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Group Health Covers from Banks: Here’s How They Work and What All They Offer

Representation purpose only

Representation purpose only

These insurances are more important for senior citizens, above 60 years of age. Such people cannot stay dependent on employers and they can look forward to the group health insurances offered by banks.

The novel coronavirus has made us realise the importance of our health. No matter how much we plan to keep ourselves fit and fine, some unexpected health emergencies can leave us in a fix at times. The only thing that can help in these uncalled situations is a good health insurance, which can cover our expenses and hospitalisation charges. These insurances are more important for senior citizens, above 60 years of age. Such people cannot stay dependent on employers and they can look forward to the group health insurances offered by banks.

These group health covers by banks cannot be customised, as one would do with an individual health insurance plan. However, the premium of these covers is comparatively cheaper and can have pre-existing coverage from the first day, by most banks. The paid premium also includes tax benefits under Section 80D.

If you are someone who is planning to buy a group health insurance plan, or know someone who might need it, here is all you need to know about its features:

1. The coverage of these plans is fixed by the insurance company and not customised as per individual choices. However, some banks may become lenient to let a customer choose the sum from the options offered by them.

2. The customer will need to pay the policy premium from an account through which one can avail income tax deduction under section 80D.

3. Each bank offers these group health insurance plans only to their existing customers. As long as the customer has an active account within the bank, they can opt to continue the group health insurance plan.

4. The premium rates offered by insurances through banks is low, as compared to those offered through individual health plans.

5. These plans also cover your pre-existing conditions from day one without any waiting period. This is not the case with most of the individual health plans.

6. Customers do not need to go through pre-policy medical checkup.

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