Health Insurance 385 views March 10, 2021

Health insurance is an integral part of our lives as it helps cover medical treatments/surgeries and prevent our savings from getting exhausted. You can purchase a suitable health insurance plan either online or offline. If your search for health insurance has got you to choose between individual and group health insurance, we are here to help you do so. Many get confused between individual vs group health insurance as both have almost the same coverage. So, read this post further, compare between the two and find which suits you better.

Health Insurance

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Compare the Cost of Individual vs Group Health Insurance

If you want an affordable health insurance plan that will cover both you and your family members, start comparing the premium amount of individual vs group health insurance policies

Individual Health Insurance PolicyAnnual Premium Amount (In INR)Group Health Insurance PolicyAnnual Premium Amount
New India Floater Mediclaim Policy1,314New India Group Mediclaim PolicyPaid by the employer
Oriental Insurance Individual Mediclaim Policy1,566Oriental Mediclaim Insurance Policy (Group)Paid by the employer
Aditya Birla Activ Assure Diamond Plan2,774Reliance Group Mediclaim Insurance PolicyPaid by the policyholder (who is the insured person employer)
HDFC Ergo My Health Suraksha Plan4,192Kotak Group Health CareBased on the extent of coverage

Note: Employers may also deduct the group health insurance premium amount from their employee’s salaries.

Compare the Coverage of Individual vs Group Health Insurance

Both the individual and group health insurance have a wide range of medical coverage for the insured person. The difference is that individual health insurance cover starts after a 30- day waiting period, while the group health insurance coverage starts from Day 1. As per the company’s terms and conditions, you can claim an individual mediclaim policy under the 30-day waiting period only if the treatment is related to an accidental injury.

Get baby cover from day one under a group health insurance plan. Else wait for 12-24 months for the baby cover under individual health insurance, provided the policy is renewed continuously without any break.

Compare the Number of People Covered Under Individual vs Group Health Insurance

Both individual and group health insurance come on an individual or floater basis, so you can cover your loved ones too besides yourself if you choose the floater option.

Coverage Under Individual Health Insurance

Individual Plan – Proposer, Spouse, Dependent Children, Dependant Parents/in-laws, Grand Mother, Grand Father, Grand Son, Grand Daughter, Daughter in Law, Son in law, Sister, Brother, Sister in law, Nephew, Niece, Brother in law.

Family Floater Plan – Self, Spouse, dependent children and parents or parents in law

Coverage Under Group Health Insurance

Individual Plan – Only the insured person (an employee of the company)

Family Floater Plan – Self (employee), spouse and dependent children

Note– The minimum number of the insured person (employee) in group insurance should be at least 50

Compare Individual vs Group Health Insurance Bonuses

No bonuses are available under the group health insurance plan. On the other hand, in an Individual Health Insurance, for each claim-free year, the insurer provides a no-claim bonus, which can even go up to 100% of the base sum insured. This no claim bonus shall be added to your base sum insured, so if a medical emergency arises, you will have a high sum insured limit thanks to no claim bonus benefit.

Compare Individual vs Group Health Insurance Optional Benefits

While purchasing individual health insurance, you can add riders to your base policy to get additional benefits. But for these additional benefits, you need to pay an extra premium as well. Let’s see the rider options available to you in an individual health insurance plan –

  1. Personal Accident Rider – This provides you an extra sum insured in case of treatment of accidental injury or the death of the insured person.
  2. Critical Illness Rider – You can purchase a financial backup plan for yourself and your family against a list of critical illnesses.
  3. Room Rent Waiver Rider – Usually, health insurance plans come with a sub-limit on room rent, which means expenses beyond the specified limit will not get covered by the insurer. But if you buy this rider, there won’t be any cap on room rent.
  4. Maternity Rider – Planning to have a baby and want health insurance with maternity coverage? Add this rider to the individual health insurance plan at inception.

