Get Your Group Health Insurance From InstaCover India
What is Group Health Insurance
Group Health Insurance
A Group Health Insurance is a type of health insurance plan that covers a group of people who work under the same organization. This is offered as a valuable benefit for employees who are employed by the same employer. The group health insurance provides coverage that can be extended to the family members of the employees in some cases. This insurance plan is also referred to as a corporate health insurance plan.
However, the value for the same is comparatively low the reason this covers all the employees and their families that are employed, therefore making it beneficial for both the employer and the employee.
We help you get all kinds of comprehensive employee health insurance plans to cover your employees from all illnesses and diseases, and a COVID 19 specific group cover to ensure the employee family even the ones who suffered in the pandemic.
InstaCover India covers up everything you expect to be done from your Group Health Insurance
Accidental Hospitalization
In case your employee or their dependent gets into an accident, this covers all pre and post-hospitalization expenses.COVID-19 Hospitalization
In case your employee or his/her family members are tested positive for the COVID-19, this corporate health insurance will cover for its hospitalization costs.Psychiatric Benefit
According to a WHO Study, at least 6.5% of India's population suffer from a serious mental disorder. Luckily, our health insurance will cover for your employee's psychiatric support; after all mental health is just as important as physical health.
Critical Illness Cover
InstaCover India helps its valued customers get the most out of their insurance policies by ensuring a proper critical Illness cover which helps the employee and their dependents get complete coverage in case of any critical illness diagnosis.
Maternity Benefit with Newborn Baby Cover
Many young working professionals worry about it! This benefit can be opted to cover child delivery expenses for your employee or their spouse. It also covers expenses in case of infertility treatment or medically necessary terminations.
Other Benefits
Our health insurance plan also includes benefits to cover for things such as Alternate Treatment, Organ Donation Expenses, Infertility Treatment and Bariatric Surgeries among others.- Accidental Hospitalization
- In case your employee or their dependent gets into an accident, this covers all pre and post hospitalization expenses.
- COVID-19 Hospitalization
- In case you employee or his/her family members are tested positive for the COVID-19, this corporate health insurance will cover for its hospitalization costs.
- Psychiatric Benefit
- According to a WHO Study, at least 6.5% of India's population suffers from a serious mental health disorder. Luckily, our health insurance will cover your emnployee's psychiatric support; after all mental health is just as important as physical health.
- Critical Illness Cover
- InstaCover India helps its valued customers get the most out of their insurance policies by ensureing a proper critical illness cover which helps the employee and their dependents get complete coverage in case of any critical illness diagnosis.
- Maternity Benefit with NewBorn Baby Cover
- Many young working professionals worry about it! This benefit can be opted to cover child delivery expenses for your employee or their spouse. It also covers expenses in case of infertility treatment or medically necessary terminations.
- Other Benefits
- Our health insurance plan also includes benefits to cover for things such as Alternate Treatment, Organ Donation Expenses, Infertility Treatment and Bariatric Surgeries among others.
Looking for your Group Health Insurance?
InstaCover India offers a variety of benefits and advantages in terms of covers and savings, so when searching for a good Group Health Insurance, you need to look no further!
Call us now and we will do the best we can to help you out with your Group Health Insurance needs
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Things Not Covered In Group Health Insurance Plans
Pre-Natal & Post-Natal Expenses
Pre-birth and post-natal medical expenses, unless it leads to hospitalization of the employee or their spouse.
PED Waiting Period
PED, or Pre-Existing Disease cover is not offered in most group health insurance plans, and any claims related to PED cannot be made. However, there are certain waivers that help waive off any pre-existing disease wait period and help you get most from your settlement at the time of claim.
Hospitalization Without Doctor's Recommendation
Your Group Health Insurance Plan may not cover for the expenses if the employee gets hospitalized without any valid or proper prescription from the doctor.
COVID treatment only for single cover
If you are only opting for the COVID cover, then treatment is only applicable once the insured person has tested positive from a government authorized testing center.
Claims Made Before Initial Waiting Period
Most group health insurances demand a minimum wait period of 15 days initially. This means you cannot make a claim before completion of this wait period.
Who Should Buy a Group Health Insurance Plan?
Any organization consisting of more than 10 members is eligible to go for a Group health insurance. To help you up, here is a small breakdown of which companies can go for Group health insurance:
Small Companies & Young Startups
Any startup or small business that has more than 10 members can easily signup for a group health insurance. Not only will that protect your employee health, but it will also benefit in tax savings. Since these insurance plans can be customized according to company's financial stature, they can be easily customized to fit your budget and not be a burden to your company finance.
Medium Sized Companies & Growing Startups
A group health insurance is also available for mid-sized companies and is a great deal from the company's perspective as it contributes towards your employee's happiness index and keeps them motivated, thus contributing to enhanced retention.
