Finding the perfect balance between affordability and comprehensive coverage can be challenging for businesses looking to provide health benefits. However, cheap group health insurance plans offer an opportunity to ensure employee well-being without straining your budget.
Cheap group health insurance would be possible with the super top-up health insurance plan which can be taken in addition to the base group health insurance cost of around ₹ 500 per person/year for up to ₹ 50 Lakhs sum insured.
A group super top-up plan is a type of health insurance plan which can be taken in addition to the base group health insurance plan at the lowest possible premium. Ethika specializes in issuance of group health insurance plans that are not only cheap but also offer extensive coverage.
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Steps to Choose Cheap Group Health Insurance:-
Step 1: The first step in the process is to select the best insurance broker such as Ethika insurance Broking who are specialized in group health insurance.
Insurance broking companies are the best intermediaries while taking a group health insurance plan as they would have tied up with almost all the major insurance companies and would know the in-depth details of all the group health insurance policy details of those companies.
Step 2: The next step is to collate the employee data and decide on the type of group health insurance policy.
It is to be decided whether to include the group medical insurance for family members or restrict it to only health insurance for employees. Then the employee data should be shared with the insurance intermediary for better quotes from different insurance companies.
Step 3: Cheap group health insurance for small businesses is possible only when the insured decides on the coverage as well as the sum insured requirements. If a high sum insured is selected, then the premium payable would be higher.
On the other hand, if a low sum insured is selected it would create hassles at the time of claim settlement as the sum insured might be less for hospitalization.
Step 4: The next step is to decide on the deductible that you would be comfortable bearing. A deductible is an expense that you bear before your insurer starts paying for your claims.
Step 5: The last step is to select the optimum sum insured that would be appropriate for your employees. And go for a Group Super Top up policy. The premiums for a Group Super Top up policy are extremely low as compared to the normal policy. The Group Super Top up policy also eliminates the need for a Corporate Buffer in your Group Health policy, which comes with a hefty premium.
Top Group Health Insurance Companies in India are – ICICI, Star Health, Digit, HDFC Ergo, SBI General, New India Assurance, Edelweiss General, and IFFCO Tokio.
Super Top-Up Policy Features:
A super top-up health insurance policy is a health insurance policy that offers additional health insurance coverage in the form of an increased sum insured which would be applicable in case of hospitalization.
The super top-up policy would kick in once the claim amount exceeds the deductible selected under the policy. A deductible is the claim amount that has to be borne by the insured before the insurance company’s responsibilities kick in.
The deductible would be decided by the insured while taking the super top-up health insurance plan. Higher the deductible, the higher the burden on the insured and the lower the premium to be paid by the insured.
A super top-up policy of ₹50 Lakhs can be purchased at as low as ₹500 along with the group health insurance plan from Ethika insurance. The super top-up health insurance plan would consider the aggregate deductible for all the claims made in a policy year.
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Benefits of Super Top-Up Policy:
- The super top-up policy is very cheap and it can be taken to increase the sum insured by the base health insurance plan. Ethika insurance broking offers ₹ 50 Lakhs sum insured super top-up plan at as low as ₹ 500.
- Super top-up group health insurance plans would not affect the claim ratio of the basic group health insurance plan. The premium payable under the group health insurance can be kept low by opting for the group super top-up health insurance plan.
- Group super top-up health insurance plans can act as a cushion at times when the claim amount is higher and exceeds the sum insured limit under the group health insurance.
- There are no limits on the group super top-up health insurance plans such as room rent capping, co-payment, disease-wise sub-limits, etc. The super top-up health insurance plan is only available for employees.
- Deductibles can be chosen as per the affordability and requirements of the insured under the group super top-up health insurance plan.
This post has hopefully helped you get a better understanding of cheap group health insurance benefits and a super top-up plan for ₹500. If you require clarification, please contact Ethika Insurance Broking
Frequently Asked Questions (FAQs)
- How can group health insurance offer high coverage at low premiums?
By pooling risk across a group, insurers can distribute costs efficiently, resulting in lower premiums.
- Are cheap group health insurance plans reliable?
Yes, but it’s important to choose insurers with good reputations and policies that meet essential healthcare needs.
- What should I look for in an affordable group health insurance plan?
Focus on coverage, exclusions, claims process efficiency, and the insurer’s network of hospitals.
- Can small businesses afford group health insurance?
Absolutely. Affordable plans cater specifically to budget-conscious businesses while providing essential benefits.
- Are preventive care benefits included in cheap group health insurance plans?
Many affordable plans include preventive care services, which help reduce long-term healthcare costs.
