Group Insurance

Group insurance is a type of insurance plan that covers a group of people under one single policy. This plan provides the same level of insurance coverage to all the members of the group eliminating the need for buying individual policies for each member. All the members of the group are covered against the same risk under a group insurance scheme.

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Group Health Insurance
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*Premium starting from ₹110/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST)
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Group Health Insurance starting @ ₹110/employee*

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More about Group Insurance

Key Features of Group Insurance

There are several group or corporate insurance policies available in the market. Listed below are some common features present in all employee health insurance plans.

  • Employee health insurance companies typically cover medical benefits for insured (self), spouse, children and dependent parents.
  • Some health insurance providers cover pre-existing illness and maternity as well.
  • Employee health insurance offers cashless hospitalization at network hospitals.
  • Group health insurance can cover ancillary charges such as ambulance costs too.
  • Some employee health insurance policies provide fee reimbursements of specialists and other medical practitioners for follow checkups.

Types of Group Insurance in India

Here are the types of groups that a group insurance policy covers:

Formal Group

A formal group is also known as an Employer-employee group in which all employees work under the same employer. A formal group consists of a company, professional or business organization. The employer buys the group insurance scheme for employees. 

Informal Group

An informal group refers to a housing society or a cultural association. For such a group, the group owner or the administrator buys the group insurance scheme on behalf of the members involved. The group members might hold a group account where their money is collected.

What is covered?

What is Covered & Not covered?

The common inclusions that most of the group insurance plans provide to its policyholders are:

  • Pre-existing diseases are covered from day one.
  • Maternity cover is provided in all the group insurance plans; however, some has a waiting period of 9 months whereas some do not.
  • The infant is covered from the day of his/her delivery.
  • Some plans also cover ambulance charges.
  • Pre and post-hospitalization expenses.
  • Domiciliary and daycare expenses.
  • Fees of a medical practitioner and specialists.
  • Room rent and nursing charges.
  • Anesthesia, oxygen, blood, OT charges, medicines, drugs, and cost of diagnostic such as x-ray, etc.
  • Some plans also cover radiotherapy, chemotherapy, pacemaker cost, etc.

What is not covered?

The common exclusions that all the group insurance plans under this category have been:

  • Some policies do not cover the parents of the employee.
  • Non-allopathic treatments like homeopathy, Ayurveda, etc. are not covered.
  • The validity of a corporate health insurance policy for employees is always limited and is valid only until the employee works with the organization.
  • Congenital diseases and all the expenses incurred in the treatment of AIDS and other related alignments.
  • Alignment or complications arising out of the use or abuse of alcohol or drug.

Why is Group Insurance needed?

These days organizations are becoming more employee-centric than before and hence they offer health insurance plans to its employees. Some of the reasons why group insurance plans are required and beneficial for both employers and employees are:

  • Wide Coverage and Better Benefits: Most of the group insurance plans provide wide coverage and elaborated benefits to the policyholders.
  • Option to Get Customize Cover: The health insurance policies for groups and corporate give the option to customize coverage. For example, an employer can take a plan that provides maternity cover or OPD coverage.
  • Affordable Premiums: Comparing individual health insurance plans with group health insurance in terms of premiums shows groups health plan as affordable. This is because the premiums that one has to pay in respect of coverage that one gets is always higher in group health plans.

How to claim for Group Insurance?

The common steps to file a claim that most of the health insurance providers follow are:

  • Contact the health insurance provider in order to file a claim as soon as possible by calling the toll-free number.
  • The customer care representative guides on the claim process and all the documents required.
  • An insured can download the claim form from the website of the insurance provider or can ask for the same to the customer care representative of the company.
  • Duly fill and sign the claim form.
  • Attach all the required documents with the form.
  • Send the claim form with all the documents to the specific address of the insurance provider.

Note: The policyholder is suggested to keep the copy of all the documents and claim form with him/her.

Documents required for making a claim

The common steps to file a claim that most of the health insurance providers follow are:

  • Contact the health insurance provider in order to file a claim as soon as possible by calling the toll-free number.
  • The customer care representative guides on the claim process and all the documents required.
  • An insured can download the claim form from the website of the insurance provider or can ask for the same to the customer care representative of the company.
  • Duly fill and sign the claim form.
  • Attach all the required documents with the form.
  • Send the claim form with all the documents to the specific address of the insurance provider.

