Group health insurance plans are medical coverage offered to a group of people, typically employees or the workforce. The plan covers unforeseen medical costs such as hospital stays, medications, doctor visits and more.
The plan is generally offered as a perk to employees by the employer or organisation. It reassures the employee that they are well protected and secured under the employee insurance plan.
TATA AIG offers customised group health insurance plans based on business requirements. In this article, let us explore in detail the benefits of group health insurance by TATA AIG.
TATA AIG Group Health Insurance
TATA AIG group health insurance is a type of health insurance coverage that offers medical protection to a group of people under a single policy. The employer purchases the plan for their workforce.
Under this plan, various medical expenses are covered, such as daycare procedures, hospitalisation expenses and more. Furthermore, the employer has the flexibility to customise the plan based on the organisation’s requirements.
Eligibility Criteria For TATA AIG Group Insurance Policy
To purchase a group health insurance, certain criteria need to be met by the employer:
- The first criterion is the size of the company. A company or organisation should have at least seven members to qualify for group health insurance.
- The minimum age to get insured under a group health insurance policy is 18. The maximum age may vary depending on the policy terms and conditions.
- All the employees insured under the policy must be full-time and active members of the organisation.
Benefits of Buying TATA AIG Group Insurance Policy
There are various reasons why employers prefer to invest in a TATA AIG group insurance policy. Some of them are listed below:
Standardised Coverage
One crucial benefit of purchasing a TATA AIG group insurance policy is that it offers standardised coverage. Under the plan, all the members of the group get the same kind of medical coverage.
The standardised coverage ensures that irrespective of an individual’s status, every member gets the same kind of medical coverage, ensuring fairness among the employees.
Family Coverage
Another benefit of a group health insurance policy is that it extends coverage not only to employees but also to their family members.
Under the group health insurance plan, insured employees can add their family members, such as parents, children and spouses. This feature ensures that the employee’s dependent family members are also secured within the plan.
No Medical Exams
Another significant benefit of group health insurance plans is that they typically do not require medical exams.
This makes the enrollment process much simpler and more accessible for employees, as they can obtain coverage without undergoing potentially lengthy and invasive medical evaluations.
This feature is particularly advantageous for individuals with pre-existing conditions who might face challenges in obtaining individual health insurance.
Lower Premiums
Group health insurance for small businesses are significantly cheaper than individual health insurance policies. The insurance company’s risk is distributed among the number of employees, which makes the plan more affordable.
The premium is significantly less than that of an individual health insurance policy. TATA AIG offers significant discounts to employers when purchasing a plan.
No Waiting Period
Another crucial benefit of buying TATA AIG group health insurance is that it does not come with a waiting period. Under a waiting period, policyholders can not avail of a policy benefit.
However, with group health insurance, policyholders can avail of a benefit from the start day even with a pre-existing medical condition.
Boost Employee Morale
When employees are happy in their jobs, they tend to work with greater enthusiasm and dedication, significantly contributing to the company’s growth. A group health insurance plan offered by employers plays a crucial role in fostering this positive environment.
It signals to employees that they are appreciated and valued, which boosts their morale and enhances job satisfaction. Additionally, providing health insurance can boost employee retention, as employees stick with a company that prioritises their well-being.
Conclusion
Group health insurance plans are cost-effective and offer various advantages to the organisation. There are plenty of reasons why organisations choose this policy, from boosting employee morale to better job retention.
TATA AIG is a well-known insurance company that has been in the market for over 20 years. They offer customised group health insurance policies based on business requirements and needs.
