Niva Bupa Group Health Insurance
Organizations nowadays provide varied benefits to their employees. After all, employee satisfaction and motivation act as critical drivers of successful operations.
One such benefit is group medical insurance, wherein a company provides health insurance for its employees. Since the need for health coverage cannot be generalized, most insurers offer group policies with customizable options.
Bajaj Allianz Group Health Insurance is a well-known insurance provider in this segment.
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Key statistics of Care group health insurance*
GHI Premiums
GHI lives insured
Health lives insured
Health claims Processed
Health claims settlement ratio***
Health claims Settled within 3 months
Basics of group health insurance
It aims to provide cover to employees against unforeseen medical emergencies. The span of the policy extends to the employees and their families. You can buy the comprehensive group health insurance policy at attractive premiums to ensure that your workforce remains healthy.
Highlights of group health policy
Hospitalisation expenses
Expenses on hospitalisation caused by diseases, infections or accidents.
Diagnosis and treatment
Expenses incurred on diagnosis and treatment, pre and post hospitalisation up to a specific number of days.
Cashless treatments
You can enjoy cashless treatment at the hospitals linked to the network of the insurer.
Dependants cover
You can add the employee’s spouse and three children up to the age of 25 years in the policy. All other dependents can also be covered.
Reduced costs
The number of employees and the insurance cover applied for can reduce your premium cost.
Please note that Plum has collated and presented this data for informational purposes only and at a particular point in time. Plum does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. The final terms, conditions, and premiums may vary depending upon factors including group size, age, location, and applicable taxes.
Why should you buy group medical insurance?
The increased risk of hospitalization and medical assistance required due to the threat posed by Covid-19 has increased the importance of health insurance. A group policy can not only reduce the monetary burden, but also allow your employees to remain stress-free. Here are the benefits that you can receive from medical insurance.
Save costs for your employees
If your employees purchase their personal health insurance, they have to bear the premium cost. By purchasing medical insurance for your employees, you can save them from this expense, which can be an additional strain on their budget.
Discount on premium charged
As compared to standalone medical insurance, your premium cost is much lower when you purchase bulk insurance. So, you get a dual benefit with group insurance. You can provide medical cover to your employees, that too at a reduced price.
Build trust for the organization
Employees always want their organization to respect them. An organization that is committed to the welfare of its employees is trustworthy. Hence, buying medical insurance for your employees can build their trust in the organization.
Increased employee retention
Taking care of the medical expenses by purchasing group insurance can help you retain your employees. By showing that you value your employees, you not only retain them, but also motivate them to work harder.
Tax benefits
Under the Income Tax Act, 1961, you can claim a deduction of the premium paid for buying group medical insurance from the company’s taxable income. This reduces your tax burden. Hence, you can benefit your employees and save tax at the same time.
Niva Bupa health insurance
Niva Bupa is a renowned insurer in India that provides various types of insurance products. Niva Bupa group health insurance is a popular product for employers who wish to secure the best healthcare services for their employees. It has tie-ups with the best hospitals for cashless facilities. Here are the types of expenses that are covered by the policy.
Features of Niva Bupa group health insurance
Allowance for private single room
The Niva Bupa policy allows you to avail your treatment in a private single room. This can save you from the hospital chaos and provide focused medical attention.
Free health checkups every 2 years
You can get yourself checked up for free once in 2 years at the Niva Bupa diagnostic centre. This helps you to ensure that any major health issues are identified in the early stages. It can help you get good and timely treatment.
Maternity and newborn babycover
This insurance covers the expenses of normal and C-section deliveries, as well as the primary care of the newborn baby. This policy also covers the cost of vaccination for the baby.
Parental cover (includes in-laws)
You can also get free checkups for your parents and in-laws regularly.
Daily cash allowance
The patient can get a hospitalization allowance for petty expenses at the hospital, apart from the treatment charges covered.
Benefits of buying Niva Bupa group insurance
Discounted premium on bulk subscription
Apart from the discount on buying insurance for all your employees in bulk, you can also save on the premium cost if you purchase a 2-year plan.
Cashless facility/direct claim settlement
You can benefit from Niva Bupa tie-ups. If you get hospitalized at any of the network hospitals, you can enjoy the hassle-free cashless treatment. You are saved from the burden of paying in cash at the time of treatment and claiming these expenses later.
Boosted employee retention
When the management looks after the needs of the employees, they feel secure and confident. This enhances their performance and also reduces employee turnover. As a result, you can retain employees that you have trained over the years.
Tax benefits
Under the Income Tax Act, 1961, you can claim a deduction of the premium paid for buying group medical insurance from the company’s taxable income. This reduces your tax burden. Hence, you can benefit your employees and save tax at the same time.
Here's how Niva Bupa is better with Plum
Go digital with Plum
You can enjoy complete access to your insurance policy along with renewals and cashless claims online.
Compatible across platforms
You can easily access your dashboard across different devices. This allows you to get a seamless experience.
Add or remove beneficiaries
You can easily add or remove the beneficiaries as per your requirements. You can also modify the medical benefits or purchase add-ons to the policy.
Plum Wellness
With Plum’s Corporate Wellness Programs, you can ensure that the employees are participating regularly in various health activities. This can make your workforce healthy.
Teleconsultations
Get teleconsultations from the panel of expert doctors with Plum.
WhatsApp access
With the WhatsApp facility, you can access the insurance benefits, understand the coverage, download digital health cards, access daycare, initiate claims and more.
Frequently Asked Questions
Can I add or remove members after the initial setup?
Super top-up is additional coverage of 20 lakhs added to your existing policy. You can avail the additional cover for yourself, and/or for your entire family (self+spouse+2 kids), and/or your parents.
This policy, however, comes with waiting periods on certain critical illnesses and applicable deductibles.
How are premiums calculated for additions?
Yes, you can add new employees, add new dependents (at the time of marriage or childbirth), and remove employees who exit the company. Additions and deletions can be done using the Plum dashboard.
Do I get refunded for deletions?
Deductible refers to the amount paid by the policyholder (via out-of-pocket or other medical insurance policy) before the super top-up kicks in. Read all about how a deductible works here.
How do I pay for additions and deletions?
No, the policy doesn’t cover same-sex or unmarried couples.
Can an employee convert the group plan to an individual plan if they leave the company?
No, the policy doesn’t cover same-sex or unmarried couples.