Features & Benefits of Corporate Health Insurance in India

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Image credit: istockphoto.com/portfolio/Cecilie_Arcurs

Many people must have knowledge about insurance and even some of them have some kind of insurance for their house, vehicle, or their life. But also, many of us don’t have full information on what insurance is and how it works but if you simply put it this way it’s a contract represented in form of a policy that protects the policyholder financially against losses. There are plans like health insurance, motor insurance, corporate health insurance, and more that give you financial security. In this article, we will be talking about the details of Health insurance its types and a detailed view on the features & benefits of corporate Health Insurance.

What is Health Insurance?

An Insurance that covers the medical or surgical expenses of the individual who is insured is known as health insurance. The plan helps to reimburse the expenses that occurred in injury, surgery, or for the care provider. Now that we have known what is health insurance let’s take a look at Corporate Health insurance.

Different Types of Health Insurance

We as individuals are different from one another and each of us have different needs, which is applicable for our insurance needs as well. For instance, a single health insurance cover does not protect the entire family, it offers coverage only to a single person who is insured. Which is why there are multiple types of health insurance which cater to our specific needs. Let us have a look at the different types of health insurance available in India –

Individual Health Insurance: Individual health insurance policy is purchased to provide cover yourself, your family, your spouse, and your children. This plan covers mostly all kinds of medical expenses that include hospitalization, daycare, hospital room expense, and more. Under this policy, each member of the family has their own sum assured.

Family Floater Health Insurance: Under the family floater health insurance plan it covers all the family members in a single policy and everyone has to share the sum assured in the plan. This type of insurance plan is more on the affordable side than the individual plans since the sum assured is shared between the members and not have their own sum assured.  A family floater health insurance plan is ideal for nuclear families.

Senior Citizen Health Insurance: Health plan designed especially for senior citizens keeping in mind their medical requirements and needs. As senior citizens face more health issues these policies offer additional cover like domiciliary hospitalization, psychiatric benefits, etc. and they can even have an entire medical check-up. So this way the policy becomes a little more expensive than any other policy plan.

Critical Illness Insurance: There is a rise in lifestyle related diseases and health issues like cancer, stroke, cardiac diseases, and kidney failure are expensive to deal with and manage in long term. That is why this critical illness insurance comes in handy. This policy can be purchased as it is or as an add-on to your regular health insurance policy. These policies often provide claim payout as a single lump sum payment after the diagnosis and only cover specific issues.

Corporate Health Insurance: also known as Group Health Insurance are policies which are purchased by companies for their employees in large numbers. While, an individual policy or a family policy is purchased by the insured, here it is purchased by the employer of the employee. These plans are affordable but often provide cover for only basic health issues. For example, a building secretary can buy this policy for the residents of the building or an employer can get corporate health insurance for all their employees. Employers purchase these plans and showcase it as an additional benefit to its employees.

Benefits & features of corporate health insurance

For Employees:

  • Corporate health insurance is huge compared to individual health insurance as the insurance covers various ailments. In general terms, the list of illnesses covered in corporate health insurance is not restricted.
  • Under corporate health insurance plans, maternity benefits are of utmost significance to the nation’s steady growth of the female workforce. It enables female employees to pursue their career goals without worrying about finance if they are planning to start a family.

For Employers:

  • At low cost, the corporation provides broad benefits to employees by purchasing corporate health insurance for the employee.
  • Providing health insurance for your employees shows your concern for them.
  • Corporate health insurance is considered a huge incentive for candidates who are qualified to join the company which plays as the main benefit for the employer.
  • Last but the important one is that the company will get tax advantages by getting corporate health insurance policies for their employees.

Apart from all these benefits, employers must watch out for below benefits before selecting the policy:

  • The policy should have round clock coverage for all employees.
  • The total insured amount when the insurer goes claim free.
  • Features like cashless care at partner hospitals, cash benefits in events like hospitalization, customization choices, etc as they are essential and will go long way toward ensuring that the corporate health insurance policy aims for protecting and motivating their employees.

Features of corporate health insurance

  • Cashless facility: Corporate health insurance companies have affiliation with a list of hospitals that provides benefit to avail of a cashless facility where the medical bill is paid by the insurer directly.
  • Pocket friendly premiums: These plans are more on the affordable side for investing in when compared to other types of insurance plans.
  • Coverage for dependents: The policy provides benefits not only to you but is also available to your parents, spouse and children.
  • No waiting period: You can avail the benefits of this policy right from day one. You don’t have to wait like other policies to use the coverage.

The above-mentioned details are some of the noteworthy things that you should remember while choosing health insurance be it corporate health insurance or individual health insurance.




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