GROUP HEALTH INSURANCE

Looking for a better group health insurance but don’t know where to start?

We specialize in helping organizations determine what type of coverage is needed for their unique employee needs, and then find the best plan for their situation.
Group Health Insurance

We work hard to help you find the right health insurance plan for your business. We know that employees grow when a company succeeds. That’s why we are committed to helping your company save money, improve the quality of care, and attract top talent.

Looking for a better health insurance solution for your employees, but don't know where to begin? Start here with us & update your knowledge about Group Health Insurance. We specialize in helping organizations determine what type of coverage is needed for their unique employee needs, and then find the best plan for their situation.


We work hard to help you find the right health insurance plan for your business. We know that employees grow when a company succeeds. That’s why we are committed to helping your company save money, improve the quality of care, and attract top talent.

Advantage of group health insurance

Advantages of group health insurance plan

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The main benefit of a group health plan is that all employees in the company can be covered with one single policy. This helps to decrease the cost on the individual because if everyone was to acquire separate health insurance plans, it would result in an increase to most premiums. This is because most policies only allow for individuals to be covered for accidents or illnesses that may occur during their normal activities.

A common example is a tripping accident that may result in personal injury when walking between two buildings on the property. A group plan would also cover that individual for the same injury if it was between two buildings because the employee was on company property.

With a group plan, every individual is covered for all accidents or illnesses as long as they are on company property and for some off-site locations. This is known as an extension of coverage. Group plans are very advantageous when it comes to employing large numbers of people because the cost is more affordable for the employer. Here are few examples of the benefits of group health insurance:

  1. Coverage is inexpensive and can be split amongst a group of people
  2. There are many plans for your budget and preferences
  3. Your business coverage can be combined with individual coverage
  4. Group health insurance can put an end to high monthly premiums

The most obvious benefit of group health insurance is that it is more affordable as compared to what an individual can purchase.

Believe it or not, a lot of people do not have health insurance for their needs because they cannot afford the premium they are required to pay. With a group plan, premium payments are shared by all. Employers who offer group health policies are able to help their employees get the coverage they need while saving on their taxes at same time.

Benefits of group health insurance

Benefits of Group Health Insurance to employees

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First off, group health insurance for employees allows you to plan for the future while saving money at the same time. Many people think that because they are young they do not need health insurance, but this is a big misconception. Everyone needs health insurance. And the right employee health insurance plan (with add-on benefits) will save a lot of money for your employees. Your employees will be rewarded for their hard work and dedication by having excellent group health insurance. There is no replacement to the feeling of your organization having your back at times of a health emergency. It works wonders for the motivation of the employees.

Group health insurance for employees gives you peace of mind that they’ll be covered in case something unforeseen happens. When you decide to provide Group Health Insurance for your employees, you are making a huge investment in their future. This is an investment that not only affects their health and happiness today but also helps with retirement. Who doesn’t want that?! Also, a great benefit of a group mediclaim policy is that no pre-medical tests are required before getting onboarded. Hence, the employees don’t have to disclose their pre-existing illnesses. If you make an informed choice, then your employees will also not have to worry about claim handling & settlement at their end.

Group health insurance provides a lot of benefits to both the employees of an organization and the company itself. Here is a breakdown of some of these benefits so that you can decide if your company should consider group health insurance for employees.

What is the need to provide group health insurance for employees?

Why should you consider purchasing group health insurance for your workers? It is the wisest investment you can make for their health and welfare. Group Health Insurance is an inexpensive approach to ensure that your employees continue to be productive members of your organization. One of the most important things for a company is to have an employee who will not miss work because of a health problem.

This is why group health insurance for employees is very beneficial because it will allow the company to pay the insurance premium incurred by each employee especially for those who are hard-working & are diligent in their duty. Group health insurance for employees will also let you choose the right doctor or hospital depending on your needs, so you do not need to stress yourself if ever the time comes that your employees need treatment, all you need to do is file everything and they will provide you with all the assistance that you need.

Need of group health insurance
Company health insurance

Company health insurance
v/s Individual health insurance

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Company Health Insurance
Individual Health Insurance
Pre-existing diseases
Waiting Period
Risk
Family Floater
Covered from day 1
No waiting period
Risk is shared
Available
Not covered from day 1
Waiting period is more
Risk is on individual
Not available
BUYING GROUP HEALTH INSURANCE
More than 150 companies provide group health insurance plans in India with a complete range of coverage and options for salaried employees. List of group health insurance players includes industry’s biggies including United India Insurance Company, ICICI Prudential Life Insurance Company, New India Assurance Company Limited, Bajaj Allianz General Insurance Company, Bharti Axa General Insurance Company Limited, Apollo Munich Health Insurance Company Private Limited, HDFC ERGO General Insurance Co Ltd and so on.
Companies providing group health insurance

Details of insurers offering group mediclaim policy

Insurance provider
Claim settlement ratio
Network hospitals
Renewability
52.10%
83.66%
83.35%
95.90%
79.98%
83.66%
92.50%
89.50%
78.50%
98.50%
92%
3000+
10000+
6500+
1200+
6500+
10000+
5400+
4500+
9800+
4500+
3500+
Lifelong
Lifelong
Lifelong
Lifelong
Lifelong
Lifelong
Lifelong
Lifelong
Lifelong
Lifelong
Lifelong
CLAIMS IN GROUP HEALTH INSURANCE

How to Claim for
Group Health Insurance?

Claim process differs from one case to another since insurers/brokers are different in each of the cases. But here are the most common steps followed by the insurers throughout the country:
  • The insurer or brokers are the single point-of-contact for the patient. Get in touch with them as soon as possible for filing a claim.
  • The representative from insurer/broker will guide you through the claim process & will also help with the required documents.
  • You can download the claim form from the insurer’s website or the representative can help you get the form.
  • Carefully fill & sign the form
  • Attach the required documents
  • Send the claim form to the insurer/broker specified address. Also, keep a copy of it with yourself.
Claims in group health insurance
FAQs
Have more questions?

What is the minimum number of employees for group health insurance in India?

The minimum number of employees varies among the insurers but going by the standard minimum amount is 7 employees per organization.

Is it mandatory to provide health insurance to employees in India?

Yes. As per the regulations from the government of India, as of April 1st, 2020, it is mandatory for organizations to provide affordable & accessible health coverage to all their employees.

Is group health insurance cheaper than individual insurance?

In group health insurance, the risk is divided amongst a specified group of people & hence the premium is also divided equally. Therefore, the amount of premium paid by an individual is less as compared to the premium paid in individual insurance.

Can you get group health insurance through an association?

In India, any organization can provide insurance once they are registered by Indian laws to provide the same.

Are group medical insurance premiums tax-deductible?

As an employer, the health insurance premiums you pay on behalf of your employees are deemed as fringe benefits, and may be considered as a business expense. So, if you pay the whole premium, you can avail tax benefits on the entire amount.

Can a group health insurance exclude pre-existing conditions?

Yes. As compared to individual health insurance, employee health insurance policies cover all pre-existing conditions for all the insured members of the plan.

Where to buy group health insurance?

There are more than 28 insurers in the Indian market that provide insurance. But why buy only employee health insurance, when you can get the same plan plus add-on benefits at the same price. Explore Loop Health to get the same.

Can you cancel group health insurance at any time?

Yes. If an employee leaves your organization while your group health plan is still active, you can easily contact your insurer or broker to remove them from the plan & transfer their remaining balance to the new joinee/employee. If there is no new joinee/employee then you can ensure that the same amount is settled with you by your insurance provider against your organizational account.

GROUP HEALTH INSURANCE

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