GROUP MEDICLAIM COVER
Group mediclaim insurance can be very important for individuals who are part of a group or organization that offers such coverage. Here are some reasons why:
Cost-effective: Group mediclaim insurance is usually cheaper than individual health insurance policies. The premium is usually paid by the group or employer, which makes it more affordable for individuals.
Comprehensive coverage: Group mediclaim insurance offers comprehensive coverage for medical expenses, including hospitalization, surgeries, and critical illnesses. This coverage can help individuals deal with unexpected medical expenses without causing a financial burden.
No waiting period: Group mediclaim insurance usually has no waiting period for pre-existing illnesses, which means individuals can start using their coverage as soon as they become part of the group.
Coverage for pre-existing conditions: Unlike individual health insurance policies, group mediclaim insurance may provide coverage for pre-existing medical conditions without requiring any waiting period. This can be beneficial for employees or members who have pre-existing conditions and may not be able to get coverage through individual policies.
No medical check-up: In many cases, group mediclaim insurance does not require any medical check-up for the members to be covered. This can save time and hassle for both the individuals and the group or employer offering the policy.
Enhanced benefits: Group mediclaim insurance policies often offer enhanced benefits such as maternity cover, daycare procedures, and critical illness coverage. These additional benefits can provide more comprehensive coverage for the members.
Easy to obtain: Obtaining group mediclaim insurance is relatively easy as the group or employer handles the paperwork and formalities. This makes it more convenient for individuals to obtain coverage.
Tax benefits: The premium paid towards group mediclaim insurance is tax-deductible under section 80D of the Income Tax Act, 1961, which helps in reducing the tax liability of the employer and employees.
Quick and easy to purchase: Group mediclaim insurance policies are easy to purchase, and the administrative procedures are simplified as the policy is bought for a group of individuals, saving time and effort.
Retention tool: Employers offering group mediclaim insurance can use it as a retention tool to attract and retain employees. It shows that the employer cares about the health and well-being of their employees, which can improve employee morale and loyalty.
Overall, group mediclaim insurance can be very beneficial for individuals as it provides comprehensive coverage at an affordable cost, and it can be a useful retention tool for employers.