et analyses the features of group health covers and suggests those with individual covers can buy these plans as topups a health policy at a reasonable rate no medical checkup and coverage of preexisting illness is something everybody would love this perfect blend is available for individuals mostly up to 40 years however from there on it starts getting difficult to buy or even renew a health cover at a reasonable rate here is where group health covers come into play the most common type of group health insurance is the one issued by employers to employees this group insurance typically would cover the employee spouse children usually up to 21 years and dependent parents however not all employers offer health covers that is where group insurance covers which are offered by trusts brokerages healthcare companies and banks come into the picture how these policies work the nature of this product is very similar to the group cover issued by employers a master policy is issued under which all individuals in the group are covered so the set of terms and conditions inclusions and exclusions of that particular policy is applicable to the entire group other finer terms and conditions are not standardised across group covers offered by insurers there is a lot of customisation that goes into these policies this customisation is worked out by the intermediary seller of the cover and the insurance company based on the requirement of the customers and financial viability of the product says pankaj mathpal a certified financial planner echoing similar views arvind laddha ceo of vantage insurance brokers says certain amount of customisation happens the waiting period might get reduced some deductibles get modified all these variations are worked out as far as the brokers are able to raise a certain amount of premium for instance karvy stock broking in association with national insurance offered a national health plan this policy covered preexisting diseases from the first day of coverage another group cover offered by rb hospitality and health services in association with new india assurance also offers a policy that covers preexisting diseases but only after the first year similarly the exclusions can also vary from policy to policy the karvy national insurance health plan does not cover chemotherapy and radiotherapy for treating cancer and dialysis for kidney on the other hand the oriental bank of commerce oriental health plan has a waiting period for every illness hypertension and diabetes are covered after two years polycystic ovarian diseases after one year and joint replacement after three years advantages lower cost group insurance covers are up to 30 cheaper than individual health covers if a bank has two million customers it will negotiate on the best premium to allow the insurer access to those customers on the other hand it also has a pull effect as the bank may be able to secure more customers by offering a medical policy at a reasonable rate says mahavir chopra head ebusiness and retail medimanagecom