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What are the limitations of a Group Health Insurance for an employee?

Though group health insurance policies are extremely flexible by design in terms of enrollment and operability, they come with their own set of limitations. Below we highlight few limitations of the group health insurance program –   The employee has little or no control over their individual coverage. The benefit structure of the group plan […]

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How can deductible and co-pay help in lowering the price for GHI?

Group health insurance pricing is a function of claims record, no. of lives covered with respective demography, and benefit structure of the policy. An increase or decrease in the benefit structure translates into a proportionate increase or decrease in projected claim costs and hence policy premiums. In this article, we’ll get to know how can […]

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Types of endorsement scales in group medical insurances

As an organization contemplating group medical coverage (GMC), you might have encountered different types of endorsement methods. This post helps to make sense of these endorsement methods. Insurers frequently use two types of endorsements methods in the case of group medical insurance: Pro-rata As the name suggests, pro-rata means proportionate. In this endorsement method, the […]

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What are the advantages and disadvantages of a group-based indemnity policy?

What are the advantages and disadvantages of a group-based indemnity policy? A Group based indemnity policy comes with both advantages and disadvantages. Advantages – 1. Waiver of medical underwriting – Medical tests are not mandatory for group insurance schemes. Hence policy issuance is guaranteed for members who may have pre-existing medical conditions. 2. Waiver of […]

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What are the advantages to a borrower to buy credit life insurance?

What are the advantages to a borrower to buy credit life insurance? A credit life insurance policy prevents the borrower’s family to repay the loan in the case of the borrower’s death or disability. Following are the advantages of credit life insurance policy to the borrower – 1. Save your family from financial hardship – […]

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What are the key features that a startup should evaluate in a GMC?

What are the key features that a startup should evaluate in a GMC? Group Mediclaim (GMC) policy is the most common employee benefit policy for any company. It is a tailor-made program, i.e., it gives you complete choice in personalizing the benefits, terms, and conditions. Companies design policy benefits with features that appeal more to […]

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What are the reasons for claim rejection in GPA?

What are the reasons for claim rejection in GPA? You can claim in a GPA policy against accidental death, permanent or temporary disability. You can also claim against partial disability and accidental medical expenses. These claims will depend on the coverage in your policy. However, there are chances that your accidental claim, though legitimate, is […]

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What is the significance of FCL in GTL policy?

What is the significance of FCL in GTL policy? FCL stands for Free Cover Limit in the GTL policy. It is the limit up to which the insurer does not require any medical test for the grant of coverage in the policy. Free cover limit is determined by two factors – sum insured and employee’s […]

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The need for 30-day enrolment for new hires

The need for 30-day enrolment for new hires In an employer-employee context, group health insurance is when an employer buys a medical insurance that covers their employees. However, the number of employees in an organisation can change frequently, with people leaving the firm as well as joining it. Organisations have to update corporate health insurance […]

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