Group health plans in India are yet to catch speed with other insurance plans. Finding a special group mediclaim plans is quite difficult but then there are options of taking any of health plans as group health insurance plans.
Group health insurance policies are more popular in corporate world. In the parlors of corporates, often insurance cover is provided to employees. Employer applies for the policy with insurance company and he will have to pay only a fraction of premium of group health policy.
There are several benefits of group health policies. Most of such policies cover hospitalization expenses incurred because of diseases. Injuries sustained in India are also covered under the group health policies. Group health policies are equally beneficial for employees as well as employers. This also helps in enhancing inter-personal trust and personnel relationships.
Sum Insured for Most of the group polices hovers in range of Rs. 15,000/- to Maximum Rs. 5,00,000/- . Age limit is in the range of 5 to 80 and that decides the premium amount to be charged. These policies are available to institutions, corporate bodies and associations. If the group size increases then companies also offer substantial discounts on premiums. More the number of members in the group, more the discount on standard premium. There is also an option of policy getting extended to cover other benefits like pre-existing diseases, maternity benefits and reimbursement of health check-up cost if additional premium is paid.
Many of these plans cover a large number of critical illnesses including aorta surgery, coronary bypass, organ transplant, heart surgery, blindness, brain tumor etc. The number of covered critical illness can go up to 12 in some policies. Group can choose to be insured for medium term; that means 3-5 years. Lump sum payments are mostly made in case of diagnosis of any critical illness. Tax exemption is another benefit.