Large Organizations & Established Startups
In large organizations, employees expect certain basic benefits such as health insurance to be a part of their employment contract. A complete coverage that also includes the dependents of the employee is considered a preferred choice in this case apart from just being a simple need.
What are the Things than an Employer Should Look for When Buying a Group Health Insurance Policy in India?
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Meaningful Benefits: Group Health Insurance Policies are meant to be employee centric and are for the benefit of the employee only. So in this scenario, the beneficiary party, i.e. the employee is the one who is treated as a priority and should be assured the best benefits and enhanced coverages to assure maximum benefits.
Meaningful Benefits-
Health Insurance Premium: The cost of the premium of the group health insurance is also of concern when selecting one for your company. While many insurers assure full returns for the premiums paid, there are certain addon benefits and offers that you should never ignore in order to understand the premiums in a better fashion and choose plans that offers everything at the best for you and your employees at the end of the day!
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Communication Effectiveness: For any insurance owner, the claim settlement time and the communication effectiveness from the insurer company's end if of prime concern. During the time of need, it is important that your employees get smooth and hassle-free claim with smooth and effective communication from insurer company's end.
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Service Benefits: There are certain benefits that are exclusive part of specific insurer companies, so you need to check which one assures you and your employees maximum service benefits!
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Geographical Coverage: Unforeseen incidents don't knock their way in, but just happen. So, it is important to analyze any limitations of your group health insurance plan. Most of the insurers today offer pan India claim facility and have large network of hospitals to help you anywhere, anytime when in need.
Benefits of Having Group Health Insurance
Default Healthcare benefit
Most companies offer group health insurance plans that include the employees of the policy-holding organization a part of its annual benefits by default. The best part, employees don't need to pay any premiums as a single group health insurance plan provides cover for the employees (and their dependents - depending on the add-ons).
No Pre-Medical Tests Required
While an individual health insurance plan may require you to go through a pre-medical test before actually issuing your insurance; however, this is not the case when it comes to Group Health Insurance Plans. You needn't require undergoing a pre-medical test to claim benefits from a group health insurance plan if your company has opted for one.
No Premium
The best part as an employee who works in an organization with group health insurance benefits is that he/she is entitled to get maximum benefits in terms of health insurance without having to pay for any amount as premium as most of this premium is maintained by the employers' end only. Even in case if your company adheres to a plan where they may charge you for insurance, it is still way low in terms of cost when compared to an individual health insurance plan.
Simpler Claim Process
When it comes to making the claims for group health insurance plans, most of the communication is handled by the employer's/organizations end, so you don't have to worry about handling any nitty-gritties. All you have to do is inform your office administration and they can help you manage the rest.
How does a Group Health Insurance Differ from an Individual Health Insurance?
| Individual Health Insurance | Group Health Insurance |
|---|---|
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Here, individual policyholder is the point of contact with the insurer company. |
Here, your organization that you are working for is the point of contact with the insurer company. |
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You can cancel your policy whenever you want, at your request. |
Only the employer company can decide whether your policy will be cancelled or not. |
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Valid as long as you pay premium YoY(Year on Year). |
Valid as long as you (as an employee) are a part of the organization that holds a group health insurance plan. |
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Policy mainly depends on factors related to the individual policyholder such as age, past medical history and existing health condition, etc. |
In case of group health insurance plan, the policy mainly depends on the company's financial and overall employee strength. |
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Pre-medical checkup is required depending on the type of health insurance policy issued. |
Pre-medical checkup of employees is not required thus making the claim easy and less likely to decline. |
Advantages of a Group Health Insurance
Low Cost Premiums
The premiums when compared to individual health insurance plans are quite since a portion of it is paid by employer (in most cases) and also, a group of individuals (employees) are entitled for the premium benefits.Tax Benefits
Organizations that offer their employees the benefits of group health insurance are entitled for valuable tax benefits, and this is all as per the laws defined by the Income Tax Department of India.Company Goodwill
One of biggest contributions that group health insurance offers is cover to employees (and also their dependents - depending on the type of policy chosen and add-ons). This helps the company build a positive rapport in form of employees and gain their trust from the goodwill.
- Low Cost Premiums
- The premiums when compared to individual health insurance plans are quite since a portion of it is paid by employer (in most cases) and also, a group of individuals (employees) are entitled for the premium benefits.
- Tax Benefits
- Organizations that offer their employees the benefits of group health insurance are entitled for valuable tax benefits, and this is all as per the laws defined by the Income Tax Department of India.
- Company Goodwill
- One of the biggest contributions that group health insurance offers is cover to employees (and also their dependents - depending on the type of policy chosen and add-ons). This helps the company build a positive rapport in form of employees and gain their trust from the goodwill.
