Whether small, large, or growing, a group health insurance plan helps keep your team healthy and happy, and signals you care about their well-being.
Learn about
Group Health Insurance
Take care of your employees, so they can take care of business
500+
HRs trust Loop
10,000+
hours saved
Win-win for you
and your employees
Table of Contents
- What is Group health insurance policy?
- How does GHI work?
- Why should employers offer group health insurance for employees?
- Who should buy Employee health insurance?
- Who is eligible for Employee group health insurance?
- How To Select The Best GHI Plan for your Employees?
- Which Is Better? GHI Vs Individual Health Insurance
- Advantages Of Employee Group Insurance Policy
- Best Features Of Corporate Insurance Policy.
- What Is Covered In GHI By Loop
- Who Are The Top Group Insurance Companies In India?
- How To Get Group Health Insurance Quotes?
- How To Raise A Claim For Group Mediclaim Insurance?
- Why Buy Group Health Insurance From Loop
- Looking For A Happy, Healthy Workplace? We’ll help you!
- FAQs About Group Health Insurance In India
What Is Group Health Insurance Policy?
Group health insurance also known as group mediclaim insurance policy for employees is a type of health insurance plan purchased by organizations, small and large, to meet the medical expenses of a group of people, notably their company employees.
You can select a pre-planned corporate health insurance policy or customize a plan to cater to your precise requirements. Compared to an individual health plan, group health insurance is an affordable option plus, employers are eligible for tax benefits of group medical insurance plans in India as well. It’s a win-win!
What is Group health insurance
Watch this video to know more about group health insurance policy
How does group
health insurance work?
Corporate health insurance plans in India are like master plans, offering coverage to every individual in a group. Every employee receives the same, uniform coverage as part of the group insurance plans.
Organizations pick from group health insurance providers and work alongside a member of Loop side-by-side toward tailor-making the best group mediclaim policy for employees.
Typically, employers pay premiums and offer group mediclaim coverage to their company employees as a benefit. Employee group health insurance policy sometimes extends this protection to families, too.
Why Should Employers Offer Group Health Insurance Plan For Employees?
Health insurance is important but why offer health insurance plan to employees is a commonly asked question.
The importance of group medical policy for employees goes beyond smooth day-to-day operations. A mentally and physically healthy individual is more motivated and optimistic. Employee health and productivity go hand in hand. And running a successful business means keeping employees happy.
With the onset of the recent Covid-19 pandemic, health has taken precedence. On that front, in April 2020, the Indian government made group health insurance mandatory for all commercial and industrial offices, workplaces, and establishments to provide group medical insurance for employees.
10
min read
Employee healthcare handbook
A quick and easy-to-read guide for implementing employee benefits that work for you and your organization
Why is Employee Health Benefits Package essential?
Watch this video to know the importance of employee health benefits package and it's impact on business growth
Who should buy Group Health Insurance Policy?
Small companies and young startups
As a start-up or a small business, if you have a team of 7 or more members, with small group health insurance plans, you have the dual group mediclaim policy benefits of protecting the assets of your organization as well as saving on income tax.
Medium-sized companies and growing startups
If your small business is growing and thriving, and has between 50 and 1,000 employees, you fall under this category and can easily seek small business group health insurance policy. Group health insurance plan gives you an edge by ensuring your employees are motivated and happy.
Large organizations and established startups
As a large and established business, you continually face a demanding economic climate, competitive threats, new challenges, and sizable risks. To move your business forward, you need to provide group health insurance policy for employees to make sure they stay healthier and more engaged on the job.
Who Is Eligible For Group Health Insurance?
Group health insurance in India is available from employer to employee. But non-employer to-employee groups with a common interest who meet group health insurance requirements are eligible too.
The minimum number of employees - With Loop, one of the employer group health insurance requirements is a minimum 7-member team. Employees can be family members as well, say a family business. But, the employer-to-employee relationship must be present.
Registered business - You must officially register Your business along with paperwork and a valid GST number.
How To Select The Best Group Health Insurance Plan For Your Employees?
With numerous options at the tip of your fingers, you can handpick the best group health insurance policy in India that provides peerless coverage and access to care on your terms.
Quick and easy access
Whether it’s in the initial stage of seeking group health insurance quotes or in the final stages of assistance with claims, you need corporate health plans with providers who are easily accessible.
