top group medical insurance providers in india

Top 5 New-Age Group Medical Insurance Providers For Your Employees

Onsurity Editorial
December 24, 2024
10 min read

Table of Contents

Group Medical Insurance for Employees

One of the core problems that businesses in India face today with human resource management is employee retention. With the increasing competition for hiring skilled talent and incorporating the industry’s best employee engagement practices, businesses are making their best efforts to hire and retain top talent. And in doing so, they are providing some of the best employee benefit programs available in the human resource management landscape. One such employee benefit is the group medical insurance plan.

A basic group medical insurance policy generally covers the employee’s healthcare expenses pertaining to in-patient treatments (IPD), ambulance charges, maternity coverage, pre and post-hospitalisation expenses, and accidental coverage. However, due to the growing demand for more comprehensive healthcare, businesses are now adding various other health and wellness benefits to their group medical insurance policy to stay a cut above the rest.

Some of the additional benefits that employers are now giving as part of the group health benefits package are:

Mental health services
Outpatient treatment
Preventive health checkups
Fitness services
Inclusion of LGBTQ+ partners as dependents

According to a post-pandemic employee benefits scorecard released by Prudent Insurance Brokers, almost 74% of employers incorporated mental health services in their group medical policy and there was a 40% increase in the organisations seeking preventive healthcare plans. This indicates a clear shift in the comprehensiveness of the group medical insurance benefit.

However, most traditional insurance providers are still providing basic healthcare plans and are adding exuberant costs to any plan modifications, making it challenging for businesses to get holistic coverage for their teams.

Purchasing a comprehensive plan from a traditional insurance provider that includes benefits like OPD services and higher hospitalisation limits, can approximately Rs. 20,000 per employee, annually. However, there are many new-age insurance providers that employers can pick from. These new-age insurance providers club health and wellness benefits into their group plans and offer exciting platform benefits that are customisable and pocket-friendly too.

Before we list our picks for the top 5 new-age insurance providers, let’s first understand what is group medical insurance and how it works.

What is Group Medical Insurance?

A group medical insurance is a blanket policy that covers the healthcare expenses of a particular group of people. In most cases, this type of policy is provided to the employees of an organisation by the employers. Employers purchase group medical insurance plans as part of an employee benefits package, to attract and retain talent while providing them the financial security during health-related emergencies.

Group medical insurance provides various other benefits, some of which are – employee satisfaction, tax exemption on premiums, broader coverage for employees and their families, and lower premiums compared to individual health insurance policies.

How Does Group Medical Insurance Work?

A group medical insurance policy covers all members uniformly, irrespective of their age, gender, and role in the organisation. However, when it comes to the enrollment process, there are various points that both employers and employees need to bear in mind.

Policy Issuance: The employer purchases the group medical policy from their preferred insurance provider. The policy benefits are then extended to the employees and in some cases to their dependents.

Premium Payment: The policy premium for group medical insurance is paid by the employers. Although some plans require the employee to contribute to the premium payment. This shared cost helps reduce the financial burden and provides a more comprehensive cover.

Add-ons and Customisations: In addition to the essential cover, there are many add-ons that employees can opt for to enhance the comprehensiveness of the plan. Here are some add-ons that employees can add at an additional cost – critical illness rider, preventive health checkup, accident cover, etc.

The group medical insurance coverage is only valid till the period of employment and once the employee exits the organisation, the group benefits also cease to exist.

Also read: Top 5 Group Health Insurance Companies in India

Top 5 New-Age Group Medical Insurance Providers In India

1. Onsurity

Founded in the year 2020, Onsurity is a 100% digital platform that was the first one to offer businesses the flexibility of monthly payments. Onsurity’s unique subscription model then became the norm. The platform caters to businesses of all sizes. Along with the group health insurance and wellness benefits, Onsurity also caters to the corporate insurance needs of organisations.

Their value-added benefits include – teleconsultations, discounted medicines, health checkups, and diagnostic services. Onsurity has a dedicated support team for both businesses and employees and is extremely tech-driven.

2. PlumHQ

Founded in 2019, Plum offers highly flexible and customisable plans for both small and large businesses. The platform comes with a seamless digital experience that offers – easy onboarding, claim processing, and policy management. The monthly billing option can also be availed by businesses and it is particularly beneficial for smaller teams or startups.

