Table Of Content:

Introduction

A group health insurance plan provides you coverage to protect your entire group of members. Usually, businesses opt for group health insurance plans to receive insurance for everyone inside a company at a reduced cost. Every health insurance company in Nagpur offers group health insurance plans. But how to know which plan is suitable for you?

To find the best group health insurance policy amongst a pool of health insurance plans, most companies prefer partnering with an insurance brokerage company like Jaika.

But before we get to the core and see what the role of Jaika Insurance Brokerage is, let's first know more about group health insurance.

What Is A Group Health Insurance Policy?

As the name suggests a group health insurance policy is an insurance coverage for several people. This type of insurance covers more than an individual or family in the same contract. Each person under the same plan gets the same level of coverage irrespective of their age, gender, designation, or socioeconomic status.

Once you are covered by a group insurance plan, the need of buying a separate insurance plan is no more. And most employers cover all their employees with group insurance plans as a part of their employee benefits.

Not only the employee but many employers provide coverage to spouses, children, and dependent parents of the employees.

What Are The Types Of Group Insurance Policy?

There are generally two types of groups that opt for a group insurance plan.

Formal Group:

A formal group is mostly known as employer-employee group where all the members applying for the insurance policy work for the same employer. A business or a professional organization is the apt example of a formal group. In a formal group the employer is the purchaser of the insurance plan.

Informal Group:

Apart from businesses some societies or cultural associations also buy group insurance policies. Such associations are known as informal groups. To buy a group insurance plan for an informal group, the policyholders must be a part of the same credit card or account. In the case of an informal group the administrator or the group owner is the purchaser of the policy on behalf of other group members.

What Are The Features Of A Group Insurance Plan?

Though we all know the primary feature of a health insurance policy, that is to keep us protected financially against any mishap, let's know about the features of a group insurance plan in detail. Below are some features of group insurance:

• When a risk scores many people, a group insurance policy provides standardized coverage at much lower premium rates than individual insurance plans. This means that each member of a group gets the same coverage.
• Regardless of the size of the group, a group insurance policy covers all the members under one plan. Apart from group health insurance, there are group travel insurance and group personal accident insurance too. Any health insurance company in Nagpur or insurance broker can help you know about other types of group insurance.
• As mentioned earlier, in a group insurance policy the group can be made of either employer and employees or non-employer an employee such as holders of an account, credit card or members of a social or cultural group.
• The purchaser of the group insurance policy gets the master policy in the name of the group.
• The premium of a group health insurance plan is either paid by the members or by the purchaser solely.
• A group and insurance plan covers a member if he/she is a part of the group. The cover ceases once the member leaves the group.

Why Must You Choose An Insurance Broker Over A Health Insurance Company In Nagpur To Get A Group Insurance Policy?

Undoubtedly it is a task to find out the best comprehensive group insurance policy that aligns with your company’s employee benefits program. Remember that your employee’s satisfaction also depends upon the type of health insurance you offer them alongside the claim delivery standard.

An insurance broker offers a great deal and adds great value in the whole experience of buying a group health insurance plan. But before you compare the premiums and the benefits of different group health insurance policies, you also must ensure that you have found the right insurance broker.

Now Let's Understand The Role Of Insurance Brokers In Group Health Insurance.

An insurance broker abides by the regulations of IRDAI. Therefore, they are bound to protect the interest of the client (you) at every stage. Right from purchasing a new insurance plan to claim assistance, they work on behalf of the client and not for a specific health insurance company in Nagpur or elsewhere. So, everything they do is in your best interest.

Experienced insurance brokerage companies like Jaika have worked with various clients and hence they know the best practices to help you set up the right insurance program for your business with ease, saving you a lot of time, money, and effort. With the right insurance broker by your side, you can also tailor-made your group health insurance plan and rest assured that your employees get the greatest advantage of it.

With An Insurance Broker By Your Side While Buying A Group Health Insurance Plan, You Can:

• Improve your organization's productivity.
• Increase employee engagement.
• Improve your company's work environment.
• Reduce health claims costs.
• Attract new talents.
• Reduce employee turnover.

What To Expect From An Insurance Broker While Buying A Group Health Insurance Policy

• Personalized quote from the top insurers and comparisons of all the plan rates and benefits.
• Guidance while enrolling your employees under the plan.
• Personal assistance during plan selection and claim settlements.
• Detailed consultation on benefit strategy including benchmarking and aligning the corporate benefits.
• Support during unique situations, renewal etc.
• Help in strategizing to minimize health risk and increasing employee engagement.

Conclusion

With an IRDAI authorized insurance broker like Jaika, all the above points are taken care of so that you can end up saving your time and money by selecting from shortlisted quotes from each and every health insurance company in Nagpur. Jaika provides your organization with and assuring, coming and dependable experience at the time of claim settlement. To get help with your company's group health insurance plan call us today.