With the wave of digitization, it’s a bonus to have online access to tools that help with a variety of activities like speaking with a doctor, maintaining records, and making smarter health choices.
Effective communication & Support
In a time of need, you need to know your team is backed by reliable insurers who are pleasant, experienced, and well-equipped to deal with multiple situations.
The lack of open, transparent communication will leave you in doubt, and you don’t want that. Support is another crucial factor. Be it doctor consults or claims support, we give you 24 X 7 support to get you through any hassles.
Service benefits
Akin to communication, service plays a vital role in an group health insurance policy.
It’s good to know at a time of need, your group health insurance plan provider deals with matters sensitively and with the highest care.
Premiums
Compare the costs of different group health insurance plans to see what works best for you. Along with group health insurance costs, don’t forget to evaluate the group health insurance benefits that come along with the plan.
It wouldn’t be wise to pick simply the cheapest group health insurance plan. The key is to choose corporate medical insurance in India which falls within your budget yet offers comprehensive benefits.
How To Get
Group Health Insurance Quotes?
Follow a simple 3-step process to get a customized group health insurance quotes from Loop:
Fill out the form and click on ‘get a callback’
Our experts will get in touch with you with the best group health insurance quotes
Which Is Better?
Group Health Insurance Vs Individual Health Insurance
Which is better - Group health insurance Vs individual health insurance? This is a commonly asked question. Before you choose between group or individual health insurance, you must understand the difference.
That being said, there is no right or wrong answer with group health insurance plan vs individual.
However, group health insurance plan does come with a few distinct pros to give it an edge over individual insurance. Jump to this section to learn all employer-based health insurance pros and cons.
Factors to Consider
Group
Health Insurance
Individual
Health Plan
Purchaser
Companies buy group health insurance policy for its employees. Families are also covered under group health insurance plan.
Based on specific needs, individuals buy individual insurance coverage for themselves and their families.
Duration of the policy
Group medical insurance is directly tied to the employer's terms of employment; it ends when an employee leaves the company.
The policyholder alone determines how long the coverage will last.
Coverage
Corporate health insurance plan provide standard coverage for the entire enterprise. Family members are included in this coverage as well.
Individuals can select plans to fit their needs and the needs of their families.
Premiums
For corporate health insurance, companies often pay the most affordable premiums. Employees are required to pay little to nothing.
In terms of the sum assured, individual health plan carries much higher premiums when compared to group health insurance plan. Additionally, people must consistently pay premiums
Eligibility
If it is employee health insurance, then almost every employee of the company is given group health insurance policy automatically, regardless of any existing medical conditions.
The likelihood of eligibility for some plans and covers is restricted based on financial or medical background.
Added benefits
Despite having lower premiums, group mediclaim insurance has many features and advantages, some of which are included with your policy for no additional cost. Along with group health insurance policy, you also receive primary care and all-around wellness.
Your coverage is broad with individual insurance, but the extra benefits are generally limited and are paid for separately.
Advantages Of Group Health Insurance Policy
Benefits Of Group Health Insurance For Employers
As an employer, it’s of the essence to make your workforce feel safe, appreciated, and important. And that’s one of the advantages of group health insurance.
Of course, employees feel a sense of reassurance, but as an employer or business owner, you have numerous advantages too.
Retain and
attract talent
Employees are more likely to stay with a company that offers valuable benefits.
With group health insurance plan, employees get comprehensive health insurance along with free added benefits, which helps with countless medical expenses.
Increased focus and productivity
Productivity and benefits go hand-in-hand. An employee who’s concerned about matters in their personal lives is unable to focus on work.
The advantages of group medical policy are providing staff with a sense of security, and peace of mind which boosts productivity, engagement, and morale.
Value for money and tax benefits
The primary differentiators of group health insurance vs individual coverage are the cost of premiums and tax benefits.
The premium of group health insurance plan is cheaper and customizable to suit the needs of every organization. Let’s not forget the group mediclaim policy tax benefits.
Benefits Of Group Health Insurance For Employees In India
What’s worse than getting sick? Getting sick and stuck with a huge hospital bill or medical expenses. As an employee, the advantage of group medical insurance is preventing both of those things.
Doctors
The benefits of group health insurance policy are inefficacious if you don’t have a team of specialized professionals by your side.
You must find plans with excellent quality primary care which can help nip issues in the bud.
