Top 5 Group Health Insurance Companies in India

Group Health Insurance Company

India’s startup ecosystem is growing like never before. As of June 30, 2024, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised over 140,803 startups across the country. That’s roughly 45 startups coming out every day or nearly two startups are born every hour. This pace is exhilarating, reflecting a movement that’s rapidly reshaping innovation and entrepreneurship.

This surge is fueled by impressive growth metrics: a 15X increase in funding, a 9X rise in investors, and a 7X expansion in incubators over the past few years. These numbers speak to more than just financial success; they tell a story of bold ideas, ambitious minds, and a community dedicated to building a better future.

With this explosive growth comes a rising need for strong and satisfied employees and by providing benefits that promote well-being is no longer optional it’s important. To attract and retain top talent, companies need to foster a growing, happy team that powers the innovation of tomorrow.

One crucial benefit is gaining importance among employees is health insurance. Specifically, group health insurance which is offered by employers, is playing an increasingly significant role. In this blog, we’ll guide both employees and employers in choosing the best group health insurance companies in India.

What is Group Health Insurance?

Group Health Insurance is a type of health insurance policy that provides coverage to a group of people, typically employees of a company or members of an organisation. 

For both employees and employers, group health insurance companies (GHI) offer various advantages. Employees benefit from faster claim processing, dedicated support, broader coverage, add-on benefits, cashless facilities, coverage for critical illnesses, no waiting periods, and the ability to use multiple policies under a single claim ensuring peace of mind and financial security for them and their families.

For employers, GHI becomes a strategic asset to enhance their workforce. A recent survey revealed that 79% of respondents prefer an employer who provides family health coverage. Providing Group Health Insurance helps attract and retain top talent, reduce absenteeism, and improve productivity while boosting employee morale and job satisfaction ultimately creating a motivated and loyal workforce.

Also read: What is Group Health Insurance Policy?

List of top 5 Insurtech (Group Health Insurance Companies) in India

Source: IRDAI

Top 5 Group Health Insurance Companies in India

1. Onsurity

Founded in February 2020, a Bengaluru-based employee healthcare benefits provider for India’s SMEs, start-ups, and enterprises. The company has served 15,00,000+ lives and currently works with 8,000+ companies, including Park+, Jupiter, Godrej, Visa, and Shobha among others.

By offering holistic healthcare and wellness solutions, Onsurity’s aim is to provide affordable healthcare to India’s middle class. The company enables businesses to subscribe to monthly plans and access services through its Super App. Beyond health coverage, Onsurity is committed to supporting the overall growth and well-being of SMEs and their workforce.

Onsurity is backed by IFC, Quona Capital, Nexus Venture Partners, Whiteboard Capital, and other impact investors. In October 2022, cricket legend Anil Kumble joined Onsurity as a strategic advisor. The company was recognised as “Dun & Bradstreet Start-up 50 Trailblazer 2023” by D&B India.

Key Group Health Insurance Products

Onsurity offers a range of group insurance solutions tailored to meet the diverse needs of businesses and their teams:

• Group Health Insurance: Ensure comprehensive healthcare coverage for your entire workforce, providing peace of mind with affordable and accessible medical services.

• Group Term Life Insurance: Protect your employees’ loved ones with financial security in case of an unfortunate loss, offering support when it’s needed most.

• Group Personal Accident Insurance: Provide financial assistance for your team members in case of accidental injuries or disabilities, ensuring their well-being during challenging times.

• Business Insurance: Safeguard your business from potential risks, including property damage, liability claims, legal disputes, and employee-related issues, to maintain stability and continuity.

Claim Settlement Ratio and Customer Reviews

With access to over 10,000 network hospitals and more than 60,000 claims processed, Onsurity proudly maintains a claim settlement ratio of 99%. This impressive figure underscores Onsurity’s commitment to providing swift and reliable support when it matters most.

Unique Features of Onsurity

• Flexible Subscription Plans: Choose between monthly or annual subscription plans that suit your budget and your needs.

