20 smart questions HRs must ask their brokers before buying group health insurance
Hidden Costs? Ask These 20 Questions Before Buying Group Health Insurance
By Pazcare
May 5, 2025
Group Health Insurance - For financial services Industry
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Financial services industry - Overview
The finance sector comprises not only banks and financial institutions but also stock brokerage firms, credit card companies, accountancy companies, and a lot more. The finance industry provides its consumers with economical services. It is a major factor in our country’s GDP and imports/export.
We manage and sift through our finances on a day-to-day basis. Technology has established its rule in the financial sector as well by making the consumers and buyers dependent on it. Financial services are now just at our fingertips! We can make huge transactions through our mobile phones only. This 5.20 Lac company's strong industry has made a cashless and digital India possible. There is about 5.85 Lac population engaged in financial services with 0 - 100 employees. Moreover, 100 - 1000 employee companies and 1000+ employees companies provide employment to 1 Lac and 2.01 Lac population respectively.
Why buy Group Health Insurance for the financial services industry?
Financial services include providing group health insurance as well. And safe to say, investment of any sort should be made keeping in mind all the pros and cons of your chosen policy. You should invest in a group health insurance benefit for your employees as it will work as an additional medical safety net.
- Tailor-made policy
Since group health insurance policies can be customized, your employees can cover a large number of benefits.
- Pre- hospitalization expenses
Your group health insurance policy will cover pre-hospitalization expenses incurred for 30 days.
- Post- hospitalization expenses
Your post-hospitalization charges will be taken care of for up to 60 days.
- No prerequisite medical tests
Your group health insurance policy does not require any medical checkups to be done before the issuance.
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Things to know before buying group insurance for the financial services industry
Some important points to keep in mind while choosing a group health insurance plan are -
- Claim settlement ratio
The CSR is simply the number of claims settled to the number of claims received by an insurer. Make sure that the CSR ratio is always high.
- Network hospitals
Your insurance company should have a wide range of network hospitals to take care of your employees geographically.
- Add-on benefits
In addition to the health care plan that you choose, you can opt for some add-on benefits.
- Covid-19 coverage
Your insurance should cover covid-19 related hospital expenses in your policy.
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Group Insurance for financial services industry employees FAQs
Does insurance come under the finance sector?
Financial services cover a lot of sectors and insurance is one of those.
Is the claim settlement ratio important?
The claim settlement ratio signifies the credibility of your insurer. Higher the ratio, the higher the chances of your claims being settled easily.
Will the premium increase after the addition of add-on benefits?
Yes, every add-on benefit comes with a nominal increase in premium.
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