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 transf...
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