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Corporate Health Insurance

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The Importance of Group Health Insurance

Merely a fraction, approximately one-third, of the working populace in India possesses a live health insurance coverage. The majority of employees rely upon group health insurance policies sponsored by their respective companies as a safety net during times of unforeseen medical emergencies.

Additionally, as healthcare costs continue to surge in urban centres, employees typically desire enhanced coverage, which group insurance policies deliver at a reduced premium.

Frequently, furnishing a comprehensive group insurance policy is a direct reflection of the extent to which you value the health and well-being of your employees. The greater your concern, the more inclined your employees are to maintain optimal health and sustain high levels of productivity.

What Is group health Insurance?

Group Health Insurance, frequently extended as part of employee perks, safeguards cohorts of individuals against unforeseen medical or hospitalization emergencies. In the present era, employees hold the expectation that their employers will furnish some form of group policy.

This is primarily due to the fact that individual insurance plans do not encompass pre-existing conditions and often enforce waiting periods for a majority of treatments. Furthermore, a group medical insurance policy emerges as a more economical alternative for individuals seeking to provide coverage for their dependents and parents.

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How does a group health insurance policy work in India?

Having understood the concept of employee group health insurance, let's delve into the mechanics of how such a policy operates in India.

A group health insurance policy in India encompasses a collective or a specific group of individuals under a single master policy. It can also be referred to as a comprehensive coverage plan. This policy provides uniform coverage to all members, irrespective of their age, gender, or occupation.

Typically, the policy members, primarily employees, can extend the insurance coverage to their family members, subject to the terms and conditions outlined in the master policy and the extent of coverage it offers.

In most cases, employers bear the premiums for the group health insurance policy. These contributions are eligible for tax exemptions under the Income Tax Act of India. The premiums associated with a group health insurance policy are considerably lower compared to retail health insurance policies. This is due to the distribution of risk among the members of the group.

Employees remain covered under the group health insurance policy as long as they remain employed with the organization. However, when an employee leaves the organization, the group coverage provided to them ceases to exist.

Who should buy group health insurance policy?

Early Stage Startups

Even teams as small as two individuals have the option to choose employee group health insurance from BharatEarns. If you are aiming to assemble an exceptional team, enrolling in a group plan at an early stage can provide you with a head start.

SMBs and Early Scaling Companies

Have you ever desired to streamline your insurance administration effortlessly? The monthly process of adding or removing employees and communicating these changes to your insurance partner can be quite arduous, to say the least. By entrusting your insurance operations to BharatEarns, you can delegate these tasks while you concentrate on more impactful initiatives related to your workforce.

Large Organisations

Compare your existing insurance policy with industry peers and discover ways to offer greater benefits at a lower cost. Our team of experts will collaborate with you to assess your current policies and guide you through a tailored insurance renewal process.

Corporate health insurance in India - Browse by best plan

Presented below are a selection of top-notch group health insurance plans in India, curated based on the Incurred Claim Ratio (ICR) of 2021-22 as per the latest report from the Insurance Regulatory and Development Authority of India (IRDAI), along with the number of cashless network hospitals. Group health insurance companies that maintain an incurred claim ratio ranging from 50% to 100% are regarded as exemplary choices.

S.no Insurer Incurred Claim Ratio (2021-22) Network hospitals
1 Aditya Birla Corporate Health Insurance 69.56% 10,000+
2 Acko Corporate Health Insurance 103.75% 7000+
3 Care Corporate Health Insurance 65.07% 7800+
4 HDFC ERGO Corporate Health Insurance 97.47% 12,000+
5 SBI Corporate Health Insurance 81.92% 6000+
6 Niva Bupa Corporate Health Insurance 62.12% 8600+
7 Magma HDI Corporate Health Insurance 66.42% 4300+
8 Go Digit Corporate Health Insurance 48.94% 7000+
9 Star Corporate Health Insurance 87.06% 14,000+
10 TATA AIG Corporate Health Insurance 91.67% 7000+

Advantages of Corporate Health Insurance

The dynamics of employer-employee benefits have become relatively uncomplicated, but it is crucial for HR teams to grasp the subsequent consequences that arise following the acquisition of a group health policy.

For Employers

01
Attract & Retain Top Talent

Every organization aspires to attract only the most exceptional pool of talented employees. By implementing a comprehensive benefits plan, you can capture the attention of top-tier candidates. Furthermore, this approach also addresses retention concerns since today's generation places significant value on perks in addition to their compensation.

02
Empathetic Workplace Culture

Employees gauge the essence of company culture based on the caliber of benefits bestowed upon them. By offering corporate health insurance, you demonstrate your genuine concern, which in turn fosters a reciprocal response from your employees.

03
Corporate Tax Incentives

As an employer, if you bear the cost of your team's group health insurance premium, you qualify for tax credits. Envision the satisfaction of receiving reimbursement for a goodwill expenditure.

For Employers

01
Easy Claims Process

With BharatEarns, you are never held accountable for your employees' claims. Whether it's a cashless facility or reimbursement, our dedicated 'BharatEarns Claims team' guarantees a seamless hospitalization experience for all parties involved.

02
Cover Family For Free

Employees have the opportunity to provide coverage for their dependents at absolutely no cost. By offering this benefit, you not only assist your team in saving on essential expenses but also demonstrate empathy and appreciation.

