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Group Health Insurance
Enhance your team's well-being with group health insurance. Enjoy premium benefits for your employees while enjoying tax advantages as an employer.
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What Is
Group Health Insurance is an insurance policy tailored for a collective of employees within the same company. This plan encompasses an extensive array of medical expenses, from ambulance services, medications, to specialist consultations. Under this policy, the coverage begins the moment an employee joins the company and persists until their departure. Premiums for these group medical insurance plans are borne by the employer. Such plans are typically procured by companies or organizations as a value-added benefit, ensuring medical coverage for their workforce.
Features of Group Health Insurance Plan
- The primary intent of this policy is to grant medical benefits to employees. Extended coverage can also be provided for spouses, children, and dependent parents as additional beneficiaries.
- Many plans accommodate pre-existing health conditions and maternity care provisions.
- Cashless hospitalization is generally facilitated at affiliated network hospitals.
- Provisions exist in some plans to compensate specialists and various medical practitioners for post-hospitalization consultations.
- A distinctive feature of group health insurance, as opposed to individual health plans, is the lack of a prerequisite for medical screenings.
Who Needs
Business owners with an official registration can consider offering health insurance to their employees. Regardless of the business size, from startups to large enterprises, ensuring your team has health coverage promotes well-being and health security for all members of the organization.
Early Stage Startups Investing in a group personal accident insurance policy for your team can accelerate growth by both attracting and retaining top-notch talent.
SMEs Group health insurance aids SME employees in navigating healthcare expenses and obtaining quality healthcare services. SMEs have the opportunity to purchase tailored healthcare plans and simultaneously enjoy tax benefits.
Large Organizations It's customary for large organizations to extend group health insurance to their employees. Such policies offer uniform coverage to all members, independent of age, gender, or hierarchical position. Here at BimaKavach, we present a spectrum of benefits tailored for sizable enterprises.
Why Get
Corporate health insurance stands as a pivotal strategy to attract and retain premier talent within your organization. An exhaustive health insurance policy alleviates the burden of hefty hospital bills, bestowing peace of mind upon employees. This not only curtails turnover but also fosters a nurturing workplace environment.
Benefits of Group Health Insurance
Comparable to other business insurance premiums, the expenditure on Group health insurance premiums is tax-deductible as a legitimate business expense.
A comprehensive insurance plan underscores your commitment to your employees' health and welfare. The more palpable your care, the healthier and more efficient your workforce becomes.
In an age where companies are extending myriad benefits, retaining talent poses a formidable challenge. Group Health Insurance acts as a strong incentive, enhancing employee loyalty.
Coverages & Exclusions in
Most Popular Extensions:
Upon purchasing group health insurance, employers can opt for enhanced coverages:
- Immediate maternity cover, devoid of waiting periods.
- Newborn coverage within the maternity limit.
- Optional OPD (Outpatient Department) coverage.
- A corporate buffer, in case an employee's existing sum assured is depleted and further funds are needed.
Group Health Insurance Claims Example
About Group Health Insurance Policy
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This is an article by YouStory written by Palak Agarwal and published on October, 2022
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