A group mediclaim policy is a type of insurance that provides health insurance coverage to a specific group such as employees of an organization or members of the association.
Overview of different Insurance companies providing group mediclaim policy for employees:
- Bajaj Allianz Group Health Insurance
- Bharti AXA Group Health Insurance
- Care Group Health Insurance
- Cholamandalam MS Group Health Insurance
- Edelweiss Group Health Insurance
- ICICI lombard Group Health Insurance
- Iffco Tokio Group Health Insurance
- Max Bupa Group Health Insurance
- Oriental Insurance Group Health Insurance
- Royal Sundaram Group Health Insurance
- SBI General Group Health Insurance
- Star Health and Allied Group Health Insurance
- Universal Sompo Group Health Insurance
Brief Overview of Insurance Provider
|Insurance Provider||Incurred claim Ratio||Covid Cover||Network Hospital||Renewal|
|Bajaj Allianz Group Health Insurance||81.96%||Yes||6500+||Lifelong|
|Bharti AXA Group Health Insurance||77.50%||Yes||4500+||Lifelong|
|Care Group Health Insurance||59.13%||Yes||5400+||Lifelong|
|Cholamandalam MS Group Health Insurance||40.17%||Yes||8000+||Lifelong|
|Edelweiss Group Health Insurance||113.05%||Yes||2500+||Lifelong|
|ICICI lombard Group Health Insurance||69.90%||Yes||6500+||Lifelong|
|Iffco Tokio Group Health Insurance||95.63%||Yes||4200+||Lifelong|
|Max Bupa Group Health Insurance||53.51%||Yes||3500+||Lifelong|
|Oriental Insurance Group Health Insurance||104.97%||Yes||4500+||Lifelong|
|Royal Sundaram Group Health Insurance||63.55%||Yes||3000+||Lifelong|
|SBI General Group Health Insurance||50.54%||Yes||3000+||Lifelong|
|Star Health and Allied Group Health Insurance||65.51%||Yes||9800+||Lifelong|
|Universal Sompo Group Health Insurance||76.68%||Yes||4000+||Lifelong|
Bajaj Allianz Group Health Insurance Company
This company is a joint venture of Allianz SE, a financial services company of Germany, and Bajaj Finserv Limited, a financial service company of Bajaj Group of India. Catering different products in various segments of Group Health Insurance, Bajaj Allianz also delivers one of the best group insurance policies. Different features offered under group insurance by Bajaj Allianz Group Health Insurance are as follows:
- Provides quality health insurance service.
- It offers a comprehensive health insurance cover at an affordable price.
- It provides cashless healthcare service at around 6000 network hospitals.
- Under the Group Mediclaim plan, an individual gets the benefit of 24×7 call support.
- The in-house Health Administration Team (HAT) of Bajaj Allianz Group Health Insurance Company delivers quick claim settlement.
- It provides both family floater and individual plans.
- The employers get the tax benefit under section 80D of the IT Act.
Bharti AXA Group Health Insurance Company Limited
This Company is a joint venture between Bharti Enterprise and AXA, global insurance market leader. Together they offer a wide range of healthcare insurance plans at reasonable rates. A hassle free claim settlement process, cashless facility in 4500+ network hospitals are some of the reasons for employers to prefer this insurance provider over others.
Bharti AXA offers several group health insurance plans that enable the groups or employers to provide the benefits to their employees. The key benefits of this one are:
- Bharti AXA Group Health insurance plan extends medical benefits to the insured, spouse, dependent children, and sometimes dependent parents.
- It provides the facility of cashless hospitalization at a network hospital.
- It also covers pre- and post-hospitalization expenses.
Care Group Health Insurance
Care Group Health Insurance was previously known as Religare Health Insurance.The company is perceived for delivering a wide range of health insurance plans to corporates, families, and individuals. In the comprehensive policies it offers, a health insurance plan insures the employees of an organization against monetary difficulties that arise due to medical emergencies. The salient features of this health insurance are as follows:
- It provides flexible health insurance plans according to the needs of the employee.
- It provides the facility of cashless hospitalization with about 10,000+ network hospitals.
- It additionally provides a dedicated relationship manager.
- Care group health insurance also has an in-house claim settlement team.
- The policy covers the employees against pre-existing diseases from day one of purchase.
Cholamandalam MS Group Health Insurance Company
Chola MS Group Health Insurance Company is a joint venture between Mitsui Sumitomo Insurance Company Limited of Japan and Murugappa Group. The company extends a wide variety of insurance policies and products for Health, Motor, Accident, Engineering etc sectors.
A group mediclaim policy offered by Chola MS Group Health Insurance Company provides a health plan to the employees of an organization without any preliminary medical examination irrespective of their age and health condition. With this reasonable group health insurance plan, an organization receives the following key benefits:
- It provides coverage for ambulance charges.
- It covers the expenses of pre and post-hospitalization expenses.
- Cashless claim settlement services in-network hospitals are also extended.
- Chola MS Group Health Insurance Plan also covers maternity benefits.
Edelweiss Group Health Insurance Company
Edelweiss Group Health Insurance is one of the substantial financial services providers in India. Its covers ranging from life, group health insurance to brokerage services, this firm delivers equity and other investment-related services through its various subsidiaries. Under its group health insurance category, it also delivers health insurance plans for organizations. The key features of the Edelweiss Group Health Insurance policy are as follows:
- The facility of medical referral is offered.
