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Best Group Health Insurance Companies in India

A group health insurance policy is a type of insurance that provides health insurance coverage to a specific group of people like employees of an organization or members of a group. This policy is also known as corporate health insurance or group medical insurance policy. A group health insurance policy is often thought of as an additional benefit by the employees as the premium cost (most of the time) is borne by the employer. Some group health insurance plans also provide the facility to co2ver family members of the employees.

Generally, the price of a group health insurance plan is comparatively lesser than individual health insurance policies and it also provides tax benefits to employers. In this way, a group health insurance policy from one of the best group health insurance companies is beneficial for both - employees and employers.

In this time of the pandemic, most of the best health insurance for business owners provide Covid-19 over apart from other coverage. Here we are going to discuss the best group health insurance companies in brief.

Best Group Health Insurance Companies

Below table shows some of the top group health insurance companies in India that offer some of the best group health insurance plans:

Insurance Provider

Incurred Claim Ratio

Covid-19 Cover

Network Hospitals

Renewability

Bajaj Allianz Group Health Insurance

81.96%

Yes

6500+

Lifelong

Bharti AXA Group Health Insurance

77.50%

Yes

4500+

Lifelong

Care Group Health Insurance

59.13%

Yes

5400+

Lifelong

Cholamandalam MS Group Health Insurance

40.67%

Yes

8000+

Lifelong

Edelweiss Group Health Insurance

113.05

Yes

2500+

Lifelong

ICICI LOMBARD Group Health Insurance

69.90%

Yes

6500+

Lifelong

IFFCO TOKIO Group Health Insurance

95.66%

Yes

4200+

Lifelong

Manipal Cigna Group Health Insurance

61.64%

Yes

4500+

Lifelong

Max Bupa Group Health Insurance

53.51%

Yes

3500+

Lifelong

National Group Health Insurance

103.30%

Yes

6000+

Lifelong

Navi Group Health Insurance (formerly Known as DHFL Group Health Insurance)

34.69%

Yes

NA

Lifelong

Oriental Insurance Group Health Insurance

104.97%

Yes

4300+

Lifelong

Reliance General Group Health Insurance

89.36%

Yes

4000+

Lifelong

Royal Sundaram Group Health Insurance

63.55%

Yes

3000+

Lifelong

SBI General Group Health Insurance

50.54%

Yes

3000+

Lifelong

Star Health & Allied Group Health Insurance

65.91%

Yes

9800+

Lifelong

The New India Assurance Group Health Insurance

100.83%

Yes

1200+

Lifelong

Universal Sompo Group Health Insurance

76.68%

Yes

4000+

Lifelong

Disclaimer: *Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Overview of Best Group Health Insurance Companies in India

Here is an overview of best group medical insurance companies:

Bajaj Allianz Group Health Insurance Company:

Bajaj Allianz Group Health Insurance Company is one of the best private Group Health Insurance providers in India. This company is a joint venture of Allianz SE, a financial services company of Germany, and Bajaj Finserv Limited, a financial service company of Bajaj Group of India. With various products in different segments of Group Health Insurance, Bajaj Allianz also offers the best group insurance policy. A brief overview of the Group Mediclaim Policy offered by Bajaj Allianz are:

  • Gives access to quality health insurance service.
  • Provides comprehensive health insurance cover at an affordable price.
  • The company offers cashless healthcare service at approximately 6000 network hospitals.
  • Under the Group Mediclaim plan, one gets the benefit of 24x7 call support.
  • The in-house Health Administration Team (HAT) of Bajaj Allianz Group Health Insurance Company provides quick claim settlement.
  • Provides both family floater and individual plans.
  • The employers get the tax benefit under section 80D of the IT Act.

Bharti AXA Group Health Insurance Company Limited:

Bharti AXA Group Health Insurance Company Limited is a joint venture between Bharti Enterprise and AXA, global insurance market leader. The company provides a wide range of healthcare insurance plans at affordable rates. The easy claim settlement process, cashless facility in 4500+ network hospitals are some of the reasons, employers opt for this insurance provider.

Bharti AXA offers many group health insurance plans that help the groups or employers to meet the benefits of their employees or people of the group. The key benefits of this one of the best group health insurance plans are:

  • Bharti AXA Group Health insurance plan provides medical benefits to the insured, his/her spouse, dependent children, and sometimes dependent parents.
  • The facility of cashless hospitalization at a network hospital.
  • Pre- and post-hospitalization expenses are also covered.

Care Group Health Insurance:

Care Group Health Insurance was formally known as Religare Health Insurance. The company is known for providing a range of health insurance plans to corporates, families, and individuals. In its comprehensive group, a health insurance plan safeguards the employees of an organization against financial issues that arise due to medical emergencies. The salient features of this best health insurance for business owners are as follows:

  • Flexible health insurance plans according to the requirements of policyholders.
  • Provides the facility of cashless hospitalization is approximately 10,000+ network hospitals.
  • The policy provides a dedicated relationship manager.
  • The company has an in-house claim settlement team.
  • The policy starts covering pre-existing diseases from day one.

