Most of the work places and the organizations which are present today offer a large number of health and medical benefits to its employees in the form of group mediclaim covers. Other than the work places, the policy of group mediclaim can also be provided to various corporate institutions, offices and other associations or any homogeneous groups which have a central administration and where the size of the group is more than 100. As the size of the group increases and goes beyond 100, the discount offered to the group increases as well.
These group mediclaims are usually beneficial to all the individuals since the people who are insured get a group discount because of which the premium for per person is reasonably low. These mediclaim are usually offered by various insurance companies and organizations. The maximum cover that is offered to an individual is Rs 5 Lakh usually where as the minimum is 15,000 rupees. The cost to company would also be far lesser when compared to the cost to an individual since the rates for group mediclaim are 25percent cheaper than the usual rates.
The group mediclaims are a more lenient when compared to the normal individual policies and offer various features such as extension of the policy to cover maternity health benefits.
Although a lot of people believe that the group mediclaim is not enough for an individual’s health insurance needs which result into a lot of people opting for an individual mediclaim policy over the group mediclaim one. So a wiser option would be to have both the individual as well as the group mediclaim cover and use them depending on the situation which exists.