Types

Group policies offer massive flexibility to perfectly match your HR budget. A Flat Cover Plan provides the exact same sum assured (e.g., ₹3 Lakhs) to every single employee across the organization. A Graded Cover Plan provides different coverage tiers strictly based on the employee’s hierarchical designation or salary grade (e.g., Executives get ₹3L, Managers get ₹5L, Directors get ₹10L). The policies can also be tailored to be “Employee Only” or extended to family models like “Spouse and Children” (ESC) or “Parents” (ESCP).

Benefits

GMC plans hold a massive advantage over individual retail policies: the complete waiver of waiting periods. Pre-existing diseases and maternity expenses can be covered strictly from Day 1. Since the risk is spread across a large group, the premiums are significantly cheaper than buying individual plans. For the company, purchasing group insurance is highly tax-efficient, as the entire premium paid by the employer is legally treated as a 100% deductible business expense under the Income Tax Act, significantly lowering the firm’s corporate tax liability.

Documents Required

• Company’s GST Registration Certificate

• Certificate of Incorporation

• PAN Card of the authorized signatory

• Detailed Employee Data Sheet in Excel (Names, DOB, Gender, Relationships)

• Previous claims history / Claim dump (for renewals)

Why Taxpure?

Managing employee additions and deletions (endorsements) throughout the year is an administrative nightmare for HR departments. Taxpure provides a seamless, tech-enabled Group Insurance solution. Our experts negotiate fiercely with top corporate insurers to secure the lowest possible group premiums and the best coverage terms (like Maternity or OPD benefits). We provide a dedicated digital dashboard to easily add new hires to the policy instantly. Trust Taxpure to secure your workforce while entirely eliminating your HR administrative burden.

FAQs

What is the minimum number of employees required for a Group Policy?

Typically, insurance companies strictly require a minimum group size of 7 to 10 active employees to issue a standard Group Mediclaim Policy.

Can employees increase their cover amount?

Yes, many modern group policies offer a “Voluntary Top-Up” feature, where employees can choose to pay a small extra premium from their own pocket to increase their family’s total coverage limit.

What happens to the policy when an employee resigns?

The employee’s coverage automatically terminates on their exact last working day. The company is usually refunded a pro-rata portion of the premium for the remaining months of the policy year.

Are parents covered automatically?

No. Parental coverage is a specific, optional add-on that significantly increases the overall premium. The company must explicitly request the insurer to include parents in the master policy.