Cover for family
One of the differences between group health insurance policy and individual is coverage for the family.
Depending on the group medical insurance policy in India, some plans extend group health insurance policy to family members. This way, you have security for your dependents as well in a time of need.
The quick and efficient claims process
Since the group health insurance plan is routed through your employer, most of the communication is handled by a single point of contact - making things easier.
Best Features Of
Corporate Insurance Policy
Don’t have group health insurance policy? Let’s learn about the features of group health insurance that you’re missing out on!
No pre-medical screening
With corporate group insurance, the primary difference is the requirement for pre-medical tests. The best group health insurance plan doesn’t require it and even without it, the policies are valid.
Waived off
waiting period
A huge difference between group health insurance plan is the waiting period. A group health insurance for employees doesn’t have this limitation.
By paying a small premium amount, employees get group coverage for pre-existing diseases from the first day of the policy. This waived-off waiting period is extended to your spouse as well.
Coverage for pre-existing diseases
Besides no prior medical check-up, employee health insurance plans offer group health coverage for pre-existing diseases like diabetes, heart conditions, etc.
Some group health insurance services even cover certain critical illnesses.
Added benefits
Unlike individual insurance, group health insurance plans come with a range of added benefits such as free and unlimited primary healthcare, maternity benefits, pre and post-hospitalization costs, room and boarding, surgical fees, drugs, and medicines, ambulance charges, etc.
What Is Covered Under Group Health Insurance Offered By Loop?
Skip the wait
Waived off waiting period so you can use your cover & claim instantly off group health insurance waiting period
Minimal Out-of-Pocket Expenses
Get the best value from your cover & lower out-of-pocket costs.
Coverage for a pre-existing illness
Group health insurance policy covers pre-existing conditions from day 1.
Customized plans + Covid Care
Tailor-made group mediclaim policy based on what’s right for you, including pandemic treatment.
Pre and Post-Hospitalization Care
Group health insurance plan covers pre-existing conditions from day 1 coverage for inpatients including room rent, nursing, boarding, surgeon, anesthetist, specialist fees, cost of medicines, etc.
Maternity Coverage
A group health insurance plan also covers maternity benefits for normal or cesarean delivery.
This cover also includes newborn baby expenses.
Some of India's top brands trust Loop Group Health Insurance policy
.png)
How To Raise A Claim For Group Mediclaim Insurance?
With an easy claims management process, you’ll have an easy-breezy group health insurance claims experience.
With a cashless claim for an employee health insurance policy, simply pick a network hospital of your choice, keep your e-card handy, fill out the cashless form/pre-authorization form and Loop will take care of the rest.
If you want to visit a non-network hospital of your choice, you can file a reimbursement claim. Here you have to submit all the documents of your hospitalization to the insurer, who will approve and reimburse the amount.
Why Buy Group Health Insurance From Loop
Proactive approach
From the stage of purchase until the final stage of claims, you have a dedicated team throughout the loop along with 24 X 7 assistance to get help for your corporate mediclaim policy.
A plethora of added benefits
With Loop, you have access to a range of added benefits because pre-existing diseases are covered under group health insurance plans, and also pre and post-hospitalization coverage as a part of your group health insurance plan.
OPD and free and unlimited primary care
With no added or hidden costs, our group health insurance plans open avenues for the best primary care.
Continuity of care
With unlimited consults with experienced doctors, you can expect continuous care. Our specialists will know and understand your concerns, health history, and wellness goals.
Wellness perks
Our group health insurance helps employees beat work blues with a host of wellness benefits like mental health consults, dental and vision, nutrition, fitness sessions, and more.
Cashless treatment
One of the benefits of group health insurance plans is network hospitals spread out throughout the country.
So, no matter where your employees are, they have access to hassle-free cashless treatment.
Looking For A Happy,
Healthy Workplace?
We Help You Achieve That!
With Loop’s group medical insurance policies, you can keep employees healthy while staying on budget.
You get the best group health insurance plans and added benefits at no extra cost and all-around proactive care from a team that’s like an extension of your family.
FAQs About Group Health Insurance In India
What is the difference between group and individual coverage?
A few primary and notable differentiators between individual and group health insurance are:
- Lower cost of premiums
- Waived off waiting periods
- Group medical coverage for pre-existing diseases
- Maternity cover
- Free and unlimited primary health care
Is group healthcare policy cheaper than individual health coverage?
