Best Group Insurance Schemes Online

Best Group Insurance Schemes Online

An employer-employee group health insurance is a policy that covers the employee and their dependents, including their spouses, siblings, children, and parents.

Who Can Apply for this Scheme? ?

Anyone can apply for this plan, be it:

  • An individual
  • Sole proprietorship firms
  • Partnership firms
  • Private and public firms
  • Corporates and corporate partners
  • NGOs
  • Other institutions hiring employees

This scheme is open to anyone willing to opt for it.

Employer-Employee Insurance Requirements ?

Your employer provides you with health insurance as an employee benefit for working with him. In most cases, employers provide a group health insurance policy, with the help of which you can register yourself and your dependents, spouse, siblings, children, and parents (sometimes parents-in-law).

In these challenging times, health matters the most, and to keep yourself healthy, save on medical expenses by benefiting from employer-employee insurance. You can save even on premium instalments while availing of other benefits. Moreover, in case of the employee’s death, the family still gets protection.

In case of any medical emergency, the expense claim for each member can be covered individually. ? However, the employer has the right to customise the policy, aligning to the company’s financial and insurance policies. A company’s one such feature says, if an employee raises a claim once during the tenure, they will be charged the rest of the premium (if any) at once, without amortising after that. While exiting the company, the premium paid by the employee is non-refundable if the policy tenure is continued.

Most employers provide a conversion facility on insurance policies, whereby the employee can continue taking benefits from the policy by converting it to a retail policy. Although the policy features get amended as per the retail insurance, the base year is still considered the first year of employment, and related benefits can be passed on.

What Are The Benefits Of This Scheme? ✔

  • If you are an employee, the benefit of the group health insurance scheme is that your employer pays for the policy under your name. This is an employment benefit to the employee. You may have to pay a top-up amount to enhance coverage, but generally, the amount is minimal compared to retail policies offered by market vendors.
  • Multiple people can be covered in a single premium paid for this policy.
  • The insurance cover offered is separate for each insured member of the group. E.g. if the cover is for Rs. 2,00,000, then the policy may offer to cover each individual for Rs. 2,00,000 separately and may provide a maximum limit. Different policies in the market offer different features.
  • The policy may be customised based on the coverage required. You may also opt for a top-up at a minimal monthly or one-time premium for any particular member in the group.
  • Online insurance tracking is made easy. Most of the insurance providers set up an easily accessible online dashboard on their websites, which gives all the information required by the insurance purchaser – be it the amount of coverage, diseases covered, diseases excluded from coverage, expenses covered and exclusions, member details, and easy tracking for the claims raised. The dashboard also provides the coverage amount remaining to be exhausted as per the limit.

7 Essential Factors You Should Consider While Choosing A Life Insurer

  • Administratively, the policy maintenance, if provided by an employer, is done entirely by them, giving a hassle-free experience to the employee.
  • Not to forget, these schemes provide you with tax benefits under Section 80C of the Indian Income Tax Act. The premium that you are paying is eligible for tax benefit claims. You can claim the premium paid under Section 37(1) of the Indian Income Tax Act if you are an employer.
  • The maturity proceeds are tax-free as per Section 10(D).
  • A soft benefit in the case of an Employer-Employee insurance setup is that the employee gets assurance that his health hazards are being covered, which gives him better comfort. For this reason, the employee would willingly continue his service with the employer, giving the employer a better hiring experience.

Apart from the above, there is also the non-employer and Group employee insurance scheme in an informal setting. The members covered under this group can either be a part of the same social/cultural organisation, use the same credit card facility, etc. The responsibility to buy the right insurance plan, in this case, rests with the group administrator. The group administrator carries out a study of the needs & requirements of the members of the group.

After a careful analysis has been made, the administrator will select a plan which fits the best. The general idea remains the same – which is to protect & safeguard the health of the members & their loved ones. Consider the case of a financial institution leader whose objective is to secure protection against non-payment of loans and debts. If any unfortunate incident occurs that involves the debtor, there lies a risk of losing the money. Insurance acts as a shield against that risk.

Plum Insurance provides group health insurance schemes to corporates, SMEs, and start-ups with no co-pay, hidden charges or expenses, and no waiting period! This does sound interesting as it would save cost to your employer. As an employee, your company can offer you the best of the benefits with Plum Insurance’s policies. As with any other entity, this insurance proves cost-friendly.

Get a premium claim servicing experience with the Plum Insurance team, dedicated to serving you in your times of need. ?

Some Final Thoughts

Consider the old ages, when the insurance market was less explored. Hospital bills would eat away all your income and savings. Today, with numerous companies offering varied insurance schemes at competitive rates and online details, being insured has become possible for a more significant chunk of the population. It forms a vital necessity for the upcoming generation. With bare minimum premium rates (if required), everyone can opt for getting insured. Regardless of age, insurance should be considered a vital part of life.

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