Group Health Insurance

Health Insurance
  • Claim up to Rs. 55,000 deduction under section 80D*
  • 10,000+ hospitals for cashless treatment
  • Insurers offer plans with no limit on room rent

Overview of Group Health Insurance:

A group or corporate health insurance policy is purchased by an employer for eligible employees of a company. One of the key employee benefit packages provided by employers, a group health insurance plan, in some cases, may also provide cover to family members of employees.

Key Features:

  • Some policies may cover boarding expenses apart from surgeon, anesthetist and consultant fees; charges for anesthesia, oxygen and diagnostic materials in addition to X-rays and dialysis costs among others.
  • Offer cashless facility and direct settlement of bills with the hospital.
  • Offer to cover pre and post-hospitalisation charges for a specific period.
  • Some policies may offer maternity benefits.
  • Less than 24 hours hospitalisation for certain procedures such as chemotherapy, eye surgery and tonsillectomy among others.
  • Extended cover for certain critical ailments above hospitalisation benefits.
  • Some policies may provide cover for pre-existing diseases after payment of extra premium.
  • Some policies may cover domiciliary expenses.
  • Some of the optional benefits include waiver of waiting period, first year exclusions besides reimbursement of ambulance charges among others.
Group Health Insurance

Top Companies offering Corporate Health Insurance Policies:

  • Star Health - MediClassic Insurance Policy:

The key features of the Star Health and Allied Insurance MediClassic Insurance Policy are:

  • Emergency ambulance charges up to a sum of Rs.750 per hospitalisation and overall limit of Rs.1,500 per policy period.
  • Covers in-patient hospitalisation expenses for a minimum period of 24 hours.
  • Covers costs incurred through surgeon, anesthetist, medical practitioner, consultants.
  • HDFC ERGO - Group Health Insurance Policy:

The key features of the HDFC ERGO Group Health Insurance Policy are:

  • The policy covers hospitalization caused by sickness or accidents. And will include room charges, boarding charges, medicine and drugs costs including costs for specialists like anaesthetist, surgeons, specialist fees, and, consultation, etc. will be covered under the policy
  • All related expenses for treatments will also be covered such as blood, diagnostic materials and x-ray oxygen, operation theatre charges, anaesthesia, surgical appliances, dialysis, and even chemotherapy.
  • The HDFC Ergo-Group Health Insurance policy will cover pre and post hospitalization expenses.
  • Day care and domiciliary hospitalization expenses are also covered.
  • Future Generali- Group Health Insurance:

The key features of the Future Generali- Group Health Insurance are:

  • The policy covers everything from the time the insured is hospitalized to the time of discharge. All charges including room charges, boarding charges, medicine and drugs costs including costs for specialists like anaesthetist, surgeons, specialist fees, and, consultation, etc. will be covered under the policy
  • Even the treatments related expenses like blood, operation theatre charges, diagnostic, anaesthesia, surgical appliances, materials and x-ray oxygen, dialysis, and even chemotherapy will be covered within the policy.
  • The Future Generali- Group Health Insurance will completely cashless for the employee and doesn’t cause the employee any hassle of documentation and bills.
  • ICICI Lombard - Group Health Insurance Policy:

The key features of the ICICI Lombard Group Health Insurance Policy are:

  • The plan provided for ICICI Lombard-Group Health Insurance Policy can be tailored made to suit your requirements.
  • The plan will cover medical expenses that will be charged during hospitalization for minimum of 24 Hrs.
  • The plan also provides a coverage for a 30 Days Pre Hospitalisation and 60 Days Post Hospitalisation expenses.
  • The plan also cover 9 major critical Illnesses which will be optional.
  • The plan will provide a cashless facility at all their partner hospitals.

Understanding Group Health Insurance Policy:

  1. Why do companies offer health insurance?

    It not only helps retain but also boost the performance of employees. Also, it goes a long way in creating a loyal workforce. In some cases, employees may accept better health benefits instead of higher remuneration. It helps reduce absenteeism in the company and improves morale of employees.

  2. What are the other benefits companies enjoy for offering employees health insurance?

    Companies get tax breaks for offering health insurance policies. In some cases, a health insurance policy is part of an employer’s statutory obligations.

  3. How do employer health insurance plans fare in terms of pricing?

    Low premiums may get more weightage but it could, in some cases, lead to exclusion of several important features.

  4. How about co-payment clauses in the policy?

    No co-pay plans are ideal for customers but insurance companies resort to co-payments to cut their costs. For instance, about 20 per cent of group health insurance policies offered by New India Assurance include a co-payment clause.

  5. Do group or corporate health insurance policies cover a wide range of diseases?

    Your policy may provide cover for a wide range of ailments in addition to accidents which need ‘in-patient’ hospitalization. Besides, you can opt for a critical illness cover as well.

