| 2- Group Health Insurance Policy in India forCorporate |
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| Group Health Insurance is same as Health Insurance for an individual or a family. |
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| 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 : |
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- Body corporate - Government or Private.
- Association.
- Cooperative Society - may be milk producer society or housing society.
- Educational Institution - School/College/University
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| The rates applicable are more or less same as applicable to individuals with discount being given at the following rates : |
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| No. of persons |
Discount % |
| 101 - 500 |
5 |
| 501 - 1,000 |
7.5 |
| 1,001 - 2,000 |
10 |
| 2,001 - 10,000 |
12 |
| 10,001 - 15,000 |
15 |
| 15,001 - 25,000 |
20 |
| 25,001 - 50,000 |
22 |
| Above - 50,000 |
30 |
|
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| 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. |
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| Incurred Claims ratio under the group policy |
Discount % |
| during last year |
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| Not exceeding 60% |
5 |
| Not exceeding 50% |
15 |
| Not exceeding 40% |
25 |
| Not exceeding 30% |
35 |
| Not exceeding 25% |
45 |
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| As Mediclaim is a Non tariff Insurance Product therefore Insurance Companies are free to quote premium depending on the following : |
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- Group size
- Claims history
- Other Business Premium being placed by the body corporate to the same insurance Company.
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| The Comprehensive note of New India Assurance Company on group Mediclaim in the following pages is a good reference. |
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