Group Medical Insurance Policy in India

- Group medical insurance in India is gaining popularity by the day as more and more people are becoming aware of the ad​vantage associated with it. Unlike individual and family health insurance, a group medical insurance is designed to provide coverage to group of people like members of a society, employees of a common employer, etc. Advantages of group medical insurance policy in comparison to other policies are comprehensive cover at lower premium payment amounts and coverage irrespective of insured’s past medical and mediclaim history.

-  Group medical insurance provides coverage to many people under one group. The sum insured offered to all the members under group health insurance is more or less similar irrespective of the risk factor. Thus due to lack of flexibility in the sum insured amount and also large number of members dividing the risk factor for the health insurance provider, premium payment cost for a group health insurance policy is much lower in comparison to other types of policies.

-  Group medical insurance apart from the initial setup amount is extremely affordable. Employees benefit largely from group health insurance policy as they not only share the premium payment amount with the employer but also get a comprehensive cover at minimal premium payment amount. Thus group health insurance policies are extremely affordable unless few employees wish to add more features to their policy which are not common among other members in the group.

-  Most group medical insurance policies also provide reimbursement for out-patient expenses like optical care, dental and mental care at nominal premium charges. If the same benefits are opted for in individual or family medical insurance policy, the premium payment charges would be much higher comparatively.

-  As mentioned group medical insurance is offered to individuals in the group. There are very few chances of a medical coverage denied to an individual under group health insurance due to his/her past health and claim records. For instance smoking/drinking habit, unhealthy eating habits, filing of a claim in the past, would increase your premium payment amount sharply in case of an individual or family health insurance policy. You may even be denied coverage, but not in the case of group medical insurance.