Corporate Health Insurance Premium likely to Drop by 5-10%

Raise in premium Rates is now solely dependent on the intensity of competition between insurers The ever rising competition among General insurance companies is becoming a reason big enough for employers to cheer as Group health insurance premium rates may not experience any raise this year.

Read More

Policybazaar exclusive benefits
  • 30 minutes claim support*(In 120+ cities)
  • Relationship manager For every customer
  • 24*7 claims assistance In 30 mins. guaranteed*
  • Instant policy issuance No medical tests*

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

*Tax benefit is subject to changes in tax laws. Standard T&C Apply

Back
Find affordable plans with up to 25% Discount**
  • 1
  • 2
  • 3
  • 4

Who would you like to insure?

  • Previous step
    Continue
    By clicking on “Continue”, you agree to our Privacy Policy and Terms of use
    Previous step
    Continue

      Popular Cities

      Previous step
      Continue
      Previous step
      Continue

      Do you have an existing illness or medical history?

      This helps us find plans that cover your condition and avoid claim rejection

      Get updates on WhatsApp

      Previous step

      When did you recover from Covid-19?

      Some plans are available only after a certain time

      Previous step
      Advantages of
      entering a valid number
      valid-mobile-number
      You save time, money and effort,
      Our experts will help you choose the right plan in less than 20 minutes & save you upto 80% on your premium

      The numerous claims in the corporate insurance segment are no solid indicators for the insurers to increase the premium rates as the competition among insurance companies is very tough. It is so tough that premium rates expect a fall of 5-10 per cent at the policy renewals in April this year.

      Corporate health insurance is the health cover purchased by companies for their employees. It is not at all profitable for general insurance companies as evident from its claim ratio of 110% (meaning, they receive Rs. 100 as premium, after paying for claims amounting to Rs. 110). Insurers are however considering adopting different approaches taking into account the capability and readiness of the companies to pay premium. Options like – ‘co-pay’, ‘eliminating the benefits’, ‘obstructing the room rent availability’, ‘and putting barriers on covers for senior citizens’.

      Insurance companies cross-subsidize group health insurance as they receive majority of insurance business from other business units like fire, property and engineering. Group health insurance has sustained the status of accommodation business for quite many years. Two years ago, it was planned to raise the insurance premium rates for group health exponentially so as to give it a single business unit status. But off late, insurers have started considering it as an accommodation business only.

      In order to recover from the losses experienced due to high competition, the insurance companies are thinking at providing not just a hospital reimbursement policy to corporate companies but also various other health insurance linked products, such as outpatient department coverage for parents and larger deductible super top-up cover that the employee can purchase to back his group plan.

      Health insurance industry in India stands tall in terms of competition with 23 general insurance companies and five standalone health insurance companies.

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

      Health insurance articles

      Recent Articles
      Popular Articles
      Does HDFC ERGO Health Insurance Cover Dental Treatments?

      22 May 2024

      HDFC ERGO General Insurance Company offers various health
      Read more
      Does Aditya Birla Health Insurance Cover Dental Treatments?

      17 May 2024

      Dental insurance is vital in maintaining oral health by covering
      Read more
      Does Niva Bupa Health Insurance Cover Dental Treatments?

      06 May 2024

      Dental insurance covers regular dental check-ups and treatments to
      Read more
      Surgeries Covered by TATA AIG Health Insurance Plans

      26 Apr 2024

      Amidst the escalating healthcare costs nationwide, managing the
      Read more
      Surgeries Covered by Liberty Health Insurance Plans

      26 Apr 2024

      Liberty General Insurance Limited offers a range of comprehensive
      Read more
      How to Apply for Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (PM-JAY)?
      Ayushman Bharat Yojana is a flagship health insurance scheme launched by the Government of India to offer universal
      Read more
      Best Health Insurance Plans for Senior Citizens
      Senior citizens are the most prone to diseases. Considering the medical inflation in India, buying health insurance
      Read more
      Does Health Insurance Provide Coverage for LASIK Eye Surgery?
      A vast majority of the Indian population is suffering from vision problems. For some of them, LASIK eye surgery is
      Read more
      Zero Waiting Period in Health Insurance Plans
      Every medical insurance plan comes with a few terms & conditions, and the waiting period is one of them. A
      Read more
      Heart Surgery Cost in India
      Heart diseases are the leading cause of death across the globe. As per a survey by the World Health Organisation
      Read more

      top
      Close
      Download the Policybazaar app
      to manage all your insurance needs.
      INSTALL