Best Health Insurance Company in India

Difference between Group Health Insurance & Individual Health Insurance Plan

30 March, 2021

1 Shares

337 Reads

Difference between Group Health Insurance & Individual Health Insurance Plan

Share

Health insurance is often one of the investment instruments that are first recommended to people when they join the workforce. However, buying health insurance plans can often seem difficult, owing to the vast plethora of options available out there. From choosing between group insurance vs individual insurance, to choosing the kind of riders you want to add to an existing health insurance policy, the process can often become overwhelming.

 

The benefits of health insurance are enormous, especially considering the rising costs of inflation as well as healthcare. Hospitalization expenses are one of the largest costs associated with medical treatment, and the best health insurance plans usually enable policyholders to meet these expenses without burning a hole in their own pocket during emergencies.

 

The difference between group insurance and individual insurance is often one of the first distinctions you will be required to make while buying health insurance plans. The difference between group and individual health insurance policies lies in the number of people they cover. Essentially while trying to assess the difference between individual and group insurance, it is first necessary to identify whom the policy is intended to cover.

 

Group insurance is usually provided by an organization to its employees. As an employee, you are often entitled to the group insurance plan that your company has subscribed to. However, if the coverage you receive under it is not sufficient to meet your needs, it is best to look around for an individual insurance plan that more adequately meets your requirements.

 

In terms of group insurance vs individual insurance, a policyholder must opt for the latter if they intend to have coverage just for themselves. While this is the most striking difference between the two, there are several other points that arise when the discussion turns to group vs individual insurance.

 

Read on to Learn more about the Difference Between Group Insurance and Individual Insurance –

 

1. Duration of Policy

The biggest difference between group and individual health insurance plans are the duration of policy for which policyholders receive coverage. Since group coverage is mostly facilitated owing to the terms of employment, the coverage it offers ceases to exist if the employment is terminated. This is regardless of whether the employee chooses to leave or is terminated. However, with an individual health insurance policy, you can customize it for the period of time you want it for.

 

2. Coverage

The est feature of individual health insurance plans are how widely they can be customized to enhance your coverage. Many riders and add-ons are available in the market, which allow you to reap several more benefits from your insurance policy. You can avail protection against specific diseases or earn more enhanced coverage. With a group insurance plan though, the benefits are uniform for all the employees and everybody gets the same plan with the same level of coverage and benefits.

 

3. Premiums

The manner in which premiums for insurance policies are paid also form a point of difference between individual and group health insurance. For a group insurance policy, since it is facilitated by the company, the premiums are deducted from the salary itself, and show up as an item on the employee’s payslip. However, with an individual healthcare policy, you can decide the frequency of payments as well as the amount you wish to pay as premiums.

 

4. Medical Check-Ups

When you are buying health insurance plans for yourself, you might often be asked to undergo a medical check-up so that the insurer can assess your fitness and health conditions and thereby, quote a premium figure. However, with a group insurance plan, since the company is getting it for a number of employees, there is no need for getting a medical check-up.

 

Conclusion:

As seen above, it is important to know the difference between group health insurance and individual health insurance plans. Picking a plan that suits your specific needs is important and hence, is it advisable to keep the above points in mind.

 

Considering the number of options available in the market today, it can often feel quite difficult to decide on the ideal plan for yourself. However, insurers like Niva Bupa offer a range of individual health plans, such as Health Companion health insurance plan, among others, which can often be the best choice you make for your protection. The insurer offers a range of policies targeted at different kinds of policyholders, and each of them can be customized as per the needs of the policyholder.

Start Your Insurance Today!

Secure your Health with comprehensive insurance plans from Niva Bupa

+91
Disclaimer infoBy clicking Start Now, you authorize Niva Bupa to Call/SMS/Whatsapp on your registered mobile overriding DNCR.

You may also like

Health InsuranceHealth InsuranceMedical Insurance Best Health Insurance PlansHealth Insurance PlansHealth Insurance PolicyBest Health Insurance PlansBest Family Health InsuranceBest Mediclaim PolicyBest Health Insurance In IndiaBest Medical Insurance In IndiaBest Health Insurance Plans In IndiaBest Health Insurance Policy In IndiaMediclaimBest Health Insurance For Senior Citizens In IndiaBest Health InsuranceHealth Insurance With Opd CoverMediclaim InsuranceMedical Insurance PlansBest Health Insurance Company in IndiaCritical Illness InsurancePersonal Accident InsuranceMediclaim PolicyIndividual Health InsurancePregnancy InsuranceMaternity InsuranceBest Family Health Insurance plans in IndiaBest Health Insurance companyFamily Health InsuranceBest Health Insurance plans for Senior CitizensMediclaim Policy for Family

 

Health Insurance SchemesChief Ministers Comprehensive Health Insurance SchemeEmployee State Insurance SchemeSwasthya Sathi SchemePradhan Mantri Matru Vandana YojnaGovernment Health Insurance SchemeDr. YSR Aarogyasri SchemePradhan Mantri Suraksha Bima YojnaHealth Insurance DeductibleWest Bengal Hcovealth SchemeThird Party AdministratorRashtriya Swasthya Bima YojanaIn Patient Vs Out Patient HospitalizationMukhyamantri Chiranjeevi YojnaArogya Sanjeevani Health InsuranceCopay Health InsuranceCashless Health Insurance SchemeMukhyamantri Amrutum Yojna

 

Travel Insurance - Travel Insurance | International Travel InsuranceStudent Travel InsuranceTravel Insurance USATravel Insurance CanadaTravel Insurance Thailand | Travel Insurance GermanyTravel Insurance Dubai | Travel Insurance Bali | Travel Insurance Australia | Travel Insurance Schengen | Travel Insurance Singapore | Travel Insurance UK | Travel Insurance Vietnam | Malaysia Tourist PlacesThailand Visa for Indians  | Canada Visa for Indians | Bali Visa for IndiansECR and Non ECR Passport | Qatar Visa StatusUSA VisaVietnam VisaUSA H1B Work Visa

 

Become an agentInsurance Agent | Insurance AdvisorLicensed Insurance AgentHealth Insurance ConsultantPOSP Insurance Agent

 

Group Health InsuranceStartup Health Insurance | Commercial Health InsuranceCorporate insurance vs personal insuranceGroup Personal Accident Insurance

 

Top Hospitals -  Best Hospitals in ChennaiTop Hospitals in DelhiBest Hospitals in GurgaonBest Hospitals in IndiaTop 10 Hospitals in IndiaBest Hospitals in HyderabadBest Hospitals in KolkataBest cancer hospitals in BangaloreBest cancer hospitals in HyderabadBest cancer hospitals in MumbaiBest cancer hospitals in IndiaTop 10 cancer hospitals in IndiaTop 10 cancer hospital in DelhiMulti Speciality Hospitals in MumbaiMulti Speciality Hospitals in ChennaiMulti Speciality Hospitals in HyderabadSuper Speciality Hospitals in DelhiBest Liver Hospitals in DelhiBest Liver Hospitals in IndiaBest Kidney Hospitals in IndiaBest Heart hospitals in BangaloreBest Heart hospitals in IndiaBest Heart hospitals in KolkataBest Heart hospitals in Delhi


OthersTop Up Health Insurance PolicyCorporate Health InsuranceHealth CardSection 80d of Income Tax ActAyushman BharatHealth Insurance PortabilityGoActive Family Floater PlanHealth Companion Family Floater PlanHealth Premia Family Floater PlanHealth Pulse Family Floater PlanHealth Recharge Family Floater PlanHeartbeat Family Floater PlanMoney Saver Family Floater PlanSaral Suraksha Bima Family Floater PlanSenior Citizen Family Floater PlanSuper Saver Family Floater PlanCorona Kavach Family Floater PlanHospital Cash InsuranceCashless Health InsuranceHealth Companion Price revision | Heartbeat Price revision | ReAssure Price revision 

 

Health & Wellness - PCODPCOD Problems SymptomsStomach InfectionStomach Infection symptomsHome remedies for Stomach InfectionHypertension definitionHow to Control SugarTyphoid in HindiBlood sugar symptomsTyphoid symptoms in hindiLow sugar symptoms | ब्लड शुगर के लक्षणpregnancy me kya kareOpen heart surgery costBlood infection symptoms in hindiBP badhne ke karanKhansi ka gharelu upayOmicronCoronavirus Health InsuranceCovid XE VariantNorovirus

footer logo
Some image

www.nivabupa.com

Some image

+91 11 41743397

Some image

1860-500-8888

Some image

14th Floor, Capital Cyberscape, Sector 59, Gurgaon

  • Insurance is a subject matter of solicitation. Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) (IRDAI Registration Number 145, Category:Health), 'Bupa' and 'HEARTBEAT' logo are registered trademarks of their respective owners and are being used by Niva Bupa Health Insurance Company Limited (formerly known as Max Bupa Health Insurance Company Limited) under license. CIN: U66000DL2008PLC182918
  • 1 Niva Bupa processes pre-authorisation requests within 30 minutes for all active policies, subject to receiving all documents and information(s) up to Niva Bupa’s satisfaction. The above commitment does not include pre-authorisation settlement at the time of discharge or system outage.
  • 2 Since Inception refers to claim data from 2010 till December 2023.
  • 3 ReAssure 2.0 Premium: The premium is including taxes and for Bronze Variant, for a 25-year-old individual living in Delhi.
  • 4 Aspire Premium: The premium is including taxes and for Gold+ Variant, for a 25-year-old individual living in Delhi.
  • 5 Senior First Premium: The premium is including taxes and for Gold Variant, for a 65-year-old individual living in Delhi.
  • 6 Health Premia Premium: The premium is including taxes and for Silver Variant, for a 25-year-old individual living in Delhi.
  • 7 SmartHealth + Disease Management Premium: The premium is including taxes and for Disease Management Gold Variant rider when bought with ReAssure 2.0 Bronze variant with Base Sum Insured of 5 lacs, for a 25-year-old individual living in Delhi.
  • Beware of spurious / fraud phone calls! Do not share your confidential information like Debit / credit card number, Internet Banking User ID/Password, Pin, CVV, OTP, etc. with anyone. Avoid clicking on attachments / payment link received in mails / message from unknown sources. IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment or premium. Public receiving such phone calls are requested to lodge a police complaint. Do not respond to unsolicited and attractive offers received through unidentified calls, emails, SMSs, and other social media platforms. Beware of misleading telephone calls from people posing as Niva Bupa officials, agents, IRDAI Officials, Officials from ECI (Office of the Executive Council of Insurers) etc. and offering alluring benefits or sharing false information on your policy or on Niva Bupa. Niva Bupa shall not be responsible for any loss or damages whatsoever for any acts or omissions arising out of such spurious calls, and all customers are advised to contact our customer care at 1860-500-8888 and verify any representations or promises made by any such spurious callers before acting upon the same.
Social IconSocial IconSocial IconSocial IconSocial Icon