Why Protect Your Employees with A Group Health Insurance Plan
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Boost Employee Retention: Great add-ons for group health insurance policy not only deliver benefits to employees (such as in the form of cover for dependents) but also help boost employee retention adding to your company goodwill.
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Financially secure them during the COVID-19 Pandemic: Amid the pandemic, financial security has become of utmost importance given that downfall in the economy and increasing pay cuts across sectors. Protecting your employees from treatment expenses that could arise out of this virus is the least you can do to ensure they are both financially and medically secure.
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Let Employees Work Stress-Free: For employees, their finance, their well-being is something of primary concern. If an organization contributes towards offering them a cover for their health and for their loved ones, then there is nothing better than contributing towards employees to let their team-work stress-free.
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Complete Claims and Covers Assured: Team InstaCover India is always there to help you in your needs and wants when it comes to help you get assured for complete covers and claims.
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Things that Employers Should Understand Before Buying a Group Health Insurance Policy in India.
When it comes to choosing a group health insurance plan, it is important to note the add-ons, benefits and the kind of value that it adds to your employee in terms of covers and claims and assess the benefits to make sure that you choose the plans deliver more value towards your employees in terms of health insurance cover.
The price of the premium is also of concern when it comes to selecting a group health insurance policy for your company. While there are various cheap premium plans being offered, you would want to compare their service benefits and do a small pro-con check to select the best one for your employees and not the ones that are dirt cheap and don’t offer any good covers in return.
As employers, it is your responsibility to get timely claims for your employees and for this, the communication with the insurer company should be equally effective to help you get a pleasant experience dealing with them, while your employee gets the cover benefits hassle-free!
Besides communication being effective, you would also want the policy to be equally beneficial for your employees as much as it is for you! So you should take in consideration a proper evaluation of the group health insurance policy that you choose for your employees and the kind of benefits it assures to deliver when needed.
Its probably best to rely on a few uncertainties of illness and accidents, and the recent pandemic is itself a proof of that. Choose a policy that offers a large enough network of hospitals to assure proper medical assistance to your employees even when they are on a business trip/vacation PAN India (or if required, extensible to Overseas countries as well). Most of the insurer companies offer such plans to its best to take a good look into these features when comparing.
FAQs Related to Group Health Insurance Policies
A Group Health Insurance plan is offered to companies (Employers) to cover up for as a health insurance for their employees where the premium (generally) is covered up by the employer and offered to employees as a healthcare benefit.
There are various benefits and add-ons that are offered to the employees such as adding dependents to policy benefits to get better covers. However, this depends on the kind of group health insurance policy the employer opts for.
A group health insurance’s main purpose for employees is to provide a service-quality induced and financial cover assuring health insurance to all employees as a whole. This policy is equally likely opted by both small-scale startups and big organizations alike as it not only offers health cover benefits to the employees, but it also acts as a tax saver for the employer in return.
Yes, the coronavirus is covered in most of the Group health Insurance plans and also offered as a separate cover too!
The initial waiting period in corporate health insurance is of 15 days only. However, the same can be waived off for organizations covering 50+ members.
Waiting period means the amount of time that an individual has to wait until it can make claims and get benefits from insurance policy.
Any organization that scales up to more than 10 employees should get at least a basic group health insurance plan for its employees.
An advance cash benefit means basis the treatment costs and estimates of the insured, your insurer will cover 50% of the estimated cost in cash so that they can be rest assured that they are always covered and they need not wait until their treatment is over. While the remaining 50% estimated costs can be reimbursed post the treatment.
A group health insurance policy covers any and all employees of an organization that are between the age of 18 to 70years of age and are active employees of the organization. Moreover, various policies (depending on the plan and insurer chosen) offer benefits to employees to add their family members (direct dependents such as spouse, children) as a part of the group health insurance to provide complete cover and assurance.
This generally does not happen as in most of the cases, the premium for the health insurance plan is paid by the employer on behalf all the employees.
This calculation is basically done taking in to consideration a few notable information about the organization such as the number of active employees working and data related to them such as their age etc. to estimate a nearby figure of the premium.
One of major downsides of a group health insurance policy is that it mostly covers for general elements instead of assuring a complete coverage as compared to an individual health insurance plan. Another issue with these policies is that the beneficiary, i.e. the employee does not have too many options to customize the plan and meet his/her requirements. Rather it all depends on the employer and all employees are designated for a common benefit plan instead of personalized ones.
Looking for your Group Health Insurance?
InstaCover India offers a variety of benefits and advantages in terms of covers and savings, so when searching for a good Group Health Insurance, you need to look no further!
Call us now and we will do the best we can to help you out with your Group Health Insurance needs
