ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Railways
  • World
    • Economy
    • Politics
    • Markets
  • Survey
  • videos
  • photos
  • More ...
    • VIDEOS
    • PHOTOS
BREAKING NEWS
  • AMC Sector: Growth-oriented funds lead the strong inflows in sector, says BK Securities – check key triggers
  • Q1FY23 Preview: Pharmaceutical firms likely to deliver subdued performance in domestic market, says Nirmal Bang
  • Chemical sector may report growth in operating profit both sequentially and YoY in Q1FY23 – Check details here
  • Finance Ministry empanels 12 transaction advisers for assisting in implementation of Public Private Partnership projects
  • Stock market on Monday: Market may continue its volatile trade, believes Anil Singhvi - crude, rupee movement key monitorable
Read in App
Business News » Personal Finance News

Group medical insurance: Why one should buy this along with standalone health insurance

Group medical insurance is better than standalone health insurance as it's given by your employer, but an individual should buy both as later works when one is out of job.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Group medical insurance: Why one should buy this along with standalone health insurance

Group medical insurance is a customised insurance deal that an employer provides to its employee, though its premium is paid by the employee itself. In actual, the recruiter works as an agent between the insurance company and the insured and bat for the best available deal that the insurance company can offer to a group of people working at the employer's office. So, a salaried person is fully aware of the pros and cons of group medical insurance. However, the question is, should he or she buy individual health insurance even when it has a corporate group medical insurance given by its employer?

Elaborating upon the difference between health insurance and a group medical insurance Jitendra Solanki, a SEBI registered investment expert said, "Group medical insurance is always better when a person is employed because it gives some extra benefit, which a standalone health insurance plan can't give." Solanki said that in standalone health insurance plans maternity benefits are barred for near 3-4 years while in group medical insurance it is for the period of 9 months to the one-year maximum. He said that the group medical insurance covers policyholders entire family and comparatively its premium is very low in comparison to the individual health insurance plans. In the case of surgery, there is a cap on the surgical expenses in standalone insurance while in group medical insurance plan, the cap is there but it would be a little higher.

So, on the basis of the above additional benefits, should an individual avoid taking standalone health insurance plan? "Definitely not," said Jitendra Solanki adding, "The corporate group medical insurance is available till you are employed. There can be circumstances like the transition period between resignation in one firm and joining in other company. Some times, especially in startups, the joining gets delayed by two to three months even after handing over the offer letter to the new joinee." In such a period, the standalone health insurance policy would be handy in case an individual comes across any medical emergency either with him or her or with any of the members of his or her family.

"Remember, if you are a salaried person, you would retire too. In that case, the group medical insurance being provided by your employers would automatically end with your services. After retirement, it would be your standalone health insurance or medical insurance plan that would help you in case of any medical emergency. If an individual hasn't taken a standalone health insurance policy earlier, he or she won't be able to get any health insurance plan after retirement that makes a precarious situation for a retired senior citizen," said Solanki.

Hence, a group medical insurance is better than standalone health insurance but the later works when one is not employed or retired.

Picture caption: Group medical insurance is available until a person is employed while standalone health insurance is available for the whole life. Photo: Pixabay

Tags: Insurance, Personal Finance

keywords: 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Medical InsurancePersonal Financehealth insuranceinsurance
Written By: Asit Manohar
Updated: Tue, May 07, 2019
10:01 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Need cash for medical emergency? This health credit card can help you instantly Need cash for medical emergency? This health credit card can help you instantly
Health Insurance vs Group Insurance: Why one should buy both plans Health Insurance vs Group Insurance: Why one should buy both plans
Income tax returns: Senior citizen with medical insurance, fixed deposits? Check benefits available Income tax returns: Senior citizen with medical insurance, fixed deposits? Check benefits available
Life Insurance vs Accidental Insurance: Why one should buy both - Experts explain Life Insurance vs Accidental Insurance: Why one should buy both - Experts explain
Health insurance vs accidental insurance: Benefits that later gives to the policyholder Health insurance vs accidental insurance: Benefits that later gives to the policyholder

LATEST NEWS

AMC Sector: Growth-oriented funds lead the strong inflows, says BK Securities – check key triggers

ED provisionally attaches Rs 96 crore assets of TRS MP promoted Madhucon Group

Rakesh Jhunjhunwala Stocks: Agrochemical firm Rallis India shares may surge by 23% despite pressure on margins – Here’s why?

India moves to leadership position in large-value digital payment system, RBI report

Crude oil jumps nearly 3% as supply outages outweigh recession fears

Chemical sector may report growth in operating profit both sequentially and YoY in Q1FY23 – Check details here

Finance Ministry empanels 12 transaction advisers for assisting in implementation of Public Private Partnership projects

Cigarette makers shifted to biodegradable overwrap on packets, well ahead of plastic ban

Gold Price Today: Investors with short term view must book profits now; import duty hike, rupee weakness may arrest price correction, temporarily

Battery startup Log9 Materials showcases EVs for last-mile delivery at Green Vehicle Expo

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2022. India Dot Com Private Limited. All Rights Reserved.
LIVE TV