KNOW ABOUT GROUP MEDICLAIM POLICY AND GROUP PERSONAL ACCIDENT INSURANCE

What is Group Mediclaim policy?

Group Mediclaim policy is a type of health insurance plan used to cover a group of individuals, like fifty or more, with the same benefits to all its members. It is usually a plan for the employees of an organization. It is a valuable benefit for employees as the premium for the plan is borne by the employer. These plans can also be used to cover other kinds of groups like associations, corporate bodies, or institutions. It covers hospital expenses maternity care and also covers families of employees in some cases. The price for the plan is comparatively lesser as compared to individual health insurance plans and also has an added advantage of tax reductions that benefit employers. Also, such organizations offer the valuable benefit of insurance to employers, promotes goodwill, care for their people and lead to healthy work environments. Thus, making it favourable for both the employees and the employer.

‘’Getting insurance is YOUR responsibility to your family and loved ones. You may hate it, but it is your responsibility’’. – Jeremiah Say

 

What is Group Personal Accident Insurance?

Group personal accident insurance covers accidents for employees under corporate group insurance. It is available for the employees and board or owner of an organization. Such an insurance plan provides complete financial protection against expenses incurred due to the disablement or death of the insured in an accident in accordance with the terms and conditions mentioned in the insurance policy. It majorly covers accidental death, medical expenses incurred due to accident, permanent total disability due to accident or permanent partial disability due to accident. Group Personal Accident Insurance protects the employees of any organization against any unfortunate events. Such a plan assures quick claim settlement and is a great reputation builder of an organization as it gives satisfaction to the employees that the employer is protecting them.

 

When are these plans not applicable?

Group Mediclaim and Group, Personal Accident insurance, have distinct terms and conditions set by each organization; however, there are a few general circumstances where these plans are not applicable at all. Let’s have a look at them;

• Accidents caused due to drug or alcohol abuse
• Suicide attempts or self-inflicted injuries
• Engaging in any illegal activity and damage caused by it
• Loss suffered due to war or military action in the country
• Alternative or experimental treatment expenses
• Any sexually transmitted diseases

 

How do these plans benefit the organization?

Apart from providing safety and security that these plans extend to the employees, the employers are also in favour of these plans as they get offered valuable advantages like;

• Motivational tool – As these plans aim to protect employees and bear their major health expenses, it becomes a motivation for the employees and leads to employee retention.
• Affordable premium – Being cheaper than individual insurance plans, these group plans turn out to be less costly with low premiums for organizations to buy in groups.
• Tax benefit – Such insurance plans bought in groups gives employers a good tax benefit advantage.
• Faster settlements – While covering for unfortunate events under these plans, the organizations deal with faster settlements making it easier for them as well to complete the process effectively.

 

Difference between Group Mediclaim policy And Group Personal Accident insurance

 

Features	Group Mediclaim policy	Group Personal Accident insurance
Objective	Broad plan covering medical expenses of all employees of an organization	Custom -made plan to protect employees of an organization from any unfortunate events that may lead to death or disability
Family inclusion	Such plan extends protection to family as well	Covers only death or disability of the employee
Restrictions	Any treatment taken from outside the set terms and conditions shall not get covered	All treatments get covered irrespective of location or terms
Benefits	Covers employees for hospitalization expenses, maternity and child care expenses	Covers only expenses related to death or disability of the employee due to an accident

 

 

The overall insurance industry is expected to reach US$ 300 billion by the end of 2022. Getting group plans for your employees is the best way to protect them and be a part of maintaining a healthy country ahead.

 

‘’The grace of God is like insurance. It will help you in your time of need without any limit’’. – Sri Sathya Baba

 

FAQs – Frequently asked questions

 

Let’s look at some frequent queries on Group Mediclaim policy And Group Personal Accident insurance;

 

Q1. When should I opt for a Group Mediclaim plan for my employees?

If your organization includes at least fifty employees, you should get a Group Mediclaim plan to protect them.

Q2. Who can be covered in a Group Mediclaim or Group Personal Accident insurance plan?

All employees working in an organization who are above 18 years and below 70 years are eligible to be covered under these Group plans. Generally, in addition, they can also add their spouse and up to 3-children, aged between 3 months to 25 years. The family cover, however, depends on the terms and conditions set by the employer in the plan.

Q3. Is a Group Mediclaim plan cheaper than an individual health insurance policy?

Yes, generally, a Group Mediclaim plan is cheaper than an individual health insurance policy since the cost is spread across a large number of employees of an organization.

Q4. Can I have a Group Mediclaim plan and an individual health insurance policy both at the same time?

Yes, you can have both a Group Mediclaim plan allotted by the organization you work in as well as an individual health insurance policy for yourself.

Q5. How is a premium calculated for Group Mediclaim policy And Group Personal Accident insurance plans?

A Group insurance premium is calculated based on the number of employees, their ages, location, and dependents to be covered within the respective Group insurance plan.