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Group Health Insurance
Group health insurance, also known as group mediclaim policy, is a health insurance plan meant to cover medical costs for a group of people, especially members of organisations or employees of a company. With medical treatment costs skyrocketing, a group health insurance plan is a great way for an organisation to attract talent. It not only supports employees during medical emergencies but also fosters a culture of trust and security.
For instance, if an employee is hospitalised due to dengue, the group health insurance policy takes care of their medical bills, allowing the employee to focus on recovery instead of worrying about expenses.
Considering this, we at IndusInd General Insurance (formerly known as Reliance General Health Insurance) offer group health insurance with extensive medical coverage, like in-patient treatment, day-care treatment and more. Along with this, we offer access to over 10,000+ network hospitals* to offer seamless cashless claim services in the event of both planned and emergency treatments.
What is Group Health Insurance?
A group health insurance plan is an affordable health insurance option that covers a specific group of people, such as a company's employees, under a single policy. The plan is typically offered by organisations to their employees as part of their employee benefits package.
Instead of each person buying an individual policy, the organisation purchases a group plan that extends coverage to all its members. By pooling risks across a group, the per-person premium decreases, making it more cost-effective to ensure health protection.
For employees, it acts as a safety net during medical emergencies, while for employers, it helps boost morale, build loyalty, and attract talent. Employees can also add their family members to the plan.
Benefits of Purchasing Group Health Insurance
Legal Compliance
Providing group health insurance ensures that organisations meet statutory requirements and comply with employee welfare regulations. It shows the company’s commitment to safeguarding employees and following fair practices. By offering such coverage, businesses also avoid potential legal issues and demonstrate responsibility towards their workforce.
Attract Talented Employees
Having a group health insurance plan helps organisations attract talented employees. In this competitive job market, employees look for more than just salary. Group health insurance is a great addition to the employee benefit package. It positions the company as a caring employer, which helps in attracting talented and skilled employees.
Support Employee Well-Being
By offering a group health insurance plan to employees, you can also support their well-being, especially when medical treatment costs are high. The plan allows employees to access quality healthcare without worrying about the financial burden. It also shows employer commitment to caring for employees beyond the workplace.
Boost Productivity
Employees who are not burdened by medical worries can concentrate better on their work. Group health insurance reduces absenteeism by enabling timely medical care and faster recovery. As a result, employees stay healthier and more focused, leading to improved overall productivity.
Retain Employees
A comprehensive and robust group health insurance plan encourages employees to remain loyal to the organisation. It builds trust by showing that the employer truly cares about their long-term security. Over time, this helps reduce attrition and creates a more stable workforce.
Tax Benefits
One of the significant benefits employers can enjoy by purchasing a group health insurance plan is the tax benefit. Employers can enjoy tax benefits on the premiums paid for group health insurance under Section 37(1) of the Income Tax Act. This reduces the overall financial burden of offering such a plan.
Key Features of IndusInd Group Health Insurance
Here is a list of key features offered by the IndusInd group health insurance plans. With our plan, you get access to 24/7 online services, ensuring all-around coverage no matter where you are.
Key Features | Details |
|---|---|
Sum Insured | Depending on the organisation's needs |
Modern Treatment | Up to 50% of Base Sum Insured |
Pre- Hospitalisation Expenses | Up to 30 days |
Post Hospitalisation Expenses | Up to 60 days |
Day Care Treatment | Yes |
Maternity Expenses Benefit | Yes |
Waiting Period | 30-day |
Free Look-up Period | 30 days from the date of issuance |
Renewability | Renewable yearly |
Disclaimer: Policy features, prices and discount rates are subject to change. For the most up to date information please refer to your policy documents linked here.
Inclusion and Exclusion of Group Health Insurance
What’s Covered
Hospitalisation Expenses - Covers room rent, ICU, nursing, doctors’ fees, surgery, medicines, diagnostic tests, and consumables during in-patient care.