03
Focus on Holistic Wellbeing

In contrast to conventional providers, BharatEarns goes beyond the norm and takes responsibility for the well-being of your employees. Each individual enrolled in your group medical policy gains access to preventive healthcare services such as health check-ups, consultations with doctors, and the ability to purchase medications at subsidized rates through the BharatEarns App.

Features of a Corporate Health Insurance

01
Waiting Periods waived off

Distinguished from your individual retail policy, numerous pre-existing conditions are exempted under our coverage. From the very first day, our group health insurance plan encompasses critical illnesses, maternity-related expenses, cataract treatment, and various other medical needs.

02
Pre & Post Hospitalisation

In addition to hospitalization expenses, our group health insurance policy covers the reimbursement of pre-hospitalization and post-discharge expenditures as well.

03
Cashless Treatments

If you are proactively preparing for your hospitalization, utilize the BharatEarns app to locate the closest network hospital and relish a seamless cashless experience.

Corporate health insurance vs Individual health insurance

Here are some of the best Corporate Health Insurance plans in India based on the Incurred claim ratio of 2021-22 (as per the latest IRDAI report) and the number of cashless network hospitals. Any Corporate Health Insurance company with an incurred claim ratio between 50-100% is considered good.

Parameters Corporate health insurance Individual health insurance
Covering Parents Since the risk is spread across lives, premium for parents cover is often subsidized. Costs a bomb if an individual has to buy it for his/her parents.
Pre-Existing Diseases A Corporate Health Insurance policy covers your existing diseases. One has to pay at least 1.7x of their individual health premium to cover each parent.
Complementary Life Hack Benefits Personal Wellness is mandatory nowadays. It’s an add-on in your group policy. Subscriptions to wellness packages and managing things over a single app are painful challenges.
Waiting Periods Corporate Health Policy can be claimed from day 1. There is usually a 30-day waiting period that someone has to go through.
Premium Costs Premiums are always less because of more lives. Individual Health premiums are relatively expensive.

Buying corporate health insurance online - Points to remember

When considering the purchase of online group health insurance for employees in India, it is crucial to be mindful of specific factors that can significantly impact the overall experience and the premium amount paid for the policy. These factors include:-

01
Coverage offered

Employee group health insurance offers three types of coverage: coverage for employees only, coverage for employees and their spouses and children, and coverage for employees, spouses, children, parents, and in-laws. It is important to note that LGBTQ+ partners can also be included in your group health insurance plan.

02
Sum Insured

Based on the extent of coverage you provide to your employees, the sum insured amount can be determined. Typically, this amount can commence from as low as 50k. However, if the employees' families are also covered, it is advisable to opt for a higher sum insured to ensure comprehensive protection.

03
Maternity cover

Considering a young and progressive workforce, it is advantageous to include a maternity cover in your group health insurance policy. Additionally, you have the flexibility to set caps on maternity coverage for both metro and non-metro cities, thus reducing the premium amount.

The quality of your experience with the group health insurance policy can be significantly influenced by the following factors:

04
Claim settlement ratio of the insurer

The claim settlement ratio (CSR) serves as a measure of the insurer's reliability. Generally, a higher CSR indicates a more esteemed insurer, adhering to the rule of thumb.

05
Claims experience

When an employee initiates a group health insurance claim, it is vital for the claims team to exhibit utmost responsiveness and provide prompt assistance to address any inquiries. With BharatEarns, you benefit from a dedicated Single Point of Contact (SPOC) and round-the-clock claims assistance, ensuring seamless support throughout the process.

Why should you buy Corporate health insurance online from BharatEarns?

If you've reached this point, it demonstrates your determination to secure the finest group health insurance plan for your team. You're well aware of the challenges involved in negotiating and obtaining favourable terms and conditions, which can often be exhausting.

At BharatEarns, our dedication lies in making the entire process personalized and hassle-free. You define your expectations within your budget, and we collaborate with insurers to procure the most advantageous policy terms and coverage on your behalf.

Here are more compelling reasons why BharatEarns stands out as the optimal choice for your team:

01
Curated Admin dashboard

Managing multiple benefits and policies can now be streamlined through a unified dashboard. This allows you to gain precise visibility into how employees utilize their benefits. Leverage frequent reminders to encourage employees to make the most of the benefits offered to them. Additionally, access monthly reports and analytics to present to the C-suite, enabling you to stay informed and make data-driven decisions.

02
Personalized Employee Experience

Employees can conveniently verify coverage details and locate the nearest network hospitals with ease. Whether using a desktop or the mobile app, they can effortlessly initiate cashless and reimbursement claims with just a single click, eliminating the need to notify their HR or administrators.

03
Hasslefree Claims Support

Say hi to Bharatearns’s app - employees can now file and track the status of their claims on the go. Chat with our internal claims team 24X7 within the Paz app and get your queries answered then and there.

Explore Corporate health insurance in major cities

Do you have inquiries regarding group health insurance? We provide personalized one-on-one consultations to assist you in customizing your group health insurance policy. You are welcome to visit our offices situated in prominent cities across India for a face-to-face meeting with our team. Feel free to drop by at your convenience!