| 2- Group Health Insurance Policy in India : Corporate |
|
| 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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