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Group Health Insurance is same as Health Insurance for an individual or a family.
The difference is that this product is taken by a group, which is in existence at the time of submission
of the proposal with specified names of members/being available. It can be a :
- Body corporate - Government or Private.
- Association.
- Cooperative Society - may be milk producer society or housing society.
- Educational Institution - School/College/University
The rates applicable are more or less same as applicable to individuals with discount being given at the
following rates :
No. of persons |
Discount % |
| 101
- 500 |
2.5 |
| 501
- 1,000 |
5 |
| 1,001
- 2,000 |
7.5 |
| 2,001
- 10,000 |
10 |
| 10,001
- 15,000 |
12.5 |
| 15,001
- 25,000 |
15 |
| 25,001
- 50,000 |
20 |
| Above
- 50,000 |
30 |
If the policy is coming up for renewal then depending on the claims history during last year, the
following positive or negative factor is also applied.
Incurred Claims ratio under the group policy |
Discount % |
| during last year |
|
| Not exceeding 60% |
5 |
| Not exceeding 50% |
15 |
| Not exceeding 40% |
25 |
| Not exceeding 30% |
35 |
| Not exceeding 25% |
45 |
As Mediclaim is a Non tariff Insurance Product therefore Insurance Companies are free
to quote premium depending on the following :
- Group size
- Claims history
- Other Business Premium being placed by the body corporate to the same insurance Company.
The Comprehensive note of New India Assurance Company on group Mediclaim in the following pages is a good
reference. |
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