The additional benefits include – teleconsultations, wellness programs, and discounted health checkups.

3. Pazcare

Headquartered in Bengaluru, Karnataka, Pazcare was founded in 2009 to empower business teams with insurance, food and fuel benefits, health checkups, and more. The platform is known for its customisable group health plans that address the specific needs of different organisations.

The platform also includes options for mental health support, telemedicine, and wellness benefits. Pazcare offers monthly billing options to help businesses manage cash flow.

4. Digit

Digit Insurance is a digital insurance company in India that in addition to providing group health insurance also offers: individual health insurance, travel insurance, motor insurance, property insurance, marine insurance, and liability insurance. The company was founded in 2016 by Kamlesh Goyal and is often recognised as India’s first digital insurance provider.

Digit’s group health insurance plan is supplemented with the pre-existing and critical illness cover add-ons. However, the company does not have the option of monthly billing.

5. Acko

Just like Digit, Acko also offers a wide range of insurance products like health insurance, general insurance, life insurance, and vehicle insurance. The platform is 100% digital with simple onboarding and a paperless claim process. Acko’s value-added services include wellness benefits like mental health support, fitness tracking, and preventive health checkups.

The plans come with the flexibility of monthly, quarterly, bi-annual, and annual payment options. Acko offers customisations to businesses with varying needs.

Suggested read: 10 Best Health Insurance Companies in India

Who Should Buy Group Medical Insurance?

In the aftermath of the Covid-19 pandemic, the government of India has made it mandatory for organisations with more than 7 employees to provide group medical insurance coverage. However, organisations of all sizes can purchase group medical insurance as it comes with various advantages to their business growth. Let us break it down for you:

1. Group Medical Insurance For Startups

Most young startups and tech companies have a fast-paced work environment, making it extremely difficult for employees to tend to their health and personal needs. A study, titled “Burying the Burnout: Decoding the Health Challenges of India’s Tech Geniuses” revealed that a staggering 43% of Indian tech professionals experience health concerns directly stemming from their work.

By providing emergency medical cover to these employees, startup founders can foster a supportive work culture and showcase their commitment to the well-being of their teams. This in turn boosts employee morale and job satisfaction at work resulting in better productivity.

2. Group Medical Insurance For Small and Medium Businesses

Small and medium businesses (SMEs) form the backbone of the country, accounting for the largest workforce in India. Despite being around for a while, most SMEs have an unregulated work environment that makes it difficult for employees to stay dedicated and loyal to their jobs. In fact, SMEs face the highest level of attrition, approximately 35%.

To mitigate this problem, business owners should introduce group medical insurance as part of the employee benefits package. Not only does a group medical cover help source and retain top talent, but it is also highly effective in brand building.

3. Group Medical Insurance For Large and Established Enterprises

A large and well-established organisation can negotiate, tailor coverage for employees, and get lower premiums due to its scale. Candidates applying to organisations with a team size of more than 1000 employees generally expect comprehensive health coverage as part of their joining benefits.

If you are a top decision-maker at an established organisation then you should consider going for new-age group medical insurance providers as they offer the best customisation, cost and plan flexibility, and smart integrations for seamless insurance management.

Also read: Mediclaim Policy in India

Key Features of New-Age Group Medical Insurance Plan

When it comes to offering comprehensive medical benefits to your employees, you should definitely consider opting for a new-age group medical insurance plan as the features go beyond basic hospitalisation expenses and cater to the evolving needs of a modern workforce.

Here are some must-have features of these plans:

1. Comprehensive Digital Services

Seamless digital onboarding and claims management process via a smart dashboard that helps save critical business hours for employers. Mobile-friendly application for employees to manage claim submissions, track status and approvals, and access telemedicine.

2. Wellness and Preventive Care Programs

Preventive healthcare benefits like annual health checkups, teleconsultations for non-emergency medical situations, and diagnostic services. Fitness and wellness programs like gym memberships, mental health support, dental care, and yoga sessions to promote holistic well-being.

3. Outpatient (OPD) and Daycare Benefits

Coverage for minor procedures that either don’t require hospitalisation or require short-term hospitalisation and outpatient facilities like doctor visits to reduce the burden on out-of-pocket expenses.

4. Maternity and Neonatal Care

Maternity coverage beyond hospitalisation and newborn coverage for a pre-determined post-birth at no additional premium cost.