Pre and Post-Hospitalisation - Medical costs up to 30 days before admission and 60 days after discharge are included if related to the same treatment.
Day-care Procedures - Covers treatments that require less than 24 hours of hospitalisation, such as dialysis, chemotherapy, or cataract surgery.
Domiciliary Hospitalisation - Expenses for treatments taken at home for a period exceeding three days on medical advice, when hospitalisation is not possible, are covered
Modern Treatment - The policy will cover up to 50% of the Sum Insured for certain advanced medical treatments.
What’s Not Covered
Diagnostic or Evaluation-only Admissions - Hospital stays only for tests, investigations, or observation without active treatment are not covered.
Cosmetic and Aesthetic Treatment - Plastic surgery, cosmetic procedures, or weight loss treatments are excluded unless medically necessary due to accident or illness.
War and Hazardous Activities - Any treatment required due to war, nuclear risks, or participation in dangerous sports or activities is excluded.
Substance Abuse, Wellness and Rejuvenation - Treatment for illness or injury caused by substance abuse, along with treatments received in wellness resorts is excluded from coverage.
Disclaimer: The inclusions and exclusions mentioned are for general reference only. Refer to the policy wording for complete details.
Who Should Consider Buying Group Health Insurance?
Small and Medium Enterprise
Small and medium enterprises should definitely consider buying a group health insurance plan. It not only reduces financial stress during medical emergencies but also helps retain skilled workers by offering them a sense of security.
Large Corporations
Large corporations benefit from group health insurance by covering their extensive workforce under a single policy. It ensures standardised health benefits, builds employee trust and enhances loyalty while strengthening the company’s reputation as a responsible employer.
Start-ups
Start-up companies, like tech companies and mobile application developers, can also invest in group health insurance plans. Offering such perks to employees helps businesses build a motivated and satisfied team.
Companies
Companies such as banks and other financial institutions, regardless of size or industry, can strengthen their workforce with group health insurance. It improves employee productivity by reducing absenteeism due to health concerns and creates a supportive workplace culture.
Association or Societies
Associations, societies, or groups can purchase group health insurance to cover all their members under one policy. This collective approach reduces costs while ensuring that everyone has access to essential medical protection.
Key Considerations When Purchasing a Group Health Insurance
Requirements to Buy Group Health Insurance
With the IndusInd General Insurance group health insurance plan, you can offer comprehensive protection to your employees. Here are the general requirements for buying group health insurance.
Parameters | Details |
|---|---|
Entry Age for Employee | 18 years to 70 years |
Entry Age for Spouse | 18 years to 70 years |
Entry Age for Dependent Children | 91 days to 25 years |
Newborn Cover | From birth till 90 days |
How to Buy/Renew Group Health Insurance?
Buy Online
Provide organisation details such as the business registration number, number of employees, and other required information.
Next, enter your contact details, including your mobile number, business address, and other relevant information.
Our representative will guide you through the available plans and features.
Once done, select the plan and make a payment to receive your policy instantly.
Renew Online
Enter policy details such as policy number and registered contact information.
Review and update coverage by adding or removing members, opting for add-ons, or adjusting the sum insured if required.
Confirm the renewal terms and check the premium amount displayed.
Pay online and get the renewed policy instantly at your registered email.
Why Buy Group Health Insurance Online?
Buying a group health insurance plan online not only reduces the extensive paperwork but also saves time. Here are some of the crucial reasons to buy a plan online:
Highly Convenient
Buying group health insurance is simple and seamless. You can compare multiple plans online and choose the one that best suits your organisation’s needs with just a few clicks.
Instant Policy Issuance
With an online process, you get the group health insurance policy in just a couple of minutes after purchase. This eliminates the need for lengthy paperwork and speeds up access to coverage.
Attractive Discounts
Many insurance providers offer special discounts on online purchases. This helps organisations save on premium costs while securing comprehensive coverage.