- The benefit of evacuation is also offered under this plan.
- The medical monitoring feature is given to the members of a group.
- Return of mortal remains expenses is also covered under this policy.
ICICI Lombard Group Health Insurance Company
ICICI Lombard Group Health Insurance Company Limited is one of the largest group health insurance providers in the private sector in India. The company extends different insurance plans for vehicles, travel, health, home sectors. Under its health insurance category, it extends plans for groups. Anyone can purchase and renew an ICICI Lombard Health Insurance policy online. The key benefits that an insured gets under group health insurance with this policy are as follows:
- It offers adjustable group health insurance products that can be tailor-made as per the requirements of the employer and employee.
- It provides a cashless facility, if the medical treatment is availed from network hospitals.
- The insurer also proposes a group discount if the size number of employees exceeds the count of 100.
- It not only extends the coverage to the employees of an organization but also provides coverage to their families.
IFFCO Tokio Group Health Insurance Co. Ltd
IFFCO Tokio Group Health Insurance Company has earned an extraordinary importance in the insurance industry. It focuses on executing transparent insurance policies and prompt response to customer inquiries. It is the only insurance company in India that has a 100% self-owned distribution channel named IFFCO Tokio Insurance Services Ltd. (ITIS). With another Group Health Insurance plan, IFFCO Tokio Group Health Insurance Company offers Group Health Insurance Plans. The key benefits of this policy are:
- The Insurance policy of this very insurance company is available at lower premiums.
- The policy delivers coverage for all the members of a group or employees of the organization at once.
- An employer can effortlessly customize and tailor the coverage of its employees under a group health insurance plan.
- The policy provides a cashless claim facility upon all the hospitals empanelled with IFFCO Tokio.
- The policy offers different additional incentives for being a part of the group.
- The coverage of the policy begins from day one of policy registration.
Max Bupa Group Health Insurance Company Limited
It is one of the leading private health insurance companies in India. This is a joint venture between Bupa, a UK-based healthcare company, and Max India Group. The company extends reasonable health insurance plans out of which it is known for its group medical insurance policies, in the market. The key features of this group health insurance plan are mentioned below:
- The insurer ensures a 30-minute cashless claim process to the employees.
- It provides a discount of 7.5%, if any group or organization buys this policy online.
- This policy also includes hospitalization cover against COVID-19.
- The company has over 7500 + empanelment of network hospitals all across India.
Royal Sundaram Group Health Insurance Co. Ltd
This group health insurance company is a subsidiary of the financial group Sundaram. It is the one of the first private group health insurance providers in India that obtained the license by the IRDAI in October 2000. With its different Group Health Insurance plans, the company also extends one of the best group health insurance policies with the following benefits:
- The plan covers hospitalization cover.
- The policy also offers out-patient care.
- This policy also includes in and out-patient cover.
SBI Group Health Insurance Co. Ltd
SBI Group Health Insurance is a joint venture among State Bank of India (holds 70% stake) and Axis Bank Asset Management Company Limited, Warburg Pincus Group, and Premji Invest. With insurance products for different sectors which include home insurance, motor insurance, and cyber defense insurance, this company also provides insurance products for groups. The key benefits extended by SBI General Group Health Insurance plans are as follows:
- The policy pays all the medical expenses of employees or members of the group.
- It provides pre-and post-hospitalization expenses cover.
- The plan also covers pre-existing diseases of the employees.
- This plan extends coverage to the entire family of employees.
- Domiciliary hospitalization expenses are also covered under this policy.
Star Group Health & Allied Insurance Co. Ltd
This company began its operation in the year 2006 in India. It was one of the first standalone insurers that offered services in health, overseas travel insurance, personal accident, and group health insurance. The benefits extended under the group health insurance plan of this company are:
- Cashless facility in-network hospitals to the employees.
- The option of co-payment is also provided.
- Daycare treatments expenses are also included.
- Pre- and post-hospitalization expenses are also covered.
The Oriental Insurance Company Limited
It is one of the oldest government-owned Group Health Insurance providers in India. With insurance products in practically all the Group Health Insurance sections, this company extends plans especially designed for group health insurance policies. The key benefits of a group health insurance policy are:
- This group health insurance policy is available for any association, group, or organization where the count is more than 50 people.
- Entire hospitalization related expenses are covered.
- Cashless facility is available in-network hospitals.
- It additionally covers critical illnesses as well.
Universal Sompo Group Health Insurance Company Limited
Universal Sompo Group Health Insurance Company Limited is one of the top notch Group Health Insurance providers in India. The company was established in 2007 and since then it is delivering some of the most promising insurance products in the Group Health Insurance category. The key benefits under this plan are:
- The policy offers extensive coverage with sum insured up to Rs. 5,00,000.
- The age of the insured, the size of its family, and the sum insured are some of the factors to determine the premium of the policy.
- This policy is constrained to nursing homes and hospitals in India only.
To conclude, different health insurance providers offer a wide range of benefits to the organizations and groups. Each group health insurance provider extends more or less the same benefits with some unique selling proposition. Now it depends on the requirement and suitability of the group or the organization to choose the group health insurance policy.