Best Group Health Insurance Plans in India You Should Know About
Group insurance is a major criterion for being a responsible administrator or employer. It creates a sense of mutual understanding between the manager and the employee and strengthens the mutual rapport between the organisations with its employees. Among the top group insurance plans, group health insurance plan has become mandatory in India, since the worldwide pandemic outbreak of Covid-19.
7 Types of Group Insurance Plans in India
Here are the 7 different types of top group insurance plans available in India are as follows:
- Group Health Insurance: Here, the employer buys health insurance coverage for the employees. This is the commonest kind of group insurance here. At times, the dependents and the family members of the concerned employee are included in the plan. It does not require any pre-medical check-up and covers pre-and post-hospitalization costs up to a certain limit. It may also include maternity benefits, OPD and day-care expenses as well. You do not need to serve any waiting period. It even covers certain critical illnesses.
- Group Personal Accident Insurance: Here, the employer provides accidental coverage for their employees. It covers all injuries related to accidents. In case of earning loss, it offers financial backing. Hospitalization expenses are also covered. In case of partial or total disability, the insured is liable to receive a certain rep-fixed percentage of the insured amount. In case of death due to an accident, the employee’s nominee will receive the due benefits.
- Group Pension Plan:
This is a typical employer group insurance that takes care of the post-retirement expenses of the employee. For individual contributions, you can avail of tax redemptions under section 80C. With annuity options, you can create a regular income plan for the post-retirement period.
- Group Employee Deposit Linked Scheme: The complete benefits of this scheme are dependent on the individual contribution of the employee towards the Provident Fund. Irrespective of the working hours or the place where the accident occurred, it is applicable everywhere. The benefits are transferable if the employee chooses employment elsewhere.
Workmen/Employee Compensation Insurance: The employer offers financial support to the workmen in case of accidents occurred during the employment tenure. It also compensates for the loss of income because of an accident or injury within the scheme of this plan. It is also significant support for seasonal workers and contractual workers.
- Group Travel Insurance: This is a combination of liability, health, and accident insurance. It offers coverage against the concerned employee’s personal travel during the policy term. It ensures simple handling of all the travelling emergencies and single-window management. There is no limit to the minimum number of employees for purchasing this plan.
- Public Liability Insurance: It covers losses, damages, injuries that occurred to the third party for your business-related events. It covers the legal liabilities, tenants’ as well as contractual liabilities.
Top Group Health Insurance Plans
Group health insurance cover being the commonest form of group insurance practiced in India, it offers several benefits:
- Free health insurance: A group health insurance offers the employees to enjoy medical coverage free of cost throughout their employment term. The employer pays the premium, as an incentive to the employee. It even includes the dependent family members, offering wide-ranging coverage.
- High-class coverage: With group medical cover, you receive the best of treatment and medical care at all the network hospitals, serving no waiting period. Sometimes, OPD costs, consultation costs, lab-test booking facilities can also be availed easily.
- Preventive health care:
Some group plans can monitor your regular health and exercise regimen. You are awarded accordingly on achieving daily or weekly milestones.
Top 10 Group Health Insurance Companies in India
Some of the major group health insurance companies include:
- Bajaj Allianz Group Health Insurance with a claim ratio of over 80% and a hospital network of over 6500
- Bharati AXA Group Health Insurance, with a hospital network of over 4500 and a claim ratio of around 80%
- Cholamandalam MS Group Health Insurance, offering a network of 8000+ hospitals
- Edelweiss Group health Insurance offers a hospital network of over 2500
- ICICI Lombard maintains a claim ratio of around 70% with a hospital network of nearly 7000
- IFFCO-TOKIO Group Health Insurance maintains a promising claim settlement ratio of nearly 96% and a hospital network of nearly 4500
- Max Bupa Group Health Insurance works through a network of over 3500 hospitals and holds a record of nearly 54% claim settlement
- Reliance General Group Health Insurance possesses a record of 89.36% claim settlement and nearly 4500 network hospitals
- SBI General Group Health Insurance works across over 3000 network hospitals
- The New India assurance Group Health Insurance maintains a 100% claim settlement ratio and manages nearly 1500 network hospitals.
Apart from these, some other major insurance companies include Universal Sompo Group Health Insurance, Star Health and Allied group Health Insurance, Royal Sundaram Group health Insurance, Oriental Insurance Group Health Insurance.
This is in short a descriptive yet comprehensive guide to types of top group insurance plans, focusing especially on top group health insurance plans.