Definition
Group Mediclaim
Group Mediclaim Policy (GMC) is an employer-arranged group health insurance covering employees and often their dependents for hospitalisation.
GMC is the most prevalent corporate health benefit in India, typically offering cashless hospitalisation, frequently with maternity cover, day-one pre-existing disease cover and family inclusion, all without individual underwriting. Employers fund it fully or share the cost with staff.
Because it relies on group pooling, GMC is cheaper per head than retail health insurance but terminates on leaving the job. IRDAI's portability provisions let departing employees convert GMC to an individual policy, carrying over some continuity benefits, which advisers strongly recommend.
Related terms
- Group Health InsuranceGroup health insurance is a single policy covering a defined group, typically employees of a company, often including their dependents.
- Corporate CoverCorporate cover refers to group insurance benefits an employer arranges for staff, spanning group health, group term life and group personal accident.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.