Buy Corporate Group Health Insurance Policy for Employees Online in India
"Happy employees are the foundation of a successful organization."
And, offering a corporate group health insurance policy is one of the most impactful ways to foster employee well-being and loyalty.
This policy offers employees and their families financial security during medical emergencies, reducing stress and fostering loyalty. By investing in comprehensive health coverage, companies can boost morale, enhance productivity, and attract top talent.
Providing such essential benefits showcases an organization’s dedication to its most valuable asset, THE PEOPLE.
What is a Group Health Insurance Policy?
Group Health Insurance is a type of health insurance plan that covers a group of people who work under the same organization. It is often offered as a valuable benefit for employees, as the employer bears the premium. In some cases, the coverage can be extended to the employee's family members. This insurance plan is also referred to as corporate health insurance or employee health insurance.
However, the price for the same is comparatively a lot lesser as compared to individual health insurance plans and also benefits employers in tax reductions, therefore making it beneficial for both the employer and employee.
Why Do Companies Need Group Health Insurance?
Group health insurance is one way to invest in the health and well-being of employees. This helps to ensure that workers value the financial stability and health benefits of insurance coverage even more.
There are many reasons why group insurance is important for companies, and as an employer, you can support employee wellness in a number of ways with a group health insurance plan.
Corporate group health insurance provides security to workers and their families, increasing their trustability. Additionally, it fosters a sense of community and makes workers feel valued. It helps in gaining employee loyalty.
Many people are frequently concerned about the growing expense of medical care. Offering group health insurance to your staff relieves them of the anxiety that comes with unforeseen medical costs and increases their mental health.
Motivated employees are happy employees. Group health insurance gives your employees a sense of worth and concern, which increases their motivation and fosters a positive, healthy work environment.
Why Protect Your Employees’ Health with a Group Health Insurance Policy?
Boost Employee Retention - People value jobs that give them a sense of security. Group health insurance will not only give your employees and their families enough financial security but an overall sense of satisfaction that their employer actually cares about them.
Boosts Employee Morale - Group plans have the potential to improve staff morale and raise a company's rate of employee retention. People value jobs and workplaces where employees feel valued and cared for.
Strengthen Employee Motivation - Happy employees make happy workspaces and evidently successful companies! It’s no surprise that the safer and satisfied employees feel, the happier and more motivated they’re likely to be!
Protect them from Severe Health Conditions - More than 61% of illness hospitalizations and deaths in India are due to lifestyle-related diseases. The earlier these issues are diagnosed, the earlier they can be treated and resolved, protecting employees from severe medical conditions.
Enhance their Mental Wellbeing - Many employees are often affected by stress due to either financial pressure or other personal issues, which can lead to lower productively levels at work too. Our group health insurance plan will not only safeguard their savings but, also enhance their overall mental wellbeing with the right support.
What’s Great about Group Health Insurance by Digit?
What’s Covered Under Group Insurance for Employees?
What’s Not Covered Under Group Insurance for Employees?
Pre-natal and post-natal medical expenses are not covered unless they result in the hospitalization of the employee or their spouse.
In case of a pre-existing disease, unless the waiting period is over, the claim for that disease or illness cannot be made. However, if you wish to cover more than 50 members, there is a PED waiting period waiver.
Any condition your employee gets hospitalized for, that doesn’t match with the doctor’s prescription is not covered.
Key Benefits of Group Health Insurance by Digit
| Copayment | No Age Based Copayment |
|---|---|
| Cashless Hospitals | 8400+ Cashless Hospitals Across India |
| Buying & Claim Process | Paperless Process, Digital Friendly |
| Point of Contact | Single Point of Contact |
| Day Care Procedure | Treatment that takes less than 24 hours is covered |
Benefits of Group Health Insurance for Employees
Group insurance does not only benefits the employers but also the employees. From covering medical expenses to ensuring peace of mind, it creates a safety net that empowers the employees to focus on what best they do.
Here are some of the benefits of a corporate health insurance policy for employees:
Who Should Buy a Group Health Insurance Plan?
Typically, any organization with 10 or more members should protect their employees with health insurance. We break it down for you if you are unsure whether you need one.
If you’ve just started a young startup of your own and have at least up to 15 team members, then you could sign up for a group health insurance plan that won’t only protect your employees but will also help in your tax savings. If you’re too worried about the costs, don’t worry- corporate health insurance plans are customized to the company’s financial and employee strengths.
