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| What are the types of Health Insurance? |
 | Group insurance: |
Group medical insurance offers insurance cover to a group with a common trait – it may be employees of a company, members of a club or an association or members of a co-operative society etc. Many employers now provide medical insurance as a perquisite to their employees.
| Individual insurance: |
Individual insurance caters to the specific needs of an individual. Premium for an individual insurance is higher than group insurance.
| Floater: |
A floater is a unique plan wherein the value of sum insured opted can be used by all the members of the family or by a single-family member. Basically, the sum insured amount floats over all the members covered. For example: if the policy is bought for 3 lacs, then either all three members of the family can use Rs 1 lac each or one member can use the entire cover of 3 lacs.
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| What are the benefits of Group Insurance? |
Benefits of Group Insurance:
| Premium under group insurance is less than a stand-alone personal insurance policy. |
| Discount offered depends of the size of the group. |
| A quick and effective way to extend cover to a large chunk of population. |
| An effective tool to cross sell various products to the members of the group. |
| Products can be customised to the size of the group. |
| Group insurance is more flexible and provide more benefits. |
| For additional benefits, a loading is charged on the premium. |
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| What are the benefits of a Floater Plan? |
Benefits of a floater plan are :-
| A single policy takes care of your entire family. |
| Single premium for the entire family. |
| The sum insured floats over the entire family. |
| One single policy covers the details of entire family. |
| No hassles of tracking renewals for different members. |
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| What are the kind of groups? |
Group can be of various types:
| Employer-employee group. |
| Association of professionals viz. doctors, lawyers, chartered accountants etc. |
| Members of co-op societies, banks, credit societies etc |
| Weaker sections of society. |
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| What is the difference between Group and Individual insurance? |
One of the major difference between group and individual insurance is evidence of insurability. To purchase individual insurance, a person must generally answer a health questionnaire and undergo a medical examination to provide evidence of insurability to the insurance company. An insurer may decline coverage on the basis of the applicant's personal habits, health, medical history, age, income or any other factors that bear on risk acceptance. Or the insurer may issue a policy with limitations on coverage.
However, group insurance is issued without medical examination or any other evidence of individual insurability. Group insurance ensures that all the members of the group are insured regardless of their health. Thus, even those with health problems, who might not be eligible for individual insurance, can be covered.
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| What is the difference between Individual and Floater Plan? |
| Floater offers common cover for all members while an individual policy offers single cover for each member. |
| Floater offers flexibility to a policyholder since any member of the family can use the sum insured amount. Moreover, the unutilized limit can be transferred to other members. |
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| How does a Floater Plan work? |
You make a claim to an insurance company. You have to support your claim with bills. The insurance company will reimburse the amount. In case of your treatment in a network hospital, you can opt for cashless settlement. The insurance company will directly settle the hospital bills. For speedy reimbursement, choose the right insurer, inform the company at the earliest, keep all bills safely, check for exclusions, read the fine print (policy wordings) carefully and present your claim at the earliest.
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