How can you buy the best group health insurance plans for self-employed individuals in India?

Group Health insurance is a critical component for self-employed individuals in India, as the individual or floater health insurance policy price in India is increasing gradually, thus group health insurance plans for self-employed individuals in India ensure essential coverage for medical expenses and financial support.

In this post, we are sharing the complete details of how a self-employed individual can buy group health insurance plans in India in 2024. What are the benefits of group health insurance plans for self-employed individuals?

Don’t forget to scroll down and read what one should consider before purchasing the Group Health Insurance Plans. You can choose the best group health insurance plans for yourself in 2024.

How to Buy Group Health Insurance for Self-Employed Individuals in 2024?

Self-employed individuals can buy group health insurance plans in various ways, the best methods and channels are mentioned below.

1. As per your profession, form or join professional associations, now approach any bank like ICICI, Axis, or HDFC and ask the relationship manager or branch manager if you want to buy the group health policy for your association, and they will facilitate the same.
2. Don’t worry if you are not a professional even the trade union or trade associate can also approach and get the group health insurance plans.

Those who are not in business or don’t have any profession can also apply for the group health insurance policy the simple way is to ask your friend and relative to open a savings account with any nationalized bank and make sure the total members should be a minimum of 20. And then apply for the group health insurance policy easily.

What are the Benefits of Group Health Insurance for Self-Employed Individuals?

Group health insurance offers several advantages to self-employed individuals as listed below.

1. You have to pay lower premiums for Group Health Insurance plans as compared to individual or family floater plans, as the risk is spread across a larger pool of insured individuals.
2. The group plan offers comprehensive coverage options, hospitalization, OPD services, and preventive care, one can choose the rider for critical illness coverage.
3. The additional benefit for the taxpayer they can take a rebate on their tax by declaring the premium of the group health insurance plan in ITR under section 80D.
4. If you buy the GHI Plans i.e. Group Health Insurance plans of a reputed company you will get cashless hospitalization in their network hospitals.
5. Free health checkups or reimbursement for health check-ups are also provided by the insurer as per the basic insured value and plan once a year.

Considerations Before Buying Group Health Insurance

Self-employed individuals should consider these below-mentioned important factors before purchasing a group health insurance plan in 2024.

1. Should read the policy terms and conditions or policy wordings before buying like the sum insured, and co-payment conditions if any, and check for the room rent capping ( always buy plans that do not have any room rent capping). Avoid any copayments and deductibles in plans. Better if you ask for the plan with the OPD facility as well.
2. Cross-check the premium in the open market and with online brokers, and always keep the inflation in medical treatment before deciding the basic sum insured. As the cost of treatment is increasing gradually. Always take a plan that offers adequate coverage.
3. Check for the PED waiting periods – This means any pre-existing disease should be declared and there will be a waiting period for the same ask the broker or insurance seller about that, and you will get the details in policy wording.
4. Check the claim settlement ratio of group health insurance providers in Google, that will give you an idea about the company claim reimbursement repo in the market.
5. Make sure the insurance-providing company should have large hospital networks.
6. Soon Galaxy Health and Allied Insurance Company Limited is going to launch a group health insurance plan in the Indian market.

Visit TVS Galaxy Health Insurance Company’s Official Site for more updates on the new Group Health Insurance policy.

Best Group Health Insurance Plans for Self-Employed Individuals in 2024

Based on recent evaluations on the parameters of coverage, exclusions, and claim settlement ratio, here are some of the best group health insurance plans for self-employed individuals in 2024, not necessarily in order.

1. Galaxy Group Health Insurance Plan
2. HDFC ERGO Group Plans
3. Aditya Birla Activ Health Insurance
4. Niva Bupa GHI
5. Bajaj Allianz  GHI Plans

Choosing the right group health insurance plans for self-employed individuals for their health and financial protection should be the top priority. Self-employed individuals should consider the benefits and factors affecting Group Health Insurance Plans before purchasing and make informed decisions.