The same feature shall be available to group health insurance as well, but it is up to your employer whether they add riders to the base policy or not.

Compare the Top Individual vs Group Health Insurance Plans

Individual Health InsuranceBenefitsGroup Health InsuranceBenefits
Aditya Birla Activ Assure Diamond Plan

  1. Sum insured ranging from INR 10 lakh-2 Crore

  2. Policy term of 1, 2 or 3 years

  3. Comes in individual or family floater variant

  4. There is no restriction on the maximum age limit

  5. In-patient, pre-hospitalization, post-hospitalization, ambulance charge, domiciliary and daycare treatments are covered


Oriental Mediclaim Insurance Policy (Group)

  1. Available to any Group, Association, Institution, Corporate Body of more than 50 members.

  2. Compensation for Hospitalization and Domiciliary Hospitalization expenses

  3. Cashless facility

  4. Pre acceptance medical check-up if your age is 45-55 years or above 55 years at the time of entry.

  5. Sum Insured from INR 50,000-5,00,000

ICICI Lombard Complete Health Insurance

  1. Hospitalization covers in-patient treatment, doctor fees, cost of medicine, etc.

  2. pre- and post-hospitalization coverage up to 30 and 60 days, respectively

  3. Reset benefit for your sum insured restoration

  4. Daycare, OPD, Ayush treatments coverage

  5. Ambulance cover up to INR 1,500 per hospitalization

Reliance Group Mediclaim Insurance Policy

  1. Customized Policy

  2. All employees and their families shall be covered

  3. Cashless Claims

  4. Daycare procedures covered

  5. Discount on premiums on the renewal date

  6. Reduces the employee turnover amount

  7. The low premium cost for the insured

  8. Covers regular health check-ups of the employees

Max Bupa Health Companion Individual Plan

  1. Cover from INR 3 lakh-1 Crore

  2. The policy covers In-patient treatment, health check-ups and gives hospital cash benefits

  3. The policy premium starts from INR 5,085

Kotak Group Health CareIn-patient treatment cover

Pre-hospitalization and Post-hospitalization medical expenses cover

Coverage for daycare treatment

Domiciliary Hospitalization

Emergency Ambulance

Donor Expenses in case of the surgery (only if it is recommended by the doctor)
Star Health Family Health Optima PlanAffordable premium

Additional sum insured

Health check-up cost

Automatic restoration of the policy sum insured

Assisted reproductive treatments and newborn cover
Aditya Birla Group Activ Health Plan

  1. Quick and easy policy issuance

  2. Less documentation

  3. Cashless claim

  4. Customized options per insured individual

HDFC ERGO my:health Suraksha

  1. No room rent limit

  2. Sum insured rebound

  3. Free health check-up every year

  4. Cashless home healthcare service

Aditya Birla Group Activ Secure

  1. Personal accident cover

  2. Critical illness cover

  3. Hospital cash benefits

New India Premier Mediclaim Policy

  1. The policy covers Proposer, Spouse, Dependent Children and Dependent Parents

  2. Sum Insured of INR 15,00,000 to 100,00,000

  3. Covers room rent, nursing expenses, Intensive Care Unit (ICU), Intensive Cardiac Care Unit (ICCU), Surgeon, Anesthetist, Medical Practitioner, Consultants and Specialist fees.

  4. Hospital cash benefits

  5. Critical care benefits

  6. Ambulance charges

New India Group Mediclaim Policy

  1. Reimbursement of hospitalization expenses for illness or injury

  2. Cover the cost of treatment if it is done in the general ward of the hospital or a daycare center

  3. Pre and Post-Hospitalization expenses

  4. Ambulance service

  5. Cover for specified diseases

Conclusion 

For lifelong financial protection against medical emergencies, individual health insurance is the best. Whereas for an affordable cover, group health insurance should be your choice. You should also know that when you lose your job or resign, you also lose all your group health insurance benefits as the plan ceases to exist by then.

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