Group insurance is a type of health insurance that covers a group of people under the same plan. The policy offers similar coverage to all the group members irrespective of age, gender, occupation or economic status.
You can buy group health insurance to ensure coverage for a group of employees, society members, or members of a professional organisation/club. The group insurance plan that is offered to employees by an organisation may also cover the family members of the employees.
What is Group Health Insurance?
Group health insurance is a comprehensive health insurance policy provided by an organisation to its employees or members. It is affordable compared to individual health plans and acts as an umbrella for a group of people under a single policy.
Employers usually purchase a group health insurance policy to cover employees’ medical expenses as a benefit of joining the organisation.
With group health insurance policies, the employer pays a fixed percentage of the premium while the employees contribute through a salary deduction. Moreover, organisations can also choose insurance policies like the Arogya Sanjeevani Policy for a more affordable option.
Benefits of Group Health Insurance
Comprehensive Coverage
Medical emergencies arrive without any notice. And with the rising treatment expenses, it might burn a hole in your pocket. Group health insurance policies can keep employees insured against expenses resulting from unforeseen conditions.
Group insurance policies are also a great way to cover the health expenses of the employee’s family members.
Lower Premium Costs
Group insurance plans are the most affordable health insurance plans that insure employees for medical expenses. Moreover, employers can even consider the Arogya Sanjeevani policy benefits for lower premium costs and optimum coverage.
Improves Employee Engagement
Organisations that offer health insurance policies enjoy better employee engagement. The best group health insurance policies in India can help employers retain employees with this gesture that can instil a sense of belongingness in your employees. This gesture also promotes a positive work environment for the employees.
Tax Benefits
Providing group health insurance can allow employers to avail of tax benefits. Under section 17 of the IT Act, employers can benefit from tax deductions on premium amounts.
No Need for Medical Checkup
The group health insurance plans do not require medical checkups when procuring the policy, reducing the stress and hassle involved in the process.
Inclusions of Group Health Insurance
The best group health insurance plans in India offer the Arogya Sanjeevani policy benefits, along with the following inclusions
- Individual cover for the family
- Pre-existing medical condition
- Maternity benefit
- Room rent charges
- Pre- and post-hospitalisation care
- Road ambulance
- Day care procedure
Exclusions of Group Health Insurance
- Domiciliary treatments
- Robotic surgery
- Ozone therapy
- Bone marrow transplant
- Lasik surgery
- C3R
- Cosmetic procedures
- Cochlear implants
- Septoplasty
- Rejuvenation therapy
Conclusion
Medical health insurance is a necessity. When organisations offer medical insurance policies in the form of group health insurance policies, it benefits both the employer and the employees.
Employers can leverage affordable health insurance plans, including the Arogya Sanjeevani policy benefits, to instill loyalty among their employees. With proper comparison between multiple plans and considering the relevant factors, you can choose the best group health insurance in India.
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