GMC & INDIVIDUAL MEDICLAIM

 There is a difference in group mediclaim policy and individual or family floater policy.

One is for corporate employees, other is for individual families.


There are the following major differences between these two:

1. Coverage

2. Pre-existing decease

3. Sum Assured

4. Portability

5. Maternity

6. Parents

7. Time Frame.


We will see all one by one 

.In coverage only employees of a particular organization are added to GMC  while anyone or one with a family can take the policy in retail mediclaim.


The employer bears the cost of insurance in GMC while the individual pays a premium for the policy.

In GMC pre-existing decease are covered from day one while retail mediclaim as per policy wordings.


As far as  Sum Assured is concerned in GMC  generally SA is 5L, in retail you can choose as per your need. A large corporation with large no. employee take maximum SA( it is customized as per corporation )


Portability is allowed in retail where your existing benefit is transferred but this is not the case of GMC, when you switch jobs you will get a new policy.


Maternity is covered in both as per policy wording. But the cost of insurance increases in GMC. While standard waiting period is there in the retail plan

Parents can be added in both with increased premiums.


Time frame is an issue with GMC as retirement age is fixed but renewal is allowed till 100 years of age in the retail policy.

In both types of policy, a co-payment option is available which affects the premium. 

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