• End-to-End Claims Support: Our dedicated “Good Doctors” team ensures you have the support you need during hospital visits from admission to claim settlement.

• E-Records at Your Fingertips: Access your medical records anytime, anywhere with the Super App.

• 360° Support Team: Experience seamless claim processes whether cashless or reimbursement, our team ensures quick coordination with insurers.

• Real-Time Claims Tracker: No more wondering about your claim status. Get live updates directly on our Super App, keeping you informed at every stage.

• Extensive Network of Hospitals: Gain access to 10,000+ network hospitals across India, making cashless claims easy, convenient, and within reach.

• No Hassle, No Paperwork: Our Good Doctors expedite the claims process and assist your team at every turn to eliminate stress.

• Monthly Doctor Consultations: Get up to 5 free consultations every month. Expert advice is always within reach, for you and your family.

• Consult with Doctors Anytime: Consult with reliable doctors from the comfort of your home. Your health matters no matter where you are.

• Fast Pharmacy Service: Same-day delivery of medicines through an extensive network of 5,600+ offline pharmacies. Plus, enjoy exclusive offers and discounts.

• Comprehensive Health Check-Ups: Choose from a wide range of lab tests (at home or center) with same-day results. Health check-ups include a follow-up consultation.

• Instant Assistance with Aanchal: Our WhatsApp virtual assistant, Aanchal, is available to help resolve healthcare queries quickly and efficiently.

• Easy Onboarding: Get your team onboarded in minutes with our TeamSure Dashboard, making employee care easier and faster than ever.

• Plans Designed for Big Families: We’ve designed our plans to include all types of families: parents, children, spouse, in-laws, siblings, and LGBTQIA+ partners because health security should be for everyone at a small additional cost.

• Business Insurance for every SMEs: Protect your business from potential risks, including property damage, liability claims, legal disputes, and employee-related issues, to maintain stability and continuity.

Why Choose Onsurity?

You should choose Onsurity because it offers flexible, comprehensive health plans that fit your business needs while supporting your employees’ well-being. With proactive care like regular check-ups and consultations, and a wide network of hospitals and pharmacies, Onsurity helps keep your team healthy and productive.

The tech-driven tools make healthcare access easy, and the inclusive family coverage shows care for the diverse needs of your workforce. On top of that, streamlined onboarding and minimal admin burden means your HR team can focus on what really matters-building a great company culture.

Also read: Onsurity Membership – 5 Simple Options to Pick From

2: Star Health and Allied Insurance

Founded in 2006, Star Health and Allied Insurance is India’s first standalone health insurance provider, known for its robust claim settlement (99%), extensive hospital network, and customer satisfaction. Key group products include Star Group Health Insurance, Corporate Health Insurance, and Group Personal Accident Insurance, offering flexible, affordable coverage for businesses.

Unique features like wellness programs, digital claims, and a 14,000+ hospital network make it a preferred choice. Star Health’s strong reputation, flexible plans, and excellent support benefit both employers and employees.

3: Care Health Insurance

Care Health Insurance, launched in 2012, offers customer-centric health solutions backed by Religare Enterprises, Union Bank of India, and Corporation Bank. Known for a 100% claim settlement ratio, efficient claims, and excellent service, Care Health provides group products like comprehensive health coverage, personal accident policy, and maternity & newborn coverage all customisable to workforce needs.

Unique features include wellness programs, digital claims, no room rent capping, and a 9,400+ hospital network. Care Health stands out for its reliability, extensive network, and seamless services, making it an excellent choice for businesses.

4: HDFC Ergo

Founded in 2002, HDFC ERGO is a leading private health insurer in India, recognised for its customer-first approach and efficient claims. Key group products include comprehensive health insurance, personal accident coverage, and critical illness insurance all customisable for businesses. HDFC ERGO has a 99% claim settlement ratio, and customers praise its fast claims process and user-friendly services.

