5 Popular Group Insurance Plans in India

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Posted by : Siddharth Jalan on | Sep 02,2019

If you’re heading a big organisation, then it’s essential that you boost up your employee’s morale and productivity. An important aspect that affects both of these is their health and well-being. However, given the cost of healthcare nowadays, employees often feel that their monthly income is insufficient to support them in case they are faced with medical or other challenges. That is why, as an employer, if you’re considering to offer group insurance to your workforce, then it is indeed a great plan.

Though some employees may already have personal covers such as a health cover, providing group insurance to your employees can help you build a better relationship with them as an employer. Moreover, a Group Insurance offers them additional benefits.  So if you’re wondering which plan will prove to be a good option for you, then here are five plans that you can choose from-

1. Future Generali Group Health Insurance
Future Generali, a renowned insurer among the private players, offers Group Health Insurance to employers. The policy provided by them covers everything from the time the policyholder (employee) is hospitalized to their discharge. All charges, including medicine and drug costs, room charges, expenses for paying fess to anaesthetist, surgeons, along with meeting specialist fees, and, consultation will be covered under the policy.

Even the cost related to expenses like arranging blood, operation theatre charges, surgical appliances, diagnostic, anaesthesia and x-ray oxygen, dialysis, and chemotherapy will be covered within the policy.

The Future Generali- Group Health Insurance provides cashless hospitalisation to employees without any hassles.

2. Max Life Group Insurance Plan
Max Life Insurance, a leading private insurance player, offers Group Insurance Plans which deliver multiple insurance benefits to a standard group of individuals in one go. The insurer covers a range of group insurance plans including group gratuity, assurance plans or pure protection plans.

Max Life provides a hassle-free mechanism to offer tailormade plans with low premium to cover the needs of and suit everyone’s budget. Their programs cover employees in case of total permanent disability, against a loan in the case of death and under several such circumstances. Low-cost and affordable, this plan can be a good option for you to satisfy your employees when it comes to meeting their security needs.

3. Star Health - MediClassic Insurance Policy
Star Health offers Star Health and Allied Insurance under the name MediClassic Insurance Policy. This policy covers hospitalisation for a 24-hours minimum, which includes various cost including that of room charges, medicine and doctor and surgeon fees. Several other cost such as that of ambulance and consultation.  This plan offers coverage against 101-day care procedures too, along with providing for Non-Allopathic Treatments up to a specified limit.

Also, this policy covers pre and post hospitalisation expenses, up to 30 days before hospitalisation and for a specified limit post-hospitalisation.

4. New India Group Mediclaim Policy
In the public sector, New India Assurance Company Limited provides a wide range of insurance products which cater to the wide-ranging requirements of its extensive customer base. One such plan offered by them is the Group Mediclaim Policy. This policy provides group of individuals with coverage against illnesses or injuries suffered by them during the policy term. Covering groups of family members as well as a group of employees, this provides cover for hospitalisation expenses, ICU expenses, nursing cost and daycare treatment costs.

The Group Mediclaim policy provides financial coverage against surgical or medical treatments even at a day-care center or hospital in India. It also covers pre-existing diseases after the proposer has had the policy for a minimum of 48 months.

5. Reliance Life Insurance
Reliance Life Insurance also offers several group solutions to employers to take care of their employee’s welfare. Apart from insuring the employees for life, plans offered by Reliance also provide you with sustainable post-retirement life through its gratuity and pension plans.

It has a unique group savings plan called Reliance group Sarv Samridhi plan, which is non-linked and non-participating savings variable insurance plan for groups. Trusted by many employers, such a group plan already has over 10 million policyholders and 1 lakh advisors. Moreover, with a strong distribution network of over 900 branches, Reliance’s group plans provide added incentive to employees by providing insurance cover along with other financial benefits. Also, such programs offered by Reliance are known to provide protection which is up to 25 time of the annual premium.

So, now you know which are some of the best group insurance plans available in India. Therefore, carefully analyse each one of them in detail to identify which one would be the most suitable for your organisation and employees. For this purpose, you can reach out to insurance brokers who can help you go through this process of selecting and purchasing with much ease. Reputable insurance brokers like SecureNow offer strong claim support with service requests resolved in a predefined period. Their policy administration system also provides a hassle-free experience with the single login window, renewal alerts and service requests.

If you want to save the hassle of individually examining various plans, then seeking services from reputable insurance brokers like SecureNow is the right option for you. This way, you’ll save time and energy, and will get the best deal for your company and employees.

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