A group or corporate health insurance plan can be purchased by an organization for its employees or by a group of people with the same interest. From the perspective of employer-employee, a group health insurance plan is one of the key benefits that a company can offer to its employees. In some cases, the companies provide cover for the family members of their employees as well.
As an owner of a small business, you may wonder whether your company and you are eligible for group health insurance cover or not? According to the Insurance Regulatory and Development Authority of India (IRDAI), a business needs at least 20 employees to b eligible for a group health insurance plan. However, there is a provision of issuance of microinsurance plans to groups that have at least five members. Another important clause mentioned by IRDAI in its draft for companies with less than 20 members, the Group Health Insurance plan can still be provided if the family members of the employees are added. In addition to this, different insurance providers may have different limits over the minimum size of the group of insured people.
Group Health Insurance Premium Calculator
Who do you want to insure?
Employees
Employees & their family
Minimum lives should be 7
1 Lakh
2 Lakh
3 Lakh
4 Lakh
5 Lakh
Include maternity coverage
Premium starts from
(Excluding GST)
Let's find the right plan for you
Speak to our experts to get the right plan for your company's needs
Expert advice made easy
Date
Time
When do you want a call back?
Today
Tomorrow
21 Feb
22 Feb
23 Feb
24 Feb
25 Feb
What will be the suitable time?
11:00am - 12:00pm
12:00pm - 01:00pm
01:00pm - 02:00pm
02:00pm - 03:00pm
03:00pm - 04:00pm
04:00pm - 05:00pm
05:00pm - 06:00pm
Tell us the number you want us to call on
Your privacy matters. We won't spam you
Call scheduled successfully!
Our experts will reach out to you on 4th June between 2:00 PM - 3:00 PM
So, if you want to purchase a group health insurance plan for your company then there are some more guidelines that you must follow:
Most of the group health insurance plans are for employer-employee, however, it can also be purchased by some specific groups who have some common interest. So, by this, you can purchase a group health insurance policy even when you are related to a group that is non-employer-employee such as credit card holders, employee welfare associations, bank borrowers, etc. In addition to this, societies or professional associations can also be considered as a group, provided the secretary, president, or manager in his/her capacity as an organizer enjoys the authority from most of the groups for purchasing insurance on their behalf. For example, banks purchasing group insurance for their depositors. When we talk about a group of employers – employees, the group insurance plan can either be non-contributory or contributory without any limits on the employer's contribution.Â
The criteria for having a minimum number of employees vary from one insurance provider to another.Â
Your group must not be formed to avail insurance as the premium rate of a group health insurance is cheaper than an individual insurance policy. However, if you do so, then the insurance provider has the right to refuse a group health insurance policy. There has to be a clear relationship between the group manager and members for the service that should not be related only to purchase an insurance policy. A homogenous group of people can think of purchasing an insurance policy for enjoying a lower cost of premiums, a person who is negotiating the rates of group insurance and then searching for the members to purchase a group health insurance policy is not allowed to buy it.Â
An individual can get enrolled in a group health insurance policy either through a definite date such as the first of the following month, or next anniversary, or identifiable events such as loan sanction date, employment commencement, travel date, etc. However, a group health insurance plan can cease to exist, if even a single member leaves that group. It excepts the situations wherein it is explicitly mentioned that the person will get a group health insurance cover even when he/she leaves the group such as after retirement.
Get your Policy Now
Let us discuss some cases to understand the aforementioned points:
Case 1: ABC Engineering Company is a leading organization that has approximately 500 employees. The company has undertaken many challenges and several good projects across various Indian firms and is known for its quality of services and reliability. It has can purchase a group health insurance plan for its employees. The company can as well get all its new employees covered in a plan. In case an employee leaves the organization, then the company has to inform its insurance provider immediately so that his/her cover can be canceled immediately. The company can as well extend the cover of its group insurance plan for its retired employees. For that, they can notify the insurance provider in writing. For this, the insurance provider can charge some extra premium as well.
Case 2:X, an interior designer of Delhi, travels abroad for his business as he has many clients out of India as well. Here, he can only purchase an individual travel insurance policy for covering his overseas travel. However, if he approaches a group insurance provider and collects people who frequently travel abroad, then the insurance provider can refuse to issue the group health cover.
Case 3: XYZ Bank can purchase a group health insurance policy for all its credit cardholders. This policy can ensure that in case of some health issues, the credit card holders of XYZ Bank get benefits. For purchasing this plan, the bank has to make sure that it has the minimum number of members required by the insurer.
Benefits of A Group Health Insurance Policy
Being an employer, you get the following benefits with a group health insurance policy:
Provides a better work environment for your employees as they feel secure with a health insurance policy.
As per some surveys, a health insurance plan improves the retention rate of employees.
Tax benefits for the premiums that you have paid against the group health insurance plan.
Buy Now
The Final Words!
Group health insurance policies offer health insurance to the employees by its employers or a group of people with the same interest. Some group health insurance plans as well as provide coverage to the families of employees like a spouse, dependent children, and sometimes dependent parents. Under a group health insurance policy, the conditions and terms and the exclusions remain the same for everyone, however, they may differ with the insurance provider. An employee does not need to undergo any pre-medical checkup, and he/she is insured immediately after joining the organization. Some policies as well provide maternity coverage.
No, eligibility for group health insurance is independent of a workmen compensation policy online. Workmen compensation insurance specifically covers work-related injuries or illnesses and is usually mandated by law for certain jobs. Group health insurance, however, is provided at the discretion of the employer and covers a broader range of medical needs, including illnesses and accidents unrelated to work.
Group Health Insurance Premium Calculator
Who do you want to insure?
Employees
Employees & their family
Minimum lives should be 7
1 Lakh
2 Lakh
3 Lakh
4 Lakh
5 Lakh
Include maternity coverage
Calculate premium
Premium starts from
(Excluding GST)
View plans
Let's find the right plan for you
Speak to our experts to get the right plan for your company's needs
Schedule a callback
Expert advice made easy
Date
Time
When do you want a call back?
Today
Tomorrow
21 Feb
22 Feb
23 Feb
24 Feb
25 Feb
Next
What will be the suitable time?
11:00am - 12:00pm
12:00pm - 01:00pm
01:00pm - 02:00pm
02:00pm - 03:00pm
03:00pm - 04:00pm
04:00pm - 05:00pm
05:00pm - 06:00pm
Next
Tell us the number you want us to call on
Your privacy matters. We won't spam you
Submit
Call scheduled successfully!
Our experts will reach out to you on 4th June between 2:00 PM - 3:00 PM
Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
*Product information is authentic and solely based on the information received from the Insurer. Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer.
^ The pre-existing diseases are only covered as per insurer T&Cs.
#Tax Benefits are subject to changes in tax laws.The benefits mentioned are as per insurer T&Cs and are available with or without extra cost depending on the plan and insurer chosen .Therefore, to learn more about the benefits in detail, contact the HR department of your company or check the insurance policy documents.. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.Policybazaar is acting only as a facilitator and claims settlement shall be at the sole discretion of the Insurer. STANDARD TERMS AND CONDITIONS APPLY. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.Policybazaar is registered as a Composite Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2027, License category- Composite Broker. *Savings of 65% are based on the comparison between the highest and lowest premiums provided by different insurance companies for Rs 5 lakh cover for 50 employees falling in the age group ranging between 19-55 years with room rent limits of 1% and 2% of sum insured for normal and ICU rooms respectively and does not include PED and maternity coverage. Premium starting from +₹110/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST), Premium may vary on the basis of coverage type & add-ons, All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply By clicking on "View Plans Instantly" you agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover. The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.