Advantages of Employee Health Insurance Policies:

  • It provides an additional health cover for employees who already have an family or individual health insurance policy
  • Employees, by and large, are not asked to go for medical check-ups and usually get policy cover from day one.
  • Employees, in some cases, can avail of certain maternity benefit.
  • A group health insurance plan is cheaper (usually 30%) than individual health plans. Premiums in the former are lower in relation to the sum assured compared to individual health insurance policies.
  • A group health insurance policy is, by and large, easily available to employees of a company.
  • In many cases, pre-existing medical conditions of the employees are covered by group insurance policies.
  • In most cases, employees are not denied health coverage based on their age or past medical history.

Who should buy this plan?

Group or corporate insurance is provided by employers to employees in an organisation as opposed to an individual health insurance policy. The insured employees pool into the policy and can, therefore, claim health coverage as and when the need arises.

Exclusions:

  • A group health insurance policy may offer limited coverage owing to sub-limits. An employee,therefore, may not be fully covered.
  • A master policy offered by companies covers all employees in the organization under the same umbrella and therefore lacks customization.
  • The policy is valid only for a certain period during which an employee is working in a company.
  • Companies may reduce the health insurance cover at their discretion.
  • An employee and his family are not covered in case of any interval between jobs.
  • The policy may become invalid if a company does not pay the required premium or if an insurer backs out of the contract with the company.
  • Many companies may not provide health cover to the employee’s parents.

Example:

Sunita Sehgal (name changed) a Bangalore-based HR executive and a to-be mother is worried about the medical expenses of hospitalization and other ancillary costs related to pregnancy. She is, however, covered under an ‘Employee First’ corporate health insurance scheme which provides private single rooms in hospitals besides other maternity benefits for newborns including vaccination coverage for her baby. What’s more, it also covers check-ups for her parents and in-laws as well.

You may also be interested about:

GST rate of 18% applicable for all financial services effective July 1, 2017.

Disclaimer: Premiums may vary depending upon factors like age, location and prevailing taxes/GST.

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Group Health Insurance Reviews

