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Group Insurance refers to the type of insurance which covers a ‘group’ of people instead of one individual. The only condition is for all members of one group to be included in a single policy is that the group’s risk should be homogeneous.

The ‘Groups’ can be of two types:

  1. Formal Groups (Employer-Employee): The formal groups include organizations or companies wherein the employer buys the insurance plan to secure the members of his organization. 

  2. Informal Groups (Non-Employer-Employee): Such groups include members of similar cultural or social organization. Here the administrator of the group usually buys the insurance to cover the members of the group.

Advantages For the Employer:

  1. Motivated Employees: In today’s scenario, when medical costs have reached to a great height, corporate health insurance is considered as an added benefit. By insuring against higher hospitalization costs, employers can motivate their employees.
  2. Helps in Retention of Employees: These days more and more companies have become employee-centric and corporate health insurance has become one of the most preferred benefits to attract and retain talented employees. The group policies also cover the family members of the employees, making the employees feel more attached to the organization.
  3. Low Cost: Group health insurance policies can be bought at low or no cost to the employee, as it is like buying in bulk, gives discounts.
  4. Easy Premium Payment Options: Depending on the company’s policy, an employer can choose to pay the premium either monthly, quarterly or yearly as per their convenience. Tax Benefits: Employers get tax benefits on a group health insurance, and the policy can help in reducing their tax liability.

Advantages For the Employees:

  1. Default Insurance Cost: All members of the group get the ‘auto cover’ simply by being part of that group. It ensures basic insurance coverage to people who are without any insurance.
  2. Institutional Support During a Claim: As irrespective of the health state, insurance is offered to all members of the group, it is of great value to people who are looking for a health insurance but cannot get it at an affordable rate because of their current health state.
  3. No Medical Check-Up Is Required: When it comes to a group health insurance, you don’t need to undergo a medical checkup and submit medical reports to get enrolled under a group health plan.
  4. Maternity Coverage from Day 1: From the Day 1, maternity expenses are covered by the group health cover in almost all companies. It means, if you join a company and become the part of a group health insurance, you will get maternity benefits on an immediate basis.
  5. No Waiting Period: There is no concept of waiting period in group health covers and thus, even illnesses like heart issues, diabetes, etc.; are covered from Day 1.
  6. Useful for Employee’s Wellbeing: Group health insurance policies play a crucial role in securing the health of employees and their families.

Extra Benefits with Riders

By adding riders like critical illness and accidental insurance to the health plan, the employer can expand the coverage for critical illnesses. There are various optional benefits like dental treatment, the cost of spectacles, and reimbursement of ambulance costs, which can be availed on payment of additional premium

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