plans
Group Insurance Plan
General Terms

  • Policy Conditions — the section of an insurance policy that identifies general requirements of an insured and the insurer on matters such as loss reporting and settlement, property valuation, other insurance, subrogation rights, and cancellation and nonrenewal.
  • Group insurance is a type of insurance plan that covers a number of people in the same contract. Such a plan provides the same level of insurance coverage to all members of a group irrespective of their age, gender, occupation or socio-economic status.

Main Features

Group insurance is a type of insurance plan that provides coverage to a group of people under the same plan. A group insurance policy provides the same coverage to all the members irrespective of their gender, age, economic status or occupation.

What Are The Features Of Group Health Insurance?

  • Simplicity.
  • Customization.
  • Medical coverage for family members and dependents.
  • Pre and post hospitalization expenses.
  • No waiting period.
  • Medical coverage for pre-existing diseases.
  • No pre-medical screening.
  • Maternity cover.

Highlights

Features of a Group Health insurance Plan
 

  • Covers employee and his/her dependents or family members. No pre-medical checkup required. Cashless treatment at network hospitals. Covers pre- and post-hospitalisation expenses for a certain period.

What are the benefits of buying a insurance policy?

  • A Group Insurance policy helps take care of the financial security part of the employees. As an employer, thus, you can choose from different group term life insurance options to protect your employees and their loved ones from the uncertainties of life.
  • Group Insurance covers a defined group of people, for example members of a professional association, or a society or employees of an organization. Group Insurance may offer life cover, health cover, and/or other types of personal insurance.

Eligibility

  • Features of Group Term Life Insurance Policies. The minimum entry age is 18 years and the maximum ranges between 65-69 years. Many employer employee group term plans cover the basic salary or fixed multiple of total salary, and any other compensation in the form of bonus, or reimbursement reported as income is excluded.
  • Group term life insurance refers to a life insurance plan where the coverage is provided to multiple individuals or a group of people under a single plan. The group term plans aim to offer financial protection to the nominee or the beneficiary in case of the death of the covered individual during the policy term.

Advantages

Among its advantages, group decision making:

  • Generates more favorable outcomes.
  • Provides broader perspective.
  • Taps creative potential.
  • Allows increased discussion.
  • Makes wider use of resources.
  • Builds ownership and buy-in.
Premium Chart
Frequently Asked Question

1. What is Group Health Insurance?

A group health insurance plan is a health insurance plan that provides coverage to members of a group that tends to be employees of a company or members of an organization. Members of the group usually receive insurance at a reduced cost because the insurer’s risk is spread across a group of policyholders. Generally, this policy is given by employers to employees. The advantage of a Group Health Insurance policy is that it can be customised to each specific group depending on what extent (Sum Insured) and how comprehensive they want the coverage to be. Some organisations look to not only cover their employees, but their dependant family as well.

2. What are the specific coverages available under the Group Health Plan apart from the standard covers?

  • Pre-Existing Disease Coverage from Policy inception
  • Enhanced Maternity Benefit + Baby Day 1 coverage
  • Waiver of waiting periods for benefits with them
  • Domiciliary Hospitalization Expenses + Day Care Procedures covered
  • Cover for dependents (spouse, kids, parents)

3. What is room rent capping in Group Insurance (Group Mediclaim)?

Hospital costs are dependent upon the type of room selected by the insured and also based on availability at the time of admission…hence doctor consultation in single A.C. room would be higher when compared to the shared room in the hospital. All related costs thereafter are payable as per the eligible room rent. Typical eligibility is 1-2%% of sum assured as room rent cap and this can be increased.