Last Updated on March 22, 2023 by

How To Find The Perfect Group Health Insurance Policy In India

A group health plan is designed to cover a group of people. This insurance policy is specially designed for employees of a company or an organization. This is why it is also known as a corporate health insurance plan. The employers pay the policy premium for this plan. As an employee, you get to enjoy the benefits of daily hospital benefits, maternity coverages, critical illness coverages, and additional medical and hospital coverages.

But there are various corporate health insurance plans to choose from. We have prepared a list of the five best health insurance policy in India to help you get started.

  1. Aditya Birla Group Health Insurance
  2. Bajaj Allianz Group Health Insurance
  3. Digit Group Heal Insurance
  4. Bharti AXA Group Health Insurance
  5. Cholamandalam MS Group Health Insurance

Key Features you must look for in a Group Health Insurance Policy:

Over the past decade, companies and organizations have become employee-centered. The companies have taken the liability to offer group health insurance policies to their employees. These insurance plans are beneficial for both employers and employees in many ways. Let’s find out what features you should look for in a group health insurance policy.

  • Option to customize coverage: The employer gets the advantage of customizing coverage, where they can choose which coverages they want to get in their plan. There are multiple coverages to choose from. For example, coverages for pre-existing diseases, pre, and post-hospitalization, domiciliary and daycare expenses, bed and nursing charges, medicines, x-ray, etc. There is also an option where the insurance policy covers the employee’s current family members. But, it can cost the employer twice the premium amount. 
  • Affordable low-cost premiums: One can receive a higher coverage option in exchange for a low premium in group health plans. It is more cost-effective than individual health insurance. A group health policy is something that you have to continue in the next few years. Hence, as an employer, it is essential to think about low-cost, affordable, and sustainable premium plans that give you the advantages of extensive coverage for your employees.
  • Waivers: There are certain waiting periods when the employees need to wait to receive treatment. But, a group health insurance policy gives you the advantage of waiving these waiting periods by paying an extra premium. It is highly advantageous for group health plans than any other insurance policies available on the market.
  • Cashless facility: Some group health insurance policies have good connections with top hospitals. These connections give employees the benefit of enjoying a cashless facility. Employees must prove their health insurance identity at the hospital’s admission area and avoid unnecessary paperwork hassles. The insurer settles any treatment under the policy’s purview.
  • Legal implications: The Indian government has encouraged companies and organizations to ensure their employees’ safety during the COVID-19 pandemic. The Employee State Insurance Act 1948 states that if the organization is a manufacturing industry, you must ensure the factory workers’ security. 
  • Reactive and proactive policy: Reactive policy offers financial help to a hospitalized employee. Proactive insurance offers financial help without the need for hospitalization. You can also enjoy encouraging health check-ups, discounts on lab tests, consultations with healthcare professionals, and fitness workouts. Hence, group health insurance policy has become proactive from reactive.

Final Thoughts

We advise you to compare different group health insurance plans, calculate which premium is more cost-effective, and get the best quality benefits you are looking for before deciding on the best health insurance policy for you. It is also essential to look after your own employees’ needs. We hope this article will help you make a better decision in every way.