Group health insurance is definitely a cheaper option for businesses in comparison with individual health insurance. Group mediclaim for employees comes with lower premiums and a host of added benefits that ensure your team is healthy and happy.
What are small business group health insurance requirements?
For group medical insurance for small business, the eligibility criteria is:
- A minimum number of 7 members
- Official business registration and GST certificate
To know more about best employer group health insurance plan for small businesses, read here: Employer Group Health Insurance Requirements
Is medical insurance mandatory for employees in India?
Yes, health insurance has been made mandatory for employees by the government of India post the COVID-19 pandemic. This has been put in place to ensure that every employee has some form of protection with group health insurance plan.
How is Loop group health insurance policy beneficial?
Loop Health is a modern health care provider with a proactive approach from start to finish. A group health plan includes a plethora of added benefits, including wellness perks, to your policy at no additional cost. Furthermore, with a team of specialized doctors and medical professionals available 24 X 7, all your health queries will be sorted out with ease. And the dedicated claims team will ensure your experience is absolutely hassle-free.
Why is medical insurance for employees in India important?
Medical exigencies are unpredictable. With a comprehensive group health plan, you can safeguard yourself and your family members, protect your savings, financial stability, fight lifestyle diseases, improve workplace productivity, and so much more.
Does a Loop employee medical insurance policy cover treatment for COVID-19?
Yes, Loop offers comprehensive and cheap group health insurance plans at affordable costs, including COVID-19 cover.
How much does group health insurance cost for small business?
The cost of group health insurance coverage for small business varies due to lot of factors. At Loop, group health insurance premiums start at Rs. 450/-. This comprises holistic cover from top insurers for your employees, including a range of added benefits and wellness perks, at no additional cost, for all-around preventive care.
How many employees do you need for group health insurance?
The minimum requirement for group health insurance with Loop is 7 members.
Are group health insurance premiums tax deductible?
For employers, the premium paid to provide a group health insurance policy for employees in India can be deemed as a business expense. According to the Indian Income Tax Act, 1961, this expense is eligible for tax benefits.
Does group health insurance cover pre-existing conditions?
Unlike individual health insurance plans, group health insurance policies with Loop include health insurance plan for pre-existing conditions with no waiting period in India.
What are the various waiting periods in group health insurance coverage?
The waiting period in insurance varies from policy to policy and issuer to issuer. The different ones are:
- Initial
- Pre-existing disease
- For a specific disease
- Maternity and newborns
Read more here: Group Health Insurance Waiting Periods
Should you pick a bank offered corporate insurance policy?
There’s a vast difference between employer group health insurance and a bank group health insurance policy. What you choose entirely relies on what you’re looking for. That being said, employer health insurance comes with a bunch of advantages like no waiting period for pre-existing diseases, choosing the choice of your doctor, added wellness benefits, maternity cover, an extensive network of cashless hospitals, and more.
How should startups get group health insurance for employees?
With corporate health insurance, there’s no one size fits all option - and that’s the best part! You can get group health insurance for startups as well as large businesses. You can pick a plan and customize it according to your team and your needs. Insurance for your team is like an investment. You can contact Loop’s team here.
What is the maternity benefit in an group health insurance plan?
Maternity benefit is coverage as a part of employer group health insurance policies for pregnant women. This benefit covers the cost of normal delivery and a 14-day post-delivery checkup.
Can you cancel your group health insurance?
Yes, you can cancel your employer group health insurance plan. After cancellation, you will continue to get medical coverage until the end of the month. For example, if you cancel your coverage on the 16th of December, you will get medical coverage until December end.
Read more here: Group Health Insurance Cancellation Policy
What documents do you require for raising a claim?
To raise a claim, you need the following documents:
- Identity proof issued by the government
- Proof of residence and employer address
- 6-month salary slip
- Signed claim form with the details of the claim for reimbursement
- Printout of form 2A
Can husband and wife have group health insurance?
If both the husband and wife own a family business and are looking for a group health insurance plan, the wife or husband cannot usually count as the lone employee. If the company has two additional working employees, the wife or husband might join the employer group health plan instead of being a sole owner (who may or may not be family members).
Have more questions?
Read the full FAQs here
Articles related to Group health insurance
Thanks for downloading, the pdf has been sent to your email address.
Get a quote
