What Do You Mean By Group Medical Insurance?

Group medical insurance is a package of medical insurance plans that covers a group of people working for the same organization. These people can be a group of employees or the family members of these employees. In this article, you will learn about the group medical insurance plans provided by the best medical insurance companies in India.

Group medical plans benefit both the employers and employees, boosting the latter’s retention, saving tax, motivating employees, and bearing lesser costs than individual medical insurance plans. Some benefits to the employees include arranging regular check-ups, bearing maternity costs, conducting group plans, etc.

In group medical insurance plans, the premium amount can be split between the organization and its members. There is a clause that allows the addition of extra members by paying an additional cost.

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Best Group Medical Insurance Plans In India

Some of the group medical insurance plans provided by the best medical insurance companies in India are as follows:

• HDFC Ergo Health Insurance (formerly Apollo Munich Health Insurance)

HDFC Ergo Medical Insurance is a medical insurance policy that protects policyholders and their families in case of any medical emergency. It provides several benefits to the insurer, such as cashless hospitalization, coverage of pre-and post-hospitalization, rent-free rooms, free medical check-ups within the 60 days of renewal of the policy, and tax-saving benefits up to INR 75000. It is the most purchased medical insurance plan by various employers within the country.

• Star Health & Allied Insurance Company Limited

Star Health & Allied insurance plan is one of India’s best medical insurance companies. It provides coverage for the protection of individuals/families on a floater basis, ensures hassle-free claims, provides cashless services, and arranges in-house claim settlements. This medical insurance plan also carries out pre-insurance medical screening.

• Niva Bupa Health Insurance (formerly Max Bupa Health Insurance)

Niva Bupa Health insurance plan, formerly called Max Bupa Health Insurance Plan, is one of the best medical insurance companies in India. Under this medical insurance plan, medical charges will be reimbursed if incurred, and the period of treatment should be 60 days after discharge and 30 days before treatment. All the claims under this insurance plan are settled directly without the involvement of a third party.

• ICICI Lombard Health Insurance Company Limited

ICICI Lombard Health Insurance Company Limited is a medical group insurance plan that suits employees of every type of business, be it small, medium, or significant. The sum insured range of such plans starts from 1 lac to 10 lac. This plan has 6500 network hospitals under its purview across India. It also provides a network of general physician consultants and health assistance services.

• Care Health Insurance (formerly Religare Health Insurance)

Care Health Insurance plans provide maximum coverage at an affordable premium amount. People can buy this plan online, get exclusive offers, and compare its features online and offline before deciding to buy it. Employers can get tax benefits under section 80d. The claim settlement ratio of this plan is 95.2%.

• Manipal Cigna Health Insurance Company Limited

Manipal Cigna Health Insurance Company Limited is the 2nd largest healthcare chain in India that is run by the Manipal Group. Here, medical insurance plans are divided into three segments: before, during, and after purchasing. It also provides the service of in-house claim settlement.

• Bajaj Allianz Health Insurance Company Limited

Bajaj Allianz Health Insurance Company Limited provides a range of health insurance plans at affordable prices. It provides a cashless claim facility at over 8000+ hospitals across India, a cash claim facility within 60 minutes of settlement, maximum coverage at affordable prices, and access to better medical care.

• New India Assurance Company Limited

New India Assurance Company Limited is one of the best medical insurance companies in India. This insurance company is headquartered in Mumbai. It is functional in 29 states across India. This insurance plan provides an accessible claim settlement (with a ratio of 92.68%)  facility. It covers COVID-19, among others, and comes with lifelong renewability. It has 1500+ network hospitals across India under its umbrella.

• Oriental Insurance Company Limited

The Oriental Insurance Company Limited Is the general insurance company under the ownership of the ministry of finance, the government of India. This insurance company has its head office in New Delhi with more than 1800 branches across India. This insurance plan covers specialist fees, surgical appliances, diagnostic materials, dialysis, chemotherapy, nursing expenses, blood, oxygen, surgeon, etc. During the course of the entire policy period, 20% of the maximum of INR 50000 is fixed by Oriental Insurance Company Limited for the insured person.

• National Insurance Company Limited

National Insurance Company Limited is one of the best group medical insurance companies in India and is headquartered in Kolkata, West Bengal. This company is well-known for providing the best customer experience with a fast claim facility and an online renewal facility for medical insurance policies. The claim settlement ratio of this insurance company is 104%. It is a public sector general insurance company.

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Conclusion

Group medical insurance is one of the most affordable types of medical insurance plans in India. As it lends several benefits to insurers and policyholders, it is generally purchased by larger organisations to retain their best employees. The premium amount is borne by the employer, which is reasonable. It is an attractive benefit provided by insurance companies to people who cannot afford individual health insurance plans. If you want to know more about the best medical insurance companies in India, Plum Insurance is where you need to head to.