Your company is young but has been around for a while now. You can choose to protect your employees with a group health insurance plan. This will not only increase your employees’ happiness and motivation but also help you retain them for longer.
Being a large and established organisation, employees expect benefits such as health insurance as part of their package. So, suppose you have a company that has up to 1000 members or less. In that case, you should cover them and their dependents with a corporate health insurance plan to increase your organisation's goodwill.
How to Buy a Corporate Health Insurance?
To buy a group health insurance plan, choose the provider that best suits your needs. For example, if you choose a provider like Digit Insurance, here are the steps you can follow:
Step 1 – Visit the Digit Insurance website and look for group health insurance.
Step 2 - Fill out all your details, such as name, organisation name, number of employees, designation, email, ID, and phone number.
Step 3 – Enter the code you received to verify your mobile number.
Step 4 – Someone from Digit’s team will give you a callback.
Easy Right? Yes, buying a group health insurance policy is as simple as that. Rest, everything will be taken by us. 😀
How to Claim a Corporate Health Insurance?
A group mediclaim policy can be claimed multiple times a year until the whole sum insured is exhausted. The claiming process is a simple and easy procedure. The hospital you select will determine the claim procedure.
You can file a cashless claim if you have chosen a network hospital, or you can use a reimbursement claim procedure if you have chosen a non-network hospital.
Cashless Claim
Step 1: Notify your insurer and select a network hospital for your treatment before getting your parent's hospitalization.
Step 2: Show your parent’s e-health card at the network hospital helpdesk and ask for the pre-approval.
Step 3: Fill out and sign the form and submit it to the helpdesk.
Step 4: After verification, the insurance company will take care of the cost involved in the treatment.
Also Read: Cashless Medical Insurance Policy
Reimbursement Claim
Step 1: If you select a non-network hospital for your parent's treatment, keep all the medical bills, reports, and other essential expense documents with you.
Step 2: After treatment, contact your insurer and provide them with all the soft copies of the documents and bank account details for reimbursement of expenses.
Step 3: The insurer will verify the documents, and you will receive a reimbursement for the treatment.
Documents Required to File a Claim
Below is a concise overview of the essential documents required to file your claim.
- Claim form (filled & signed) - if required
- Discharge summary
- Hospital bills (original, with breakdown)
- Prescriptions with pharmacy bills
- Consultations paper & investigation report
- KYC and bank details (with a cancelled cheque)
Note: The documents listed above are the standard requirements for filing an insurance claim. The company might ask for additional documents based on your requirement or policy terms.
Factors to Consider Before Purchasing a Group Health Insurance
Group health insurance is a valuable benefit for organizations to offer their employees, but choosing the right plan requires careful consideration. Here are some factors you must analyse before purchasing group health insurance to get comprehensive health coverage for your employees.
Meaningful Benefits
The primary purpose of a group health insurance plan is to provide employees with healthcare benefits and it only makes sense that the benefits should be those that an employee finds valuable. Therefore, the benefits provided by a corporate health insurance plan should be of utmost priority.
Health Insurance Premium
Money matters! That’s why it is crucial to evaluate how much your group health insurance will cost you and if that makes sense with respect to the benefits offered or not. Don’t blindly go for cheaper premiums, but corelate the benefits that come with them.
Communication Effectiveness
When you get a group health insurance, it’s not only the plan benefits that matter, but also how effective and responsive your insurer is as well. In times of need, you want to make sure your employees have a pleasant experience communicating and dealing with the respective insurer.
Service Benefits
When it comes to health insurance, service matters more than ever. After all, you need an insurer that will deal with healthcare matters with utmost care and sensitivity. Therefore, always evaluate and compare the services of different insurance providers.
Geographical Coverage
Accidents and Illnesses can happen anywhere! Therefore, one thing to consider while choosing a group medical insurance plan is whether it covers the entire country, and if it does, how many network hospitals are spread across the country, etc.
How is Group Health Insurance Different From Individual Health Insurance?
However, the coverage, exclusions, and add-ons of the group health insurance policy and individual health insurance policy might seem similar, but they are widely different depending on several factors. Let’s understand these factors in detail:
In conclusion, a corporate group health insurance policy is a powerful tool for fostering employee satisfaction and loyalty. By addressing their healthcare needs and reducing financial uncertainties, organizations demonstrate their commitment to employee well-being.