Cholamandalam MS Group Health Insurance Company:

Chola MS Group Health Insurance Company is a joint venture between Mitsui Sumitomo Insurance Company Limited of Japan and Murugappa Group. The company offers a wide range of insurance plans including insurance products for Health, Motor, Accident, Engineering, etc.

A group health insurance plan offered by Chola MS Group Health Insurance Company provides a health solution to the employees of an organization without any prior medical examination irrespective of his/her age and health status. With this affordable group or corporate health insurance plan, an organization gets the following key benefits:

  • It provides coverage for the local ambulance charges.
  • Pre and post-hospitalization expenses are also covered.
  • Cashless claim settlement services in-network hospitals are offered.
  • Chola MS Group Health Insurance Plan also provides maternity benefits.

Navi Group Health Insurance Limited:

Navi Group Health Insurance Company Limited has years of experience in the insurance industry. With various insurance plans, this insurance provider offers the best group insurance policy. Navi Group Health Insurance policy protects the health of employees by offering relevant health insurance plans. Apart from being one of the affordable group health insurance plans, Navi Group Health Insurance Company offers the following benefits to its policyholders:

  • This is one of the affordable group health insurance plans.
  • Under this policy, day-care treatments are also covered.
  • Pre- and post-hospitalization expenses are as well covered.
  • Domiciliary hospitalization expenses are covered as well.

Edelweiss Group Health Insurance Company:

Edelweiss Group Health Insurance is one of the largest financial services providers in India. With life and Group Health Insurance to brokerage service, this company offers equity and some other investment-related services through its various subsidiaries. In its Group Health Insurance category, the company offers group health insurance plans as well. The key features of the Edelweiss Group Health Insurance policy are as follows:

  • The facility of medical referral is offered.
  • The benefit of evacuation is also offered under this plan.
  • The medical monitoring feature is given to the members of a group.
  • Return of mortal remains expenses is also covered under this policy.

ICICI Lombard Group Health Insurance Company:

ICICI Lombard Group Health Insurance Company Limited is one of the largest private sector Group Health Insurance providers in India. The company offers insurance plans for vehicles, travel, health, home, and more. Under the health insurance category, it also offers plans for groups. One can purchase and renew an ICICI Lombard Health Insurance policy online. The key benefits that an insured gets with this policy are as follows:

  • Flexible group health insurance products that can easily be tailor-made as per the requirements of the policyholder.
  • A cashless facility is offered.
  • The insurer offers a group discount if the size of the group exceeds 100.
  • Provides coverage for the employees of an organization or members of a group and also offers the facility to cover their families.

IFFO Tokio Group Health Insurance Co. Ltd:

IFFCO Tokio Group Health Insurance Company has earned a very good reputation in the insurance industry by implementing transparent insurance policies and quickly responding to customer queries. It is the only insurance company in India that has a 100% self-owned distribution channel named IFFCO Tokio Insurance Services Ltd. (ITIS). With another Group Health Insurance plan, IFFCO Tokio Group Health Insurance Company as well offers Group Health Insurance Plans. The key benefits of this policy are:

  • IFFCO Tokio Group Mediclaim Insurance policy is available at lower premiums.
  • The policy provides coverage for all the members of a group or organization at once.
  • One can easily customize the coverage of his/her group health insurance plan.
  • The policy provides a cashless claim facility upon all the network hospitals of IFFCO Tokio.
  • The policy as well offers different types of incentives for being a part of the group.
  • The coverage of the policy starts from day one of policy enrolment.

Manipal Cigna Health Insurance Co. Ltd:

ManipalCigna Group Health Insurance Company was formally known as CignaTTK Health Insurance Company Limited. The company is a joint venture between Cigna Corporation and Manipal Group and it provides various types of health insurance plans. One of such plans is ManipalCigna’s Group Health Insurance plans with the name of ProHealth Group Insurance Policy. The key benefits of this group health insurance plan are:

  • The policy provides seven in-built advantages with base cover.
  • ProHealth Group Insurance is a package of 42 requirement-based optional covers.
  • It is for the first time that any group health insurance policy was offering the benefits of deductible, co-pay, expenses of OPD, and more.
  • The policy provides a choice of dental, maternity, OPD, vision, and many more.
  • Provides AYUSH treatment.
  • Provides a choice of the personal accident and critical accident cover.
  • It gives a choice of daily cash benefits.
  • The policy also provides multiple cost-sharing options at the individual and corporate levels.
  • This group health insurance plan offers family-related benefits.
  • The plan offers indemnity or fixed pay-out as applicable.

