Vital Advantages of Group Health Insurance In India
While it’s a good thing to get a health insurance done in today’s time and live stress-free by passing the financial burden of the medical costs to the service provider.
The instances of rising ailments and quality healthcare rising have made things worse if you are not financially sound and that’s why availing a health insurance is good.
Although it’s prudent to get an individual health insurance, enrolling in a group health insurance policy can help you seize many benefits other than paying a lower premium.
Let’s discuss some of the major benefits of the group health insurance policy in India.
What Is a Group Health Insurance Policy?
A group health insurance policy is a scheme in which a single policy covers many individuals. A group health insurance policy is generally availed of by managers of a company for their employees.
In this facility, the employer pays a portion (50%) of the policy premium which makes it inexpensive for the employees to pay lower premiums.
What are the benefits of availing a Group Health Insurance Policy?
A group health insurance plan offers plenty of benefits such as:
1) No medical check-up is required
Anyone who is to be insured in a group health insurance scheme or his/her entire family need not go for the medical check-up. Even if some of the members of the family of the insured has some critical or normal pre-existing diseases, it will not affect the cover that they will get or premium that they need to pay.
2) Lower premium and savings
As compared to the normal health insurance policy, the group health insurance policy premium is quite lower. The provision of a lower premium for the group health insurance ensures that members’ budget is not hampered.
Some of the employers either pay 50% of the premium or some pay completely to further delight their employees even further.
3) Fewer hassles
The hassles of searching the best group health insurance plan is not a need while availing this kind of plan as the employers do that and help you save time.
What’s more, when they are also not concerned about paying a lesser portion or none of the policy premium, it sets them free. The paperwork of the group health insurance is also less.
The insurance service provider also appoints a dedicated ‘relationship Manager’ to answer the queries of the employees and ensures that they fill the form fully and correctly.
4) Maternity benefits
Many group health insurance policies also have the provision to offer maternity benefits. The significant part of the group health insurance is that they come with no long waiting periods to claim the maternity benefits under the same.
As one can take the direct benefit of the policy, it helps expecting mothers to live stress-free as they are aware that they have the financial support.
5) Benefits to the employers
The biggest benefit of the group health insurance that employers are able to grab is that they are able to retain employees for a longer duration.
What’s more, employees also don’t take frequent leaves as all have access to quality medical treatment. Overall, the employees are confident and satisfied at work when they know that they are insured.
On the whole, all these benefits of the group health insurance policy help in enhancing the productivity. The employers also get some tax benefits as per the prevailing laws.
Related Read: What You Need To Know About Group Health Insurance?
The Bottom Line
You are now aware of the benefits of the group health insurance policy and if your employer is not giving you this, it’s time to switch to one who is offering it.
Author Bio: Sidharth Kapoor is a well known financial insurance advisor with the abilities to keep a track and predict the market trends with the utmost accuracy.He has done PGDBM in finance. He has worked on different financial sectors dealing with the entire range of Insurance like health Insurance,life insurance,personal accident insurance and also contribute as a writer at insuranceoverview blog more. He is also an expert in writing many finance related articles and blogs.
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Category: Insurance