A healthy workforce is the cornerstone of a thriving business, making group health insurance a win-win for both employees and employers.
FAQs about Group Health Insurance Policy
Is the coronavirus covered by Digit Group Health Insurance?
Yes, the coronavirus is covered by Digit’s Group Health Insurance and is also offered as a separate policy.
What is the initial waiting period under Digit’s corporate health insurance?
Digit’s corporate health insurance initial waiting period is 30 days only. However, it can be waived if any organisation is willing to purchase insurance for 50+ members.
What is a waiting period?
A waiting period refers to the amount of time one needs to wait before one can start making claims for specific benefits. Generally, the initial waiting period for most insurance companies is about 30 days.
When should I get a group health insurance policy for my employees?
We believe every company should at least provide its employees with a basic group health insurance. If your organization's strength at least includes 10+ team members, then you should think about getting a group health insurance to protect them all.
However, if you’re not able to do so due to the current situation, you can choose to go for just the coronavirus group cover to protect your employees from the coronavirus at an affordable cost.
Our workplace has only 10 to 15 members. Can I still buy a group health insurance policy for them?
Yes, you can still buy health insurance if your workplace has only 10 to 15 employees. Unlike other group health insurance policies, our Group Health Insurance is applicable to companies with a minimum of 10 members.
What is the Advance Cash benefit?
An advance cash benefit means basis the treatment costs and estimates of the insured, your insurer (a.k.a us!) will cover 50% of the estimated cost in cash so that they can be rest assured that they’re always covered and they need not wait until their treatment is over. While the remaining 50% estimated costs can be reimbursed post the treatment.
Who can be covered in a Group Health Policy?
All employees above 18 years and below 70 years who are employed with an organization are eligible to be covered under an organization’s Group Health Policy. Additionally, they can also add their spouse and up to 3 children, aged between 3 months to 25 years.
Is corporate health insurance cheaper than individual health insurance policy?
Yes, generally, a corporate health insurance plan is cheaper since the cost is spread across a large number of people, i.e. employees.
How to get employee medical insurance for my small business?
At Digit, we offer a group health insurance customized for both big and small businesses. To get started on your plan, enter your details on Digit’s group health insurance policy and we’ll get back to you with a customized group health insurance quote.
I have a corporate health insurance plan. Is it possible to port my plan to Digit’s Individual Health Insurance?
This primarily depends on the type of corporate health insurance plan you have. Generally, corporate health insurance plans are paid for by your respective employer and are dissolved once you leave the company.
However, you could opt for Individual Health Insurance, which will also help you with personal tax savings and give you additional healthcare benefits.
Can I have corporate health insurance and an individual health insurance policy both at the same time?
Yes, you can get a corporate health insurance and individual health insurance at the same time. You can also opt for add-on to increase your coverage.
How is a Group Health Insurance premium calculated?
A group health insurance premium is calculated on the basis of the number of employees, their ages, location and number of their dependents you would want to cover within the respective group health insurance plan.
What are the limitations of a Group Health Insurance?
While group health insurance is beneficial for both the employer and employee, one of its biggest limitations is that, with respect to an employee, the coverage may not be enough to cover all healthcare needs, as most Group Health Insurance plans are limited and generic in nature, unlike Individual Health Insurance plans that can also be customized as per personal healthcare requirements.
However, an ideal way to go about this is to have both a group health insurance plan and an individual health insurance plan that proves to work well for both healthcare needs and tax savings.
Is a medical examination required prior to employees enrolling in group health insurance?
No, a medical examination is not required in group health insurance. However, some insurance companies might ask for a thorough examination to evaluate the premiums.
What time of year is best to buy group health insurance?
Generally speaking, the best time to buy group health insurance is when a company is first formed or in its initial stage. To guarantee that workers have access to healthcare benefits right away, it is best to buy them early.
Are employees' families covered by Group Insurance as well?
Yes, employees' families are covered under group health insurance. This includes spouses and children or parents, depending on the policy the employer has chosen.
Is it possible to buy group health insurance for certain employees?
Yes, you can modify group health insurance policies to include coverage for particular employee groups within your company. This allows you to offer varying degrees of coverage based on job roles or other factors.
Disclaimer: This data includes members covered under Digit Health Plus Policy (Revision) and Digit Illness Group Insurance Policy since inception till 13th September 2021.