Note: The policyholder is suggested to keep the copy of all the documents and claim form with him/her.

How to Renew Group Insurance?

To renew your group insurance plan, follow the below-mentioned steps.

  • Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited.
  • Step 2: Access your account by filling in your policy number.
  • Step 3: Now locate the “Renew” button on the page.
  • Step 4: If you want you can add or remove any add-on as per your requirement.
  • Step 5: Addition or removal of add-on will affect your insurance premium.
  • Step 6: Now click on the “Renew” button.
  • Step 7: Make the payment using debit/credit card, UPI or net banking.
  • Step 8: Once you make the payment, the insurer will send you the updated policy documents to your email ID and a hard copy of the policy documents to your registered home address.

Factors that Affect Group Insurance Premium

Here are the following factors that can affect the group insurance pricing:

  • Group insurance premiums can be affected by the size of a group means the larger a group, the lower the premium amount will be.
  • The average age of the group can also affect the premium amount of the group insurance policy which refers to if the average age of a group is low then the premium will be lower as well.
  • Workers doing high-risk jobs such as factory workers, healthcare workers and airline staff will have to pay higher premiums.
  • An informal group such as housing societies or cultural associations located in natural calamity-prone areas will be considered high risk and will have to pay higher premiums.
  • The claim history of the employer and the group admin will also affect the premium which refers to the higher the previous claim ratio is, the higher the premium amount will be. 
  • If the buyer adds a rider (Add-on) then the premium amount will increase, if the buyer removes any rider then the premium amount will decrease.

Group Insurance Premium Calculation

Purchasing a group insurance policy online comes with several benefits. One of them is a premium calculation that you can do online using the online premium calculator tool. Many insurance companies offer insurance premium calculators and you can calculate the insurance premium by filling in details such as your city, the number of people covered and the average age group of members covered. The calculator will give you an estimate of the insurance premium amount.

Why Buy Group Insurance from Policybazaar?

Purchasing a group insurance plan from Policybazaar makes your insurance buying experience seamless. On the Policybazaar website, you can compare different plans. get instant quotes by filling in minimum details, calculate the premium amount using the premium calculator tool, raise claims online as well as renew your insurance plan online.

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Frequently asked questions?

There are four types of group insurance plans that offer coverage for different purposes. The type of group insurance scheme that best suits your group’s requirements will be the best for your group. You should assess the risks of your group members and decide the kind of group insurance policy that will provide adequate coverage to the whole group. Thereafter, you can compare group insurance plans offered by different insurance companies on the basis of their covers and premium quotes to choose the ideal group insurance policy for your organization.

Yes. Several insurance providers in India offer group insurance plans that can be customized as per the individual needs of the group at no extra cost. Thus, you can customize your group insurance policy on the basis of salary, designation, etc.

The minimum group members required to purchase a group insurance scheme varies from one plan to another. While some plans allow groups of minimum seven or 10 members to buy group policies, other plans require a group of a minimum of 50 members to be eligible to buy a group insurance policy.

Different types of group insurance plans come with different sets of exclusions. For instance, group health insurance mostly does not provide death benefit which is not the case in group life insurance. Therefore, it is best to decide the kind of group insurance scheme you want to purchase and then carefully go through what is covered and not covered under the group insurance policy.

Those who pay the premium amount for the group insurance policy will be able to claim income tax returns on it. For instance, if the premium for the group insurance scheme was paid by the organization or the employer then only they can claim it while filing income tax. In such a case, the employees or the group members cannot claim the premium under tax returns as the premium amount was not paid by them.

The level of coverage varies one kind of group insurance plans to another. For example, group travel insurance covers loss of check-in baggage and flight delays that are not offered by any other kind of group insurance scheme. Therefore, you should decide the type of group insurance policy that you require for your group members and then read the coverage available.

Group term plan is another name for group term life insurance that provides coverage to all the members of a group under one single policy. This type of group insurance policy provides life cover in case the group member dies within the policy period but does not provide any return benefit if he survives the until maturity.

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