How does Group Health Insurance Work?


vector image of Group Insurance Scheme

A Group Health Insurance policy is a single umbrella policy that is offered to Companies and covers the health insurance needs of their employees.

Most often this policy is offered as a benefit to the Employees by the Employer. The policy can be extended to the Employees’ Spouses, Dependent children & Dependent Parents / In-laws too.

The premiums will be comparatively lesser when compared with Retail / Individual Health Insurance plans available in the Market with better policy benefits to the policyholder.

 Who can Buy a Group Health Insurance?

The Group Health Insurance policies can be taken by Startup / SME’S / Corporates who have a minimum of 7 Employees in the Organization.

 Why should I take a Group Health Insurance Policy?

The Group Health Insurance policy comes with a lot of benefits the policy which is not available in the open market for Individuals.

Read about – What are the Benefits of Super Top Up Health Insurance Plan?

 Some of the Key Features are as below.

  • No medical checkups and good health declarations are required from the employees.
  • Age limit for parents can be sought up to 90 years as well.
  • Maternity can be covered from Day one in the policy.
  • Newborn baby covers from day one in the policy.
  • Pre-existing diseases can be covered from Day One.
  • No waiting periods in the policy.

As the Group Health Insurance Policies are Tailor-made policies, we can customize the policy depending on the needs of the Employer.

health insurance fun meme

How to Buy The Best Group Health Insurance Policy?

It is always recommended to check with at least 5 Insurance Companies to evaluate the benefits and price being offered by the Insurance Companies.

Most Importantly, we need to be very careful in reviewing the policy terms and conditions as these conditions play a crucial role while making the claim.

Being an HR it is very difficult to access the terms quoted by the Insurer, Hence it is always suggested to take the help of an Insurance Broker who can handhold you for 365 days of the policy agreement.

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Susheel Agarwal

Susheel is the CEO of Ethika Insurance Broking P Ltd. This company, which has a current value of 10 million dollars, was bootstrapped by him and two of his friends. He attributes his success to his ability to inspire others to seek happiness at work.