Protected Payments
All the online transactions are safe and reliable. Insurance providers use a secure payment gateway, giving you complete peace of mind while purchasing the policy.
24/7 Availability
The online portal is available round the clock, allowing you to explore, compare, and purchase group health insurance anytime.
Quick Access
From browsing policies to downloading documents, everything is accessible instantly online, making the entire process faster and more efficient.
Factors That Affect Group Health Insurance Premiums
The group health insurance premiums are decided after considering various factors such as the size of the group, the employment sector and more. Here are factors that affect the group health insurance premium.
Age and Size of Group
One of the factors that influences the group health insurance premium is the age and size of the group. The higher number of people with a lower average age generally has a lower group health insurance premium.
Employment Type
The nature of the job and the associated risks also play a crucial role in group health insurance premium calculation. Jobs with higher risks may attract slightly higher premiums compared to low-risk desk-based roles.
Sum Insured
The selected sum insured by the employer directly impacts the group health insurance premium. When you choose the higher sum insured, you choose a wider coverage, but it also increases the premium cost.
Medical History
The past and present health conditions of employees play a key role in deciding the group health insurance premium. If the group has members with multiple pre-existing illnesses, the premium may go higher.
Policy Tenure
The duration of the group health insurance policy also affects the cost. Short-term policies may seem flexible, but they can turn out to be more expensive in the long run. Choosing a longer tenure often ensures stability in coverage and provides better value.
How to Claim Group Health Insurance?
Disclaimer: For precise claim-related information, please refer to policy documents or get in touch with our customer helpline.
Documents Required for Group Health Insurance Claim
To register a group health insurance claim, employees must submit a list of required documents to the insurance provider. These documents are:
General Documents
Claim form - Duly completed and signed claim form in original
Hospitalisation Referral Letter - Doctor’s signed letter advising hospitalisation
Prescriptions - Doctor’s prescription advising drugs, diagnostic tests, or consultations.
Hospital Bills and Discharge Summary - Original bills, receipts, and discharge card from the hospital or treating doctor.
Additional Documents
Police Report – First Information Report (FIR) or Final Police Report, if applicable.
Additional Company Requirements – Any other documents as required by the company to assess the claim.
Other Bills - Original pharmacy or ambulance bills and more if the service is availed.
Post-Mortem Report – A copy of the post-mortem report, if available.
Disclaimer: Refer to policy wordings for the complete list of documents required based on your health insurance plan.
Why Choose IndusInd Group Health Insurance Plan?
Comprehensive Coverage
The IndusInd group health insurance plan offers financial protection against rising medical costs for employees and their families. It covers hospitalisation and other healthcare needs, ensuring that employees and their listed family members can get quality medical treatment.
Affordable Premiums
Our group health insurance plan is designed to provide extensive health coverage at cost-effective rates. Employers can safeguard their workforce without straining budgets, while employees gain access to vital healthcare support.
Easy Buying and Renewing Process
Purchasing and renewing the plan is quick and hassle-free, with minimal paperwork involved. With a seamless buying process, you can get continuous health coverage without interruptions. With the IndusInd Self-i app, you can easily access the policy documents.
24/7 Customer Support
We at IndusInd General Insurance offer a dedicated customer support team available round the clock to assist with queries, claims, and emergencies. Whether it is guidance during hospitalisation or help with claim status, support is always just a call or message away.
Key Takeaways
A group health insurance plan is important for businesses and organisations to safeguard their employees' well-being. By offering health insurance as part of the benefits package, employers can attract and retain skilled talent more effectively. It also helps organisations save costs in the long run by reducing employee turnover and hiring expenses.
When it comes to buying a group health insurance plan, IndusInd General Insurance (formerly known as Reliance General Insurance) offers an affordable plan that can be customised based on your organisation's needs.
From hospitalisation to medical treatments and surgeries, the policy provides wide protection for employees and their families. With access to 10,000+ network hospitals* across India, employees can avail quality treatment without worrying about medical costs.
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