Whether small, large, or growing, corporate medical insurance policy helps keep your team healthy and happy, and signals you care about their well-being.
Group health insurance
Taking care of your employees, so they can take care of business
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Table of Contents
What Is Group Health Insurance Policy?
Group health insurance is a form of health insurance purchased by organizations, small and large, to meet the medical needs of 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, it is an affordable option plus, employers are eligible for tax deductions of group medical insurance plans in India as well. It’s a win-win!
How does group
health insurance work?
Corporate health insurance plans in India are like master plans, offering coverage to each and every individual of a group. Every employee receives the same, uniform cover as part of the group medical insurance plans.
Organizations pick from top insurers and work along with a member of Loop side-by-side toward tailor-making a best group mediclaim policy for employees.
Typically, employers pay premiums and offer a group mediclaim policy to employees as a benefit. Employee group health coverage sometimes extends this protection to families, too.
Why Should Employers Offer Health Insurance To Their Employees?
Health insurance is important but why offer health insurance 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 for all commercial and industrial offices, workplaces, and establishments to provide group mediclaim insurance policy for employees.
Save up to 30% on Group Health Plans
Who should buy Group Health Insurance?
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. Employee group health insurance 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 medical insurance for company employees to make sure they stay healthier and more engaged on the job.
Who Is Eligible For Group Health Insurance?
Group health insurance India is available from employer to employee. But non-employer to employee groups with a common interest who meet employer group health insurance requirements are eligible too.
Registered business - Your business must be officially registered along with appropriate 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 an employee group health insurance policy 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 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
At 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.
Akin to communication, service plays a vital role in an employee group health insurance policy. It’s good to know at a time of need, your group medical insurance plans provider deals with matters sensitively and with the highest care.
Compare the costs of different group medical insurance plans to see what works best for you. Along with costs, don’t forget to evaluate the benefits that come along with the plan. It wouldn’t be wise to simply pick the cheapest premium. The key is to choose corporate medical insurance in India which fall within your budget yet offer comprehensive benefits.
Which Is Better?
Group Health Insurance Vs Individual Health Insurance
That being said, there is no right or wrong answer with group health insurance vs individual. However, group health medical insurance does come with a few distinct pros to give it an edge over individual insurance. Jump to this section to learn all .
Group Health Insurance
The organization purchases group health insurance for its employees.
Individuals purchase individual insurance policies for themselves and their families based on personal needs.
Group health insurance is directly related to the terms of employment, it ceases to exist when the employee is no longer part of the organization.
The policyholder is the sole decider of the policy’s duration.
The entire group gets uniform coverage with group health insurance policies. This coverage also extends to family members.
Individuals can choose plans that suit the needs of you and your family.
If it’s group health insurance, then nearly every employee of the organization is automatically granted group health insurance, irrespective of pre-existing diseases.
Based on financial or medical history, the chances of eligibility for certain plans and covers are limited.
Advantages Of Employee Group Health Insurance Policy
Advantages Of Group Health Insurance For Employers
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, peace of mind which boosts productivity, engagement, and morale.
Value for money and tax benefits
The primary differentiators of group health insurance vs individual health insurance are the cost of premiums. The premium of group health medical insurance plans is cheaper and customizable to suit the needs of every organization. Let’s not forget the group health insurance tax benefits.
Best Features Of Group Health Insurance
Don’t have group health medical insurance? Let’s learn about the features of group health insurance that you’re missing out on!
No pre-medical screening
With corporate health plans, the primary difference is the requirement for pre-medical tests.
A best group mediclaim policy in India doesn’t require it and even without it, the policies are valid.
A huge differentiator between corporate medical insurance plans is the waiting period. A group mediclaim insurance for employees doesn’t have this limitation. By paying a small amount, employees get group medical coverage for pre-existing diseases from the first day of the policy. This waived-off waiting period is extended to your spouse as well.
Besides no prior medical check-up, employee medical insurance plans offer group health coverage for pre-existing diseases like diabetes, heart conditions, etc. Some employees health insurance services even cover certain critical illnesses.
Unlike individual insurance, group health care plans come with a range of added benefits such as free and unlimited primary health care, maternity benefit, pre and post-hospitalization costs, room and boarding, surgical fees, drugs, and medicines, ambulance charges, etc.
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What Is Covered In Group Health Insurance By Loop
for healthy employees and a healthier bottomline
Minimal Out-of-Pocket Expenses
Get the best value from your cover & lower out of pocket costs.
Coverage for pre-existing illness
Group medical 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
Corporate health insurance India covers pre-existing conditions from day 1 coverage for in patients including room rent, nursing, boarding, surgeon, anaesthetist, specialist fees, cost of medicines etc.
A corporate mediclaim policy in India also covers maternity benefits for normal or cesarean delivery. This cover also includes newborn baby expenses.
Who Are The Top
Group Health Insurance Providers In India?
Choosing the right employer group health insurance plan from the best group health insurance companies provides a plethora of benefits. By comparing plans from some of the , you can find best group health insurance policy in India that works in your favor and fits your budget. Let's look at some of the best group health insurance for small business and large.
How To Raise A Claim For Group Health Insurance?
With a cashless claim for 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 pertaining to your hospitalization to the insurer, who will approve and reimburse the amount.
What Are The Benefits Of Buying Group Health Insurance Plans By Loop
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.
Plethora of added benefits
With Loop, you have access to a range of added benefits such as coverage of pre-existing diseases, pre and post-hospitalization coverage as a part of your employee group health insurance.
OPD and free and unlimited primary care
With no added or hidden costs, our corporate health 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.
Our corporate mediclaim insurance helps employees beat work blues with a host of wellness benefits like mental health consults, dental and vision, nutrition, fitness sessions, and more.
Is medical insurance mandatory for employees in India?
Yes, medical 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 plans.
Why is group health 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.
How is Loop group health 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.
Does a Loop employee medical insurance policy cover treatment for COVID 19?
Yes, Loop offers comprehensive and customizable 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 for small business varies due to lot of factors. At Loop, group coverage 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 group 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.
Is group health insurance cheaper than individual health insurance?
Group health insurance is definitely a cheaper option for businesses in comparison with individual health insurance. Group mediclaim for employees come with lower premiums and a host of added benefits that ensure your team is healthy and happy.
What is the difference between group and individual health insurance?
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
Does group health insurance cover pre-existing conditions?
Unlike individual health plans, group health insurance policies with Loop include health insurance plans for pre-existing conditions with no waiting period in India.
What are the various waiting periods in group health insurance?
The waiting period in insurance varies from policy to policy and issuer to issuer. The different ones are:
- Pre-existing disease
- For a specific disease
- Maternity and newborns
Read more here: Group Health Insurance Waiting Periods
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 insurance plans for small businesses, read here: Employer Group Health Insurance Requirements
Should you pick a bank offered corporate health 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 group 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?
With group 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 maternity benefit in employee group health insurance policy?
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