RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

HDFC Life Easy Health Plan – Critical Illness Health Plan for Family

down-arrow
November 19, 2018
Health insurance is one of the most important requirements in today's life mechanism. Not only does it secure you financially in these times when healthcare costs are booming, but it also ensures that your loved ones are covered under the protection benefits. Health insurance is no longer just considered to be your personal duty but the legal duty of your employer as well. Consequently, corporate insurance offers group protection for the employees, apart from the individual insurance plans that each employee can buy in her/his own capacity. While choosing to buy a specific healthcare insurance plan, it is important to be aware of the key differences in corporate health plans and individual plans so that you can be a better judge of the benefits offered by both. Although corporate and individual plans offer similar coverage, there are certain differences. The important differences are listed below:

  1. Cost

    Because of their very nature, group insurance plans cost less than the individual ones. It is similar to buying a product in bulk (which reduces the cost of the product). Corporate plans come at no cost or a nominal cost to the employees. The employees do not have to pay anything for the plan and have to pay some amount only if seeking additional benefits that do not come with the corporate plan. On the other hand, individual plans come at a pre-decided cost and have to be purchased in the individual capacity by a person.

  2. Premium deduction

    The mode of paying the premiums is different for corporate and individual plans. In corporate plans, the premium is deducted from a person's salary while in individual plans, the person has to pay the premium separately.

  3. Control

    The level of individual control is almost non-existent in a corporate plan. In a corporate plan, there are other beneficiaries and your personal control or decisions like discontinuation, plan change etc. play no role. On the other hand, in individual plans, you, as the policy holder can exert control and make decisions as per your personal needs and requirements.

  4. Convenience

    A corporate plan is a lot easier to be obtained in comparison to an individual plan. Sometimes, due to any reason, a person's insurance application may be rejected (when she/he applies for individual insurance). Moreover, the limited underwriting in a plan, in which a person's medical history is closely examined is a big factor in individual plans and decides the eligibility of a person for a specific healthcare plan. However, in corporate insurance plans, any employee of a company is eligible for insurance and thus, the convenience of buying the plan is higher.

  5. Plan applicability

    Individual insurance plans are applicable at all times and can be bought at any time. However, group insurance plans offer coverage only until the duration of a person's employment with that particular company. Once the employment is over, there is a choice of converting the corporate plan to an individual one. However, you must avail of this feature after comparing properly with a new individual plan, as the premium rates after conversion may be higher than those offered in a new plan.

HDFC Life offers health insurance plans for your financial benefits and securing the monetary base of your loved ones. For details, click on the mentioned link: https://www.hdfclife.com/health-insurance-plans.

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

How to Use Free Medical Checkups Covered by Your Health Insurance?

How to Use Free Medical Checkups Covered by Your Health Insurance?

Ensure your well-being with free health checkups included in our insurance policy. Regular medical assessments help monitor your health. Read our blog for more information.

Difference Between Mediclaim And Health Insurance

Understanding Waiting Periods in Health Insurance and Its Types

Health Insurance Coverage for Bone Marrow Transplant: A Detailed Guide

Explore our detailed guide on health insurance coverage for bone marrow transplants. Find the information you need to ensure comprehensive support in critical times.

Health Insurance Coverage for Bone Marrow Transplant: A Detailed Guide
Features of best health insurance plan in India 2021 Previous
Medical insurance for super senior citizens Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches