Difference between Group Health Insurance & Individual Health Insurance Plan
30 March, 2021
1 Shares
337 Reads
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.
Secure your Health with comprehensive insurance plans from Niva Bupa
Health Insurance - Health Insurance | Medical Insurance | Best Health Insurance Plans | Health Insurance Plans | Health Insurance Policy | Best Health Insurance Plans | Best Family Health Insurance | Best Mediclaim Policy | Best Health Insurance In India | Best Medical Insurance In India | Best Health Insurance Plans In India | Best Health Insurance Policy In India | Mediclaim | Best Health Insurance For Senior Citizens In India | Best Health Insurance | Health Insurance With Opd Cover | Mediclaim Insurance | Medical Insurance Plans | Best Health Insurance Company in India | Critical Illness Insurance | Personal Accident Insurance | Mediclaim Policy | Individual Health Insurance | Pregnancy Insurance | Maternity Insurance | Best Family Health Insurance plans in India | Best Health Insurance company | Family Health Insurance | Best Health Insurance plans for Senior Citizens | Mediclaim Policy for Family
Health Insurance Schemes - Chief Ministers Comprehensive Health Insurance Scheme | Employee State Insurance Scheme | Swasthya Sathi Scheme | Pradhan Mantri Matru Vandana Yojna | Government Health Insurance Scheme | Dr. YSR Aarogyasri Scheme | Pradhan Mantri Suraksha Bima Yojna | Health Insurance Deductible | West Bengal Hcovealth Scheme | Third Party Administrator | Rashtriya Swasthya Bima Yojana | In Patient Vs Out Patient Hospitalization | Mukhyamantri Chiranjeevi Yojna | Arogya Sanjeevani Health Insurance | Copay Health Insurance | Cashless Health Insurance Scheme | Mukhyamantri Amrutum Yojna
Travel Insurance - Travel Insurance | International Travel Insurance | Student Travel Insurance | Travel Insurance USA | Travel Insurance Canada | Travel Insurance Thailand | Travel Insurance Germany | Travel Insurance Dubai | Travel Insurance Bali | Travel Insurance Australia | Travel Insurance Schengen | Travel Insurance Singapore | Travel Insurance UK | Travel Insurance Vietnam | Malaysia Tourist Places | Thailand Visa for Indians | Canada Visa for Indians | Bali Visa for Indians | ECR and Non ECR Passport | Qatar Visa Status | USA Visa | Vietnam Visa | USA H1B Work Visa
Become an agent - Insurance Agent | Insurance Advisor | Licensed Insurance Agent | Health Insurance Consultant | POSP Insurance Agent
Group Health Insurance - Startup Health Insurance | Commercial Health Insurance | Corporate insurance vs personal insurance | Group Personal Accident Insurance
Top Hospitals - Best Hospitals in Chennai | Top Hospitals in Delhi | Best Hospitals in Gurgaon | Best Hospitals in India | Top 10 Hospitals in India | Best Hospitals in Hyderabad | Best Hospitals in Kolkata | Best cancer hospitals in Bangalore | Best cancer hospitals in Hyderabad | Best cancer hospitals in Mumbai | Best cancer hospitals in India | Top 10 cancer hospitals in India | Top 10 cancer hospital in Delhi | Multi Speciality Hospitals in Mumbai | Multi Speciality Hospitals in Chennai | Multi Speciality Hospitals in Hyderabad | Super Speciality Hospitals in Delhi | Best Liver Hospitals in Delhi | Best Liver Hospitals in India | Best Kidney Hospitals in India | Best Heart hospitals in Bangalore | Best Heart hospitals in India | Best Heart hospitals in Kolkata | Best Heart hospitals in Delhi
Others - Top Up Health Insurance Policy | Corporate Health Insurance | Health Card | Section 80d of Income Tax Act | Ayushman Bharat | Health Insurance Portability | GoActive Family Floater Plan | Health Companion Family Floater Plan | Health Premia Family Floater Plan | Health Pulse Family Floater Plan | Health Recharge Family Floater Plan | Heartbeat Family Floater Plan | Money Saver Family Floater Plan | Saral Suraksha Bima Family Floater Plan | Senior Citizen Family Floater Plan | Super Saver Family Floater Plan | Corona Kavach Family Floater Plan | Hospital Cash Insurance | Cashless Health Insurance | Health Companion Price revision | Heartbeat Price revision | ReAssure Price revision
Health & Wellness - PCOD | PCOD Problems Symptoms | Stomach Infection | Stomach Infection symptoms | Home remedies for Stomach Infection | Hypertension definition | How to Control Sugar | Typhoid in Hindi | Blood sugar symptoms | Typhoid symptoms in hindi | Low sugar symptoms | ब्लड शुगर के लक्षण | pregnancy me kya kare | Open heart surgery cost | Blood infection symptoms in hindi | BP badhne ke karan | Khansi ka gharelu upay | Omicron | Coronavirus Health Insurance | Covid XE Variant | Norovirus
www.nivabupa.com
+91 11 41743397
1860-500-8888
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.