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 Insurance Industry Employees
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Industry Wise Group Health Insurance Policy For Employees
Insurance Industry - Overview
The insurance industry safeguards people from burning a hole in their pockets during a medical emergency. Insurance provides protection from unprecedented risks like an accident. You can buy insurance for many other things like - car insurance, bike insurance, travel insurance, home insurance, etc. There are many types of health insurance covers available in the market to choose from. The insurance sector, with the help of technology, is aiming to reach PAN India to offer its services.
Insurance has become a necessity after the recent increase in health-related issues. You can either buy an individual health cover or a family floater policy to insure not just yourself, but your family as well.
Group health insurance, or corporate health insurance as it is commonly known, is an insurance cover provided by an employer to a group of people. The sum insured remains the same for everyone included in the group. Around 3.8K companies are providing insurance all over India.
They have employed 8.2K employees in companies with less than 100 employees. Additionally, 18.9K and 15.3K people are employed in companies with 100-1000 and 1000+ employees.
Why buy group health insurance for the insurance industry?
Health insurance safeguards employees against unforeseen medical expenses that leads to urgent financial requirements. Hence, it is important to offer your employees the benefits of a group health insurance plan.
- Tax benefits
The premium paid by employers towards group health insurance for their employees is not taxable, i.e, it is exempted from any taxes.
- Tailor-made
You can get your group health insurance policy customized according to your employees’ needs. You can choose to add/delete the benefits accordingly.
- Financial security
Your group health insurance provides a financial safety net in medical emergencies for your employees and their families.
- Employer branding
It will generate goodwill and build a stronger employer base for your company or organization.
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Things to know before buying group health insurance for the insurance industry
There are a few things every employer must keep in mind before investing in a corporate insurance for employees. Some are -
- CSR
The claim settlement ratio is very important to confirm the insurer's reliability.
- Ease of endorsements
It is important to make sure that future employees can easily be added to the existing group health insurance policy without any hassle.
- Exclusions and inclusions in the policy
Go through the terms and conditions of your insurance policy thoroughly. Keep a check on all the exclusions in the policy that you choose for your employees. Also make sure to know all the inclusions in your group policy like the daycare treatments, advance medical treatments, in-patient hospitalization expenses etc.
- Add-on covers
The group health insurance policy comes with several add-on benefits. These are commonly known as the group health insurance policy riders. These can be daycare treatment rider, maternity cover with zero waiting period rider, etc. Hence, make sure you understand these riders before buying group policy for employees.
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For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
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Group health insurance for insurance industry employees FAQs
Can group health insurance be extended for another year?
You can apply for the renewal of your group health insurance company.
What happens if the sum insured gets exhausted?
If you exhaust your sum insured, you will not be eligible to make any more claims against your insurance policy. You can choose to add the restoration benefit to your group health insurance to restore the sum insured to be used again.
Are ambulance expenses covered in the group health insurance policy?
Your group health insurance might or might not cover ambulance expenses but it can be added as an add-on benefit in the base policy at an extra premium cost.
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