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How To Choose The Best Group Insurance Policy

Benefits, Insurance & Taxes

To know how to choose the best group insurance policy, first, we should learn what group insurance policies are? Group Insurance Policies help financial institutions and employers provide health and medical coverage to their employees. The individuals who are covered by the policy are identified as group members. Group members receive benefits like coverage for gratuity, leave encashment, loan protection, etc.

Since the COVID-19 pandemic, it has become mandatory for employers to offer medical and health insurance coverage, if and when, they resume their operations. Group Insurance plans help employers customize and extend the best benefits for their employees within a budget.

Choosing the best group insurance plan for your employees doesn’t have to be an arduous process. Here are a few tips that might help when evaluating the merits of one policy against another.

Sum Assured

As a general rule of thumb, the higher the sum assured, the higher the premiums. While you want to ensure that all your employees and their medical expenses are adequately covered, you also want to do it within a certain budget. Calculate a sum that would be sufficient to provide for normal medical/health risks. Use that sum of money as an average or baseline for the sum assured you are seeking.

When choosing between the different group insurance plans, look for the one that provides a sum assured closest to your calculation with the lowest premiums. One of the many benefits of a group insurance plan is that the premium rates decrease with an increase in the number of individuals covered.

Network of Hospitals

Research the various insurance providers to find out which of them has the most extensive network of hospitals across the country. Choose the plan that is associated with the highest number of hospitals. Your employees, if they are spread across different cities, will be able to receive their treatment faster and more easily.

Maternity/Family Coverage

Check if the different group insurance policies offer maternity or family members coverage. The decision to include or exclude maternity and family members coverage is up to the employer. However, it is a remarkable show of good faith. It will help you retain your employees through the years as they grow as individuals and professionals in their careers.

If you are a small company or a startup that consists of primarily young professionals, you might want to consider pooling your insurance. Premiums for maternity/family members coverage is higher, sometimes double, than the average. By joining together with a number of other small companies, you can form what is known as an insurance purchasing co-operative. You can then as a co-operative, purchase group insurance with pooled benefits at better interest rates, coverage plans, and lower premiums. The pooled group benefits are available to and cover all the members of the group insured with the policy.

Hospitalization Costs

Most insurance providers cover pre and post-hospitalization costs. When choosing a group insurance plan, ensure that the policy provides coverage from these expenses.

You will have to decide what benefits and risks you want to be covered in the group policy best suited for your employees and company.


We hope that this article and suggesting have explained how to choose the best group insurance policy. is a Group Benefits Provider specializing in Pooled Benefits Programs. We develop, distribute, manage, and service pooled Group Benefits programs.

Each of our 3 Pooled Group Benefits programs features 5 options that can meet the needs of almost any small to medium size business with 3 – 50+ staff looking for affordable, traditional-style, or contemporary coverage.

Contact us today to get a quote or set up a meeting.

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