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Why Group Mediclaim Cover (GMC) Is A Good Idea For Employer & Employees
[Posted by: InsuringIndia Blog on 28-Mar-2016]
We live an age of fast paced technology and a stressful life where there are challenges in every corner. It is, therefore, natural that you may want to secure yourself and your family against unforeseen mishaps especially those which involve medical issues. While the insurance market has varied policies along with attractive sops to choose the perfect policy, it makes sense to opt for a group medical cover (GMC) which will not only secure you, but your kin as well.
Under group medical insurance, the employer purchases an insurance policy for his employees which covers their medical requirements whenever the need arises. In this type of policy, the employer pays the insurance premium and not the employee. In fact, it also takes into consideration that the health cover is extended to all the employees and also their families. If a medical mishap occurs, then the employee concerned can file the requisite claim as per the rules and requirements under the GMC. 
The biggest advantage in this type of policy is a discounted premium which is a win-win situation for everyone. What it basically entails is that by taking this one policy alone, it can cover an entire family and it saves on documentation work which would be otherwise a headache if the family had individual policies. Thus, it is a viable, efficient and cost effective as compared to an individual health policy. This also means that claims under GMC will be dealt with, at a faster pace.
Benefits of opting for GMC for the employee
The medical needs of the entire family is covered under a single umbrella.
Depending on the type of policy that you are covered under, most of your medical expenses are taken care of.
Some of these policies also cover pre-existing diseases.
A GMC ensures that documentation for the entire family is taken care of, under a single policy instead of multiple health covers.
Cashless service facility is yet another advantage which gives you peace of mind.
Maternity benefits.
Daycare procedures are also included in this type of cover.
Benefits of GMC for employers
This type of insurance ensures the health and wellbeing of an employee, as also significant things like death, disability, hospital expenses and any other mishaps that can happen while travelling.
In fact, Section 36(ib) of the Income Tax Act has the provision of allowing a business owner to claim deduction for the premium paid for group mediclaim cover for employees and this helps reduce the overall cost incurred on insurance for the company.
What employers must consider with GMC
The cover could cease if the employee leaves the group
It is always a pragmatic choice for the manager of the company to make the employees aware of the premium rate and terms of the policy.This is also applicable on sops and discounts. 
Also, it is the onus of the employer to let the employees know if an administrative charges are applicable other than the policy premium. 
Instead of buying this type of policy via an insurance agent, it’s always a good idea to choose an online platform. This is because not only will it prove to be a less costly affair, but your choice will be an informed one based on your requirements, an assessment of sops, disadvantages, premiums comparison and other benefits.

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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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