Max Bupa Group Health Insurance Company Limited:

Max Bupa Group Health Insurance Company is a private health insurance company in India. This is a joint venture between Bupa, a UK-based healthcare company, and Max India Group. The company offers many affordable health insurance plans out of which it provides one of the best group medical insurance policies. The key features of this group health insurance plan are mentioned below:

  • The policy offers a 30-minute cashless claim process.
  • It provides a discount of 7.5% when one buys this policy online.
  • This policy also offers hospitalization over against COVID-19.
  • The company has PAN - India 7000+ network hospitals.

National Insurance Group Health Company Ltd:

National Insurance Group Health Company Limited is a government-owned Group Health Insurance provider. The company works under the Indian Ministry of Finance with the catchline ‘Trusted Since 1906’.  With health insurance plans in almost all categories, the company provides group health insurance policies. The key benefits of this plan are:

  • The policy provides cashless benefits in its network hospitals.
  • In-house claim settlement process.
  • The policy also offers the additional benefit of free health check-ups.

Royal Sundaram Group Health Insurance Co. Ltd:

Royal Sundaram Group Health Insurance Company Limited is a subsidiary of the financial group Sundaram. It is the first private Group Health Insurance provider in India that has got the license by the IRDAI in October 2000. With its various Group Health Insurance plans, the company also offers one of the best group health insurance policy with the following benefits:

  • The plan offers hospitalization cover.
  • The policy also provides out-patient care.
  • This policy also covers in and out-patient cover as well,

Reliance Group Health Insurance Co. Ltd:

Reliance Group Health Insurance Company Limited is a private insurance provider of India and it is a subsidiary of Reliance Dhirubhai Ambani Group. With insurance plans of almost all sectors, the insurer also provides a group health insurance plan. The key benefits of this best group health insurance policy are as follows:

  • The feature to customize this policy is available.
  • Provides regular health check-ups benefit.
  • The policy provides coverage for all the employees and their families.
  • The policyholder can avail cashless treatment facility across all the network hospitals.
  • It is available at lower premiums.
  • Daycare procedures are as well covered in this policy.

SBI Group Health Insurance Co. Ltd:

SBI Group Health Insurance is a joint venture among State Bank of India (holds 70% stake) and Axis Bank Asset Management Company Limited, Warburg Pincus Group, and Premji Invest. With insurance products for home insurance, motor insurance, and cyber defense insurance, this company as well offers insurance products for groups. The key benefits of SBI General Group Health Insurance plans are as follows:

  • The policy bears all the medical expenses of its policyholders.
  • It provides pre-and post-hospitalization expenses cover.
  • The plan also covers pre-existing medical conditions.
  • Under this plan, one gets coverage for his/her complete family.
  • Domiciliary hospitalization expenses are covered.

Star Group Health & Allied Insurance Co. Ltd:

Star Group Health & Allied Insurance Company started its operation in the year 2006 in India. The company is the first standalone insurer that offers services in health, overseas travel insurance, personal accident, and group health insurance. The benefits that one gest with a group health insurance plan of this company are:

  • Cashless facility in-network hospitals of the insurer.
  • The facility of co-payment is also provided.
  • Daycare treatments are also covered.
  • Pre- and post-hospitalization expenses are also covered.

The New India Assurance Company Ltd:

The New India Assurance Group Health Insurance is based in Mumbai and is a government-owned Group Health Insurance provider in India. With motor insurance plans, the company also offers various health insurance products out of which a group health insurance plan is one. The key benefits of this policy are:

  • All the hospitalization expenses are borne by the company.
  • Pre-existing health conditions and illness are not covered until the policyholder spends 48 months with the policy.
  • Medical/ surgical treatment at any hospital or day is entre of India is covered.

The Oriental Insurance Company Limited:

The Oriental Insurance Company has its headquarter in New Delhi and is one of the oldest government-owned Group Health Insurance providers. With insurance products in almost all the Group Health Insurance categories, this company offers plans for group health insurance plans. The key benefits of a group health insurance policy are:

  • This group health insurance policy is available for any association, group, or organization with more than 50 people.
  • All the expenses during hospitalization are covered.
  • A cashless facility is available in-network hospitals.
  • Covers expenses of the treatment of some critical illnesses.

Universal Sompo Group Health Insurance Company Limited:

Universal Sompo Group Health Insurance Company Limited is one of the leading Group Health Insurance providers in India. The company was founded in the year 2007 and since then it is offering some of the best insurance products in the Group Health Insurance category. The key benefits under this plan are:

  • The policy offers wide coverage with sum insured up to Rs. 5,00,000.
  • The age of the policyholder, the size of his/her family, and the sum insured are the factors to decide the premium of the policy.

This policy is restricted to nursing homes and hospitals in India only.

Written By: PolicyBazaar
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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