Group Mediclaim
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What is Group Mediclaim?
Group mediclaim is a type of health insurance policy that provides coverage for a group of individuals, typically employees of a company or members of a society or organization. Under a group mediclaim policy, the insurer agrees to pay for medical expenses incurred by any member of the group who falls ill or gets injured and requires medical treatment.
Group mediclaim policies are designed to provide affordable health insurance coverage to a large number of people who may not be able to afford individual health insurance policies. The premium for the policy is shared by the group members and/or the sponsoring organization. Group mediclaim policies typically cover hospitalization expenses, medical tests, diagnostic procedures, and other related medical expenses. The coverage and benefits of a group mediclaim policy may vary based on the terms and conditions of the policy and the requirements of the group.
- As the premium is shared among a group of people, the cost of group mediclaim policies is typically lower than individual policies, making it an affordable option for many.
- Provide a wider coverage than individual health insurance policies, including hospitalization expenses, pre and post-hospitalization expenses, medical tests, and other related medical expenses.
- Premium paid towards group mediclaim policies is eligible for tax benefits under Section 80D of the Income Tax Act.
- Providing a group mediclaim policy can be an attractive benefit for employees or members of a group, and can help attract and retain talent.
- Cover the cost of hospitalization, including room rent, nursing charges, doctor fees, and other related expenses.
- Typically cover medical expenses incurred before and after hospitalization, such as diagnostic tests, doctor consultations, and medicines.
- Also cover the cost of ambulance services to transport the insured person to and from the hospital.
- Offer coverage for maternity-related expenses, such as pre and post-natal care, delivery, and hospitalization expenses for the mother and newborn.
- May also provide coverage for certain critical illnesses, such as cancer, heart disease, or kidney failure.