Which Group Health Insurance Policy Is Best For A Private Employee?

Introduction

Employees are the backbone of an organisation. And nowadays, companies need to follow an employee-centric approach. To achieve that objective, providing a group insurance policy to your employees is one of the most affordable options. It not only helps you retain the existing employees but also to attract promising new talent.

There are various types of group insurance policies, such as group term insurance, group health insurance, group personal accident insurance, group travel insurance, and many more. The most commonly offered by employers is the group health insurance policy.

What is Group Health Insurance Policy?

A group health policy is insurance coverage that provides comprehensive healthcare facilities to your employees including in-patient hospitalisation, daycare treatments, selected critical illnesses, etc. The coverage of these group insurance policies can further be extended with the help of riders such as maternity benefit riders and personal accident benefits riders.

Features of Group Insurance Policy That Takes Care of Employees Well-Being

There are several group health insurance policies available in the market. Here is a list of common features of a group health insurance plan:

• Group health insurance policy provides coverage for the employee and provides an opportunity to include the financial dependents of the employee, such as spouse, children, or parents.
• This type of health insurance policy also offers coverage for pre-existing diseases and maternity cover.
• The employees can avail cashless hospitalisation at the network hospitals of the insurance provider.
• Group health insurance policy also provides coverage for ancillary charges such as ambulance expenses.

Which Group Health Insurance Policy is Best for Private Employees?

1. Aditya Birla Group Activ Health Plan

Aditya Birla Group Activ Health plan is a comprehensive health insurance policy that provides good coverage to the employees and lets the employer ensure the well-being of the employees. This plan is customizable, helping the employees avail high health insurance coverage at an affordable price. This policy will provide financial assistance to the employee in an unforeseen medical emergency.

• Coverage from day one.
• Cashless treatment is available at network hospitals.
• Hassle-free claim settlement.
• Worldwide critical illness cover
• Coverage for AYUSH treatment.

2. Bajaj Allianz Health Guard Plan

Bajaj Allianz Health Guard plan is a comprehensive health insurance policy that provides coverage for medical treatment expenses that may occur due to a serious illness or accident. There are two plan options under this plan, namely silver and gold. This plan can ensure financial security of an employee during any unforeseen medical emergency.

• In-hospitalisation expenses are covered.
• Pre-and post-hospitalisation expenses are covered.
• Sum insured reinstatement benefit offered.
• Coverage for daycare procedures provided.
• Preventive health check-ups are offered.

3. HDFC ERGO Group Mediclaim Plan

HDFC ERGO Group Mediclaim plan is a holistic health insurance policy that offers coverage for the employee and their financial dependents such as spouses, children, and parents. This plan is customisable according to the employee’s requirements and their financial dependents.

• Coverage for in-hospitalisation expenses that may arise due to sickness or accident.
• Pre-and post-hospitalisation expenses are covered.
• Domiciliary hospitalisation expenses are covered.
• Coverage for day procedures is offered.

4. SBI Group Health Insurance Plan

SBI Group Health Insurance plan provides health coverage for the employee and allows the employee to include their family members under the existing plan. The family members can be parents, children, or spouses. This plan helps to ensure the financial safety of an employee in case of a medical emergency. This insurance plan also allows the employee to ensure that they can afford the best health care treatment for themselves and their loved ones.

• There is no requirement for pre-medical tests for people up to the age of 65.
• Cashless treatment is available at a vast network of hospitals.
• Pre-and post-hospitalisation expenses are covered.
• Multiple coverage options to choose from.
• Domiciliary hospitalisation and daycare treatment expenses are covered.

5. Universal Sompo Group Health Insurance Plan

Universal Sompo Group Health Insurance plan is one health insurance plan that provides comprehensive coverage to the employee. The employee can also include their family members such as spouse, parents, parents-in-law, or children into the existing policy. This policy provides coverage for medical treatment expenses that may arise due to illness or an unforeseen accident.

• In-patient hospitalisation expenses are covered.
• Daycare procedures are covered.
• Pre-and post-hospitalisation expenses are covered.
• Domiciliary hospitalisation expenses are covered.
• The cost of a road ambulance is also covered.

Final Thoughts

Group insurance policy plays a vital role in increasing the morale of the employees, increasing productivity and employee retention rates. As an employer, it should be your responsibility to provide an employee welfare environment to your human resource with the help of a group health insurance policy. Besides providing operational benefits, a group insurance plan also helps you maintain a cordial work environment and promote a work culture that allows both the employee and the organisation to thrive!