Unique features include wellness programs, digital claims, no room rent limits, and cashless home healthcare services. HDFC ERGO stands out for its comprehensive coverage, innovation, and reliable service, making it a top choice for businesses.

5: Niva Bupa

Niva Bupa, established in 2010 as Max Bupa and rebranded in 2021, combines Max India’s healthcare expertise with Bupa’s global insurance knowledge, offering reliable, customer-first health solutions.

Key group products include health insurance, personal accident coverage, and top-up health insurance customisable to meet diverse needs. With a 100% claim settlement ratio, Niva Bupa is praised for its efficient claims process and transparency.

Unique features include wellness programs, digital tools, no room rent limits, mental health coverage, and cashless home healthcare. Niva Bupa stands out for its flexible plans and wellness focus, making it a top choice for businesses.

Factors to Consider When Choosing the Best Group Health Insurance Company

Choosing between OPD and IPD treatments depends on the nature and severity of the medical condition. Here are some guidelines to help you decide when to choose OPD and IPD:

1. Coverage and benefits

2. Premium costs

Compare premium rates to find competitive yet quality coverage. Opt for providers offering flexible payment options monthly or annual to manage cash flow efficiently.

3. Claim Settlement Ratio

Look for insurers with a high Claim Settlement Ratio(CSR) ideally above 90% to ensure reliable, hassle-free claims processing during emergencies.

4. Add-on riders and wellness programs

5. Hospital network

A wide hospital network allows employees easy access to cashless treatments, ensuring convenience, especially for those travelling or living in different regions.

6. Fast claims processing

Select an insurer with fast and simple claims processing, including cashless claims and minimal paperwork, to reduce stress during emergencies.

7. Inclusion of family and dependents

Ensure the plan covers dependents like spouses, children, and in-laws, and accommodates modern family units like LGBTQIA+ partners to promote inclusivity and employee loyalty.

How to Choose the Right Group Health Insurance Company for Your Business

• Know what your team needs: Start by figuring out the specific health needs of your employees and their families. Things like age, medical history, and potential risks will help you decide what kind of coverage is best.

• Shop around: Don’t just pick the first health insurance plan you see. Take your time to compare different group plans, looking closely at coverage, costs, and the overall benefits offered.

• Check the hospital network: It’s super important that the policy you choose includes a strong network of hospitals, ideally close by. In an emergency, easy access to a network hospital makes all the difference.

• Read the details: Check for things like waiting periods, exclusions, and the claim process, so there are no surprises when you need it.

• Think about extra benefits: Some group policies come with extras like maternity coverage, OPD expenses, or critical illness benefits. Check these add-ons to see if they match what your team might need.

• It’s worth the investment: Group health insurance is an investment in your people. It might seem like a cost, but the benefits in terms of coverage, retention, and overall job satisfaction are well worth it.

• Balance care and costs: Ultimately, pick a plan that takes care of your employees’ health needs while still being manageable for your business’s budget. It’s all about finding the right balance.

Conclusion

Companies that value their employees’ holistic well-being are better equipped to build resilient, motivated teams. Among the top players in India, Onsurity stands out as a strong contender for businesses seeking a flexible, employee-focused solution. With its monthly subscription model, a comprehensive network of 10,000+ hospitals, and unique benefits such as real-time claim tracking, hassle-free onboarding, and family-inclusive plans, Onsurity ensures a seamless healthcare experience.

Onsurity’s focus on preventative care, digital accessibility through their Super App, and end-to-end claims support make it an ideal choice for employers who prioritise both convenience and employee satisfaction.

Ultimately, the right group health insurance provider should align with your company’s culture and needs. It’s important to compare providers evaluating factors like claim settlement ratios, wellness programs, and additional coverage options to find the best fit for your team.

Onsurity offers a tech-driven, holistic approach that not only protects health but also boosts productivity and morale, making it a standout option for those ready to invest in their workforce’s future. By prioritising inclusive and proactive healthcare, you create a workplace where every employee feels valued, secure, and empowered to thrive.

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