5. Mental Health and Wellness Support

Individual counseling services that give access to mental health and wellness professionals and wellness workshops that can create awareness around holistic well-being as part of the new-age group medical insurance program.

6. Customisations and Add-Ons

Flexibility to add or modify coverage based on employee’s personal needs. Add-ons like – critical illness riders, eyecare, or plan top-ups. Options to extend coverage to immediate family members.

7. Cashless Hospitalization and Network Expansion

Simplified process to access a wide network of hospitals for cashless treatment. Some plans also offer no cap on room rent limit to ensure comprehensive coverage in case of hospitalisation.

8. Coverage for Pre-existing Conditions

New-age group plans often have no waiting period and cover pre-existing conditions from day one, protecting employees with chronic health issues.

About Onsurity

When it comes to managing health and wellness benefits, the choice shouldn’t be a tough one to make. Don’t settle for a basic healthcare cover when Onsurity provides you the flexibility of clubbing, both – health and wellness, in one customisable package that suits the needs of your employees.

By offering best-in-class healthcare subscriptions at a modest cost to businesses, Onsurity aims to cover as many lives as possible. All while, helping businesses create a people-first ecosystem to attract and retain top talent. Additionally, Onsurity has seamless support and a tech-driven approach to resolve claims, billing, and membership-related queries, reducing manual tackling for HR teams and saving crucial business hours.

So, no need to lock in operational capital to get an annual subscription, as businesses with more than 3 employees can avail Onsurity’s group health and wellness plans on a monthly subscription basis, with plans starting from just Rs. 145 per employee.

FAQs:

1. Which is the best group medical insurance company in India?

There are many group medical insurance providers available in India today. While picking the one that is best for your team, take into account the following factors – coverage, options for customisation, claim settlement ratio, flexibility in billing, and customer support. Some of the most notable insurance providers that offer the aforementioned services and comprehensive benefits are – Onsurity, Acko, Pazcare, PlumHQ, and Digit.

2. Are pre-medical tests conducted in group health plans?

No. Unlike individual health insurance, there are no medical tests required to get a group health insurance plan.

3. Why do companies offer health insurance?

Most companies in India offer health insurance today as the government has made it mandatory to get group health insurance for teams having more than 7 employees. However, beyond the compliance and regulatory framework, buying group health insurance for employees can benefit employers in the following ways – enhanced job satisfaction, improved attrition rate, tax exemption on insurance premiums, reputation building for the business, and increased productivity at the workplace. If you’re looking to get the most comprehensive coverage for your team then check out Onsurity’s group health insurance benefits.

4. Do businesses get any benefits for providing corporate health insurance to employees?

According to various studies, businesses providing corporate or group health insurance to their employees observe significant growth in their performance. Incorporating group health insurance at work can benefit employers in several other ways, some of these benefits are – improved job satisfaction for employees resulting in workplace productivity, tax exemption on premium costs for businesses, and lowered attrition rates.

5. What diseases are not included in group or corporate health insurance?

Most group health insurance plans do not cover the following medical procedures and diseases – cosmetic or elective surgery, pre-existing chronic diseases, non-allopathic treatment, self-inflicted injuries, and fertility treatments.

6. How do employee group medical insurance providers determine the premium cost?

The premium cost of group health insurance is determined by several factors pertaining to the risk profile and specific needs of the employees; some of these factors are – the size of the team, sum insured, benefits and inclusions, pre-existing conditions, industry type, wellness and preventive healthcare benefits, waiting period, and the policy underwriting terms of the insurance provider.

7. Can employees include their family members in the group medical insurance coverage?

Some employers opt for group medical insurance plans with extended benefits for immediate family members. In case the employer doesn’t provide coverage for family members, most insurance providers give the option to employees to add their family members to their group health insurance plan.

8. Can an employer customise a group medical insurance plan based on specific employee needs?

When it comes to policy customisation, most traditional insurance providers do not offer that flexibility. However, many new-age group medical insurance providers in India offer the option of customisations based on specific employee needs.

9. What happens to employee’s coverage if they leave the company or switch jobs?

Group health insurance portability is when an employee ports their group health benefits to an individual health insurance plan. And this benefit is available with most insurance providers, the employee just needs to port their policy 45 days before the period of expiry.

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