What are the Eligibility Criteria for a Group Health Insurance Policy?

As a business owner, offering insurance to your employees is a significant and highly valuable investment. This ensures the well-being and secures the health of your employees and their immediate families. Moreover, it also offers a higher talent retention rate and some tax benefits, making this a lucrative choice.

 

But suppose you are considering getting group health insurance for your company. In that case, you might be wondering what the eligibility criteria for insurance for your organisation are and how you can buy one for your employees. Keep reading to learn all you need to know about getting insurance for your group.

 

What is Group Health Insurance?

Group health insurance is a specialised type of insurance offered to a group of people with a common interest. Although this is predominantly provided to businesses, any group of people can get this kind of insurance.

 

For example, HDFC Bank offers insurance from Niva Bupa to benefit people who open accounts with them. This shows their customers the benefit of availing themselves of one of Niva Bupa’s custom plans and securing their health.

 

What are the Benefits of Getting Insurance for Your Organisation?

There are several advantages to offering group health insurance for employees Here is a list of the most significant benefits provided to your organisation.

 

1. Higher Retention Rate

Several surveys suggest offering insurance securing the employee’s health is a factor in higher talent retention.

 

2. Better Work Environment

Offering insurance to secure the health of your employees can result in a better and more positive work environment where people can avail proper medical treatment.

 

3. Higher job-satisfaction

People who have their needs taken care of are more motivated, thus resulting in higher productivity rates.

 

4. Tax Benefits

The premium for the group insurance is tax deductible, offering tax benefits.

 

What is the Eligibility Criteria for a Group Health Insurance Policy?

In India, IRDAI, the regulatory authority for insurance in India, has set the minimum requirements for availing insurance for a group. These are the common eligibility criteria, but some insurance providers might add some of their additional needs.

 

There is a minimum number of members required in the group. This number is typically 20 but might be higher depending on the insurance provider. There are, however, some provisions to offer the policy if the employee’s family members are covered.

 

The group must not be formed for the sole reason of buying insurance at a preferable rate.

 

Students, sole entrepreneurs, and family businesses are typically not eligible for group insurance. They need to consult with their specific insurance provider for further details.

 

How to Get Group Health Insurance for Small Businesses?

Availing insurance for your group is a streamlined process. One can do their research, shortlist several providers, and request them for their offerings. Once they have understood the pricing and offerings, they can understand any specific requirements of their employees and go ahead with the contract.

 

If you are considering getting insurance for your company, consider Niva Bupa. Niva Bupa is one of India's leading and reputed insurance providers, offering the best plans for any requirements. These policies provide various degrees of coverage at preferable prices, allowing your employees to avail the best medical treatment from a massive network of 10,000+ hospitals with cashless claims and join our family of more than 1 Crore happy customers.

 

Conclusion

Health insurance is a significant investment but one that is beneficial for any organisation. Once you have figured out the requirements and avail the appropriate policy, it protects the interests of both the company and its lifeblood, the employees. This will allow mutual development and growth, facilitating a better and more productive work environment while.