health Insurance Policy for Employees.

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.

The team at Qian Insurance Broking has tie-ups with the top group health insurance providers in India and can assist employers in choosing the best corporate insurance policy for employees.

Our team will assist in availing comprehensive group health insurance coverages at affordable premiums. Moreover, our dedicated claims settlement team will assist employees in getting their group health insurance claims processed in a short period of time.

If you have any query regarding group medical insurance or want to purchase a group health insurance plan for employees, give us a call at 022-22044989 or email us at insurance@qian.co.in. Our team will be glad to assist you.

1. Group Health Insurance Policy for Employees
2. What is Group Health insurance?
3. What is an Employee Group Health Insurance Policy?
4. What does a Group Health Insurance Policy cover?
5. What is not covered under a Group Health Insurance Policy?
6. How is a Group Health Insurance Policy different than an Individual Health Insurance Plan?
7. What are the Key Features of a Group Health Insurance Policy?
8. What are the add-on covers available under a Group Health Insurance Policy?
9. What is the impact of Room Rent Limit on the claim amount payable under the Group Health Insurance Policy?
10. Should employers opt for a Pre-Existing Disease Coverage from Day 1 in Group Medical Insurance Policy for employees?
11. Does a Group Medical Insurance Policy provide Maternity Benefits?
12. What are Waiting Periods under a Group Health Insurance Policy?
13. What are the benefits of Group Health Insurance Policy for Employers?
14. What are the benefits of Group Health Insurance Policy for Employees?
15. Why should you purchase an Employee Group Health Insurance Policy for your organisation?
16. How many employees do you need to purchase a Group Health Insurance Policy?
17. Who is eligible for Group Health Insurance for Employees?
18. Are Employer Group Health Insurance premiums Tax-Deductible?
19. How much does a Group Health Insurance Policy Cost?
20. Which are the leading Group Health Insurance Companies in India?
21. How to purchase a Group Health Insurance Policy?
22. What are the Documents required to make a claim under a Corporate Health Insurance Policy?
23. Why should I Purchase a Group Health Insurance Policy through an Insurance Broker?
24. Compare Plans from 20+ Group Health Insurance Companies and choose the Best Group Health Insurance Policy in India with Qian!
25. FAQS
26. Testimonials