If you try to call to USA from India, using skype , the delay is much lower than the telephone! Skype service is free, and supports video chatting using web cams.
Recently skype has added one extra feature to its powerful application called “Group Video Calling” , In official blog they wrote
With the latest version, you’ll be able to bring the whole family together for a chat, for lunch, or even for a birthday. You’ll be able to spend quality time with your best friends, planning a trip, or even hosting a book club. And you’ll be able to meet with colleagues from across the world without leaving your desk.
To avail this feature you need to download the latest skype software, and no doubt, the other person whom you want to chat with , should have the same version of skype.
This is still in beta, but can be used for free!