Group Health Insurance policy option is available for Companies to provide the Health Insurance policy for Employees who work for the same Organization.
Most often this policy is offered as a benefit to the employees by the employer. The policy can be extended to Employees, Spouse, Dependent Child & 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 for the policyholder.
Group Health Insurance policies can be taken by Startups / SMES / Corporates who have a minimum of 7 Employees in the Organization.
The Group Health Insurance policy comes with a lot of benefits which are not available in the open market for Individuals.
Some of the Key Features are as below.
As the Group Health Insurance Policies are tailor-made policies, we can customize the policy depending on the needs of the Employer.
|Group Health Insurance||Individual health insurance.|
|Pre-existing Diseases Coverage||Yes||Yes, after a certain waiting period of 1,2,3 or 4 years.|
|Tax Benefit||Can be booked under business expenses. However the input credit on GST is not applicable.||Under section 80(D)|
|Year on your cost escalation||Increase in premium depends on previous year claims experience for current insurer (i.e. claim ratio).||No increase in premium because of the claim. The only increase in premium is because of the age of the individual.|
|Additions and deletions of employees||Done on Prorata basis||Done on a short scale basis|