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  • Star Health Health Insurance
    "Good policy "
    0.5 3.0/5 "Satisfactory"
    I taken a health insurance from STAR HEALTH on last 6 months back which was taken via online. It covers my whole family of 3 members for the total amount of 5. The premium amount need to pay of 12K. The tenure period of 1 year. I have not used this card much. I haven't done any claim yet.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 20, 2020
  • Bajaj Allianz
    Bajaj Allianz Health Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    I have taken a health insurance policy from Bajaj Allianz which was taken for my mother. Policy coverage value was Rs. 1L and the premium its a one time payment, i got a offer because i am maintain CREDIT SCORE good. Still there is a no claim and i paid 3 years back, during renewal time i am not getting any calls from insurance company. This policy covers 200 hospital 30-50% in all hospital can get a claim.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 20, 2020
  • Religare Health Insurance
    "Good insurance company "
    0.5 5.0/5 "Blown Away!"
    My personal need I taken health insurance from RELIGARE on 2 years back. Actually my previous company taken health insurance got lapse, hence for better option I continued with same need to pay the premium of 5K. It covers up to myself. The coverage amount of 5L, since there is no claim yet I got bonus of 10% so as of now 5.5L. They tied up with many hospitals and cash less treatment is applicable.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 19, 2020
  • Max Bupa Health Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    This is an individual policy, cover fro myself and this is from Max Bupa. Yearly i am paying premium of Rs. 3000 and the coverage value of Rs. 5L and still there is a no claim. Every year i am getting 5% no claim bonus and this is a life long policy. Its a tax benefit plan for major and listed hospitals can avail a cash less, if non listed have to pay then we can reimburse.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2020
  • Royal Sundaram Health Insurance
    "Good insurer"
    0.5 4.0/5 "Great!"
    My employer has given me a health insurance policy from ROYAL SUNDARAM and they have provided me a coverage amount of Rs. 3L. It covers myself and my spouse are covered in this policy.The premium amount need to pay of 7.5K on yearly basis. They have a cashless facility with many hospital.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 19, 2020
  • Star Health Health Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have taken health insurance from STAR HEALTH on last year for my personal use, it covers my whole family of 4 members. The sum average value is 5L. I am renewing the policy by paying the premium amount of 14K on yearly. Many hospitals are tied with them and they provide cashless treatment as well.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Mar 18, 2020
  • Star Health Health Insurance
    "Average "
    0.5 3.0/5 "Satisfactory"
    For my personal purpose, I have taken a health insurance from TATA AIG on 3 years back. On yearly, I use to renew the policy which I need to pay the premium amount of 20K via online. It covers up to myself. The sum assured amount is 2.4L. They tied up with limited hospitals only and there is no cashless treatment.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 18, 2020
  • Oriental Insurance Health Insurance
    "Good policy "
    0.5 5.0/5 "Blown Away!"
    My company provides me a health policy from ORIENTAL insurance and this is a group insurance. Annual premium i am paying Rs. 4840 and still there is no claim and the coverage value is Rs. 2 lakhs. During the renewal time, i use to get reminder call from the support team.
    Was this review helpful? 1
    , kolkata
    Reviewed on Mar 16, 2020
  • review Health Insurance
    "Need online service "
    0.5 5.0/5 "Blown Away!"
    I am paying about Rs. 20k yearly for health insurance to PARAMOUNT. This is group policy and the coverage of Rs. 10L since 5 years i am using this health insurance. I went for a claim which was reimbursed. The main factor is they are asking lots of documents which they need to make it simple.
    Was this review helpful? 0
    , thane
    Reviewed on Mar 15, 2020
  • Bajaj Allianz Health Insurance
    "Okay"
    0.5 4.0/5 "Great!"
    I have received the Bajaj Allianz mediclaim policy from Bajaj Finserv on EMI basis. Cashless facility is available and am paying Rs.640 for a month. This policy is not available in the market. I wish if their executive were more polite and helpful. Its a self policy which covers 5L. Am renewing this policy from last 3years.
    Was this review helpful? 1
    , kochi
    Reviewed on Mar 15, 2020
  • Star Health Health Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    Health insurance policy which i have taken from STAR HEALTH and this is a family floater policy. I am using since 4 years still there is no claim and this insurance will cover all types of critical illness. Annually i am paying premium Rs. 13000 and its a Tax benefit policy.
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 14, 2020
  • ICICI Lombard Health Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    ICICI offered me a health insurance and this is a group policy which covered for Rs. 4L. This insurance will cover all types of critical illness and day care treatment, still there is no claim with ICICI Lombard. I can avail cashless treatment with the listed hospitals.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Mar 14, 2020
  • United India Health Insurance
    "Best policy "
    0.5 5.0/5 "Blown Away!"
    From United India Insurance, i have taken a health insurance. This is a group insurance and i am paying premium per annum Rs. 4900. This policy covers all critical illness and there is a no age criteria, I can use this policy for life long. It covers Tax benefit under sec 80D also network of hospitals are good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 13, 2020
  • United India Health Insurance
    "Good"
    0.5 4.0/5 "Great!"
    This is a group health policy which was taken through TATA AIG and the coverage value of Rs. 3L. I am paying premium yearly Rs. 6000. Its been one year and still there is no claim and this policy covers day care treatment and this can be used till life long.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 13, 2020
  • Apollo Munich Health Insurance
    "OKAY"
    0.5 5.0/5 "Blown Away!"
    From Apollo Munich, i have taken a health insurance and this is a joint policy. The policy coverage value is Rs. 5L for a life long. I am paying the premium yearly Rs. 16k and still there is no claim on this policy. It covers all network of hospitals.
    Was this review helpful? 0
    , indore
    Reviewed on Mar 13, 2020
  • Star Health Health Insurance
    "WORST and WORST"
    0.5 0.5/5 "Unacceptable"
    Star health and Allied insurance cheaters don't go with this policy they are looting people worst and worst there are corporate beggars- frauds ,corporate beggars- frauds ,corporate beggars- frauds ,corporate beggars- frauds ,corporate beggars- frauds
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 12, 2020
  • Star Health Health Insurance
    "Nice Policy"
    0.5 4.0/5 "Great!"
    From my company side, they have provided me a health insurance from TATA AIG. I can do a cashless treatment facility in a network hospital hence i have fixed the appointment also. This policy covers only for myself. They have given me a coverage value of Rs. 3 lakhs. I don't have any claim experience till now.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 12, 2020
  • Star Health Health Insurance
    "Good products at affordable right pricing"
    0.5 4.0/5 "Great!"
    I love the way they communicate everything. Inclusions and exclusions were explained in a right way to help me choose right product at right pricing. i got a healthcare for my whole family without burning a hole in my pocket. recommended to all
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 11, 2020
  • Star Health Health Insurance
    "Good "
    0.5 4.0/5 "Great!"
    My friend has suggested to apply health insurance, so for my personal need I had taken a health insurance from STAR HEALTH on 10 months before. They tied up with many hospitals and it covers all city. There is cash less treatment and the policy includes 4 family members, need to pay the premium amount of 12K on yearly basis.
    Was this review helpful? 1
    , chennai
    Reviewed on Mar 10, 2020
  • review Health Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    My health insurance policy is running with Aditya Birla Health Insurance. This is a family floater policy and i am paying premium around Rs. 14k yearly. Still there is no claim and this insurance covers all network of hospitals. This policy has some TAX benefits.
    Was this review helpful? 0
    , lucknow
    Reviewed on Mar 09, 2020
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