IIMCAA Group Medical Insurance Cover: Expression of Interest Survey: Frequently Asked Questions (FAQ)

Published on Jan. 24, 2022, 6:32 p.m.
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Frequently Asked Questions on IIMCAA Group Medical Insurance Cover

 

  1. Who all can take IIMCAA Insurance Plans?

The criteria are similar to the eligibility of obtaining IIMCAA’s membership.

Membership of association is open to any alumni who have obtained PG Diploma / Completed Training of minimum three months course at IIMC.

IIMCAA Group Medical Insurance Cover: Expression of Interest Survey

  1. What is the main difference between Group health insurance and Individual health insurance plan?

The premium of individual health insurance increases every five years. So as you grow old, premium for your health insurance plan will become prohibitive. Whereas, the premium of group health insurance depends on the portfolio’s financial health, total claim as compared with the total premium collected.

The individual health insurance has two-three years waiting-period for pre-existing diseases. On the other hand, our group insurance should cover all pre-existing diseases from day one.

Also, a pre-medical test is not required to join group health insurance.

  1. I already have a personal health insurance plan. Why should I go for IIMCAA group health insurance plan also?

It is a wise thought to be enrolled under both types of health insurance plans. This helps a person create a strong financial backup.

Employees of the private organisations get corporate Group Health Insurance. However, due to the fragile nature of jobs as we have seen in the last few years, individuals should have backup health insurance to fully keep their family secured.

IIMCAA’s Group Health Insurance is likely to be cheaper than individual health insurance plan.

Once our group health insurance plan stabilizes, one can also think of letting go of the individual health insurance plan.

Also please refer to responses to point no 2 above.

  1. What is the advantage of an IIMCAA’s Group health insurance plan?

In individual health insurance, a policyholder deals with a faceless institution. There may challenges during claim process.

In IIMCAA’s group health insurance, we will have a dedicated person, backed by IIMCAA Insurance Team resources, to take care of all issues, including the claim process. You will most likely experience a personal touch to the whole experience.

With a large number of interested members, IIMCAA can negotiate better premium and terms with the insurance company.

  1. What are the likely offering under the IIMCAA Group Insurance Plans?

To begin with, we are contemplating having below plans:

  1. Health Insurance Plan
  2. Top Up Health Insurance Plan, subject to sufficient responses
  3. Health Insurance for Parents, subject to sufficient responses
  4. Personal Accidental Insurance for self and spouse.

Most attractive aspect of our offering is likely to be that one will pay for only the number of persons insured, unlike other group insurance plans where even if say you are only a couple but you end up paying for a 2 Adult + 2 Children combo offering.

We are likely to have below combinations:

  1. One Adult
  2. Couple
  3. One Adult + One Child
  4. Two Adults + One Child
  5. Two Adults + Two Children

So you will pay for only one of the above combination.

  1. Which family members can be enrolled for the Group Health Insurance?

Spouse and dependent children up to 25 years of age.

If we have sufficient respondents for adding parents, then we will have plans for them also.

  1. What happens after this survey?

We will negotiate with insurance companies for best of features and attractive premium.

We will have a form on www.iimcaa.org. IIMCAA member will choose the products, fill up all details and pay premium online.

Subsequently, plans will go live.

 

IIMCAA Insurance Committee