| Group Mediclaim Insurance
A Group Mediclaim policy is purchased by an employer from the insurance company for the well-being of the employees. In order to offer this policy, either the employer pays the applicable insurance premium or a specific amount is deducted from the employees’ CTCs (Cost to Company) for paying the premium cost. The primary objective of the plan is to insure a company’s employees against various health risks in accordance with the policy’s terms and conditions.
When it comes to the group health insurance portfolio, there are a multitude of schemes available, for example, plans for critical illness, plans for individuals, family floater health insurance, etc. On an ideal basis, at least one type of health insurance scheme must be a part of a company or an organization. This provides a kind of financial backup in the time of a health scare.
As a Group Mediclaim policy is purchased in bulk for a group of people, they are relatively cheaper than individual medicare plans. Moreover, the policy not only covers the employees but also their immediate family members, thereby providing extensive support to various professionals.
Purchasing a Group Mediclaim policy is profitable for both the employees and the employers in a multitude of ways.
In the current scenario, companies and organizations are becoming more employee-centric. Hence, they are offering various health benefits to their employees while keeping in mind the beneficial aspects of the plan.
Some of the reasons why a Group Mediclaim policy is important are as follows:
Most of the Group Mediclaim provides comprehensive health benefits to make sure that the employees get the care they need the most.
Some of the common coverages under a Group Mediclaim policy are as follows:
One of the main reasons why a Group Mediclaim policy is important for the company is to gain assistance in growing as well as expanding the organization. While tying a knot with a top-notch health ecosystem partners, a company can nurture its existing employees, look for new and good talents, refine its approaches, offer great customer services, increase its productivity, enhance its brand positioning, and create a confident firm – all of which consequently leads to the quality growth and expansion of an organization.
Pre-Existing Illness: Any illness before joining the company or organization will be covered.
Pre- & Post-Hospitalization: All the expenses that occurred due to pre and post-hospitalization processes, such as diagnosis, treatment, medications, surgery, etc. will be covered.
Daycare Treatments: Covers all the expenses of daycare treatments, such as cataract surgery, dialysis, chemotherapy, etc.
Maternity Coverage: Provides coverage for the medical expenses associated with the maternity treatments, such as deliveries, medications, follow-up treatments, newborn child benefits, etc.
Family Coverage: Covers immediate family members of the employee, such as parents, spouse, children, etc.
Chronic Illness Coverage:Covers all the expenses related to chronic illnesses, such as diabetes, arthritis, etc.
Cashless Hospitalization: Any illness before joining the company or organization will be covered.
Additional Coverage: The plan also provides coverage for ICU charges, ambulance charges, organ donors, etc.
Self-Imposed Injury: No coverage for suicide, suicide attempts, etc.
Injuries Arising Due to Narcotic Substances: Any expense arising due to consumption of alcohol or drugs will not be covered.
Cosmetic Surgery: Plastic surgery, artificial implants, and various other cosmetic treatments are not included.
Congenital Diseases: Any disease or disability occurring due to a birth defect will not be covered. Treatment of AIDS, as well as other related diseases, will also not be covered.
Non-Allopathic Treatments: Any non-allopathic treatment, such as ayurvedic treatment, will not be covered.
In order to file a claim, one can go through the following common steps:
Contacting the Insurance Provider: Firstly, you need to call the insurance company to make it aware of the event.
Attaining Guidance:A customer care representative will guide you to start the process and fill necessary documents.
Filling the Form: A claim form will be provided by the insurance company either online or offline. The claim form needs to be duly filled and signed by the insured person.
Attaching Documents:All the necessary documents must be attached to the form.
Sending Claim: Once the document work is done, send the claim (along with documents) to the respective insurance company.
Assessment and Verification of Documents: Once the claim form and documents reach the insurance provider, it is thoroughly assessed and verified to carry out further processes.
Settling the Claim: Once the verification and assessment are done, the insurance company will settle the claim within a short period of time.
Group Mediclaim Insurance
A Group Mediclaim policy is purchased by an employer from the insurance company for the well-being of the employees. In order to offer this policy, either the employer pays the applicable insurance premium or a specific amount is deducted from the employees’ CTCs (Cost to Company) for paying the premium cost. The primary objective of the plan is to insure a company’s employees against various health risks in accordance with the policy’s terms and conditions.When it comes to the group health insurance portfolio, there are a multitude of schemes available, for example, plans for critical illness, plans for individuals, family floater health insurance, etc. On an ideal basis, at least one type of health insurance scheme must be a part of a company or an organization. This provides a kind of financial backup in the time of a health scare.As a Group Mediclaim policy is purchased in bulk for a group of people, they are relatively cheaper than individual medicare plans. Moreover, the policy not only covers the employees but also their immediate family members, thereby providing extensive support to various professionals.
*T&C Apply
It differs from one insurance company to the other. Some insurance providers are providing coverage for COVID-19 treatments, while others are not. Thus, always check the coverage extent before buying the policy.
No. On a general basis, a Group Mediclaim policy does not require you to wait for a set period of time.
who is dependent on the employee, such as children, spouse, and parents.
The amount of maternity coverage differs in normal and C-section deliveries. For normal deliveries, the sum assured is around Rs. 25,000; while for C-section deliveries, the sum assured is around Rs. 35,000. Although there are companies that extend the coverage till Rs. 50,000, some companies provide coverage as high as Rs. 1 lakh as a maternity benefit. Moreover, some companies provide coverage for a newborn baby without any waiting period of 90 days (which is considered as a standard waiting period for claiming the benefits).