A corporate health insurance plan provides financial coverage to employees of an organisation under a specific group. This insurance is also known as group medical insurance by many and is available to employees at a lower premium. The policy brings coverage against expenses arising from Covid-19 hospitalisation, accidental hospitalisation, critical illness cover, maternity benefits and more.
Employers worldwide offer this health insurance policy to employees to support them in times of medical emergencies through financial coverage. This also builds a positive image of any employer in the minds of the employees.
With a few corporate health insurance policies, the entire premium is borne by the employer, and in other cases, a part of the amount is required to be paid by an employee.
This health insurance policy offers a range of benefits, both to an employer and an employee, as mentioned below:
Most companies use a corporate health insurance policy as a tool to retain employees. In any company, employees are the driving force to help it achieve new goals. Providing such a health insurance policy sends a positive image of the company to its employees. It also instils a sense of belongingness among them towards their company.
Another advantage of this health policy is that companies can avail of tax benefits under India’s Income Tax Act, 1961. For example – If XYZ Company pays a premium for its employees, they will present this as a business expense in their profit and loss account. Thus, employers get tax benefits on this premium amount as per law.
Similarly, employees making part-payment of this premium amount can claim tax benefits under Section 80D of the Income Tax Act, 1961. Employees can save tax between Rs. 25,000 – Rs. 50,000 on an average.
The plans under corporate health insurance are customisable. Hence, employers can choose any plan of their choice based on needs and requirements.
This is one of the most striking features of this policy. Employees will get covered against expenses resulting from the treatment of pre-existing diseases. In addition, this benefit has no waiting period.
Most corporate health plans include expenses arising from both C-sections and normal deliveries. However, in some plans, there is coverage for newborn infants as well.
This insurance plan offers a spectrum of benefits at affordable premiums. For a sum insured limit of Rs. 1 lakh, one can pay a premium as low as Rs. 50.
In some cases, the premium amount can range between Rs. 100 – Rs. 120. The premium depends on the type of policy, number of employees covered, number of dependents, employee age, and location.
Find the list of coverage below:
Before purchasing any policy, one must be aware of exclusions as well. Following is a rundown of these:
An insured must seek treatment in a network hospital to file a claim, as mentioned in this policy. The insured person’s family members must provide the policy details and TPA e-card to the hospital.
After getting discharged, the network hospital must send all expenses, and medical bills must be sent to the TPA or insurance provider. One must duly fill out the claim form and submit the same as well.
After that, the TPA will evaluate all costs and arrange for the settlement of claims.
As mentioned here, you must keep in mind a few things for an easy and smooth claim process.
You must keep in mind all these above details before filing a claim.
Check the document list as mentioned below:
Policyholders must make it a point to ensure that all documents being submitted are original.
Corporate health insurance helps to safeguard employees in time of need during hospitalisation due to any illness or accident. This policy helps companies in ensuring employee welfare and inculcates a positive image about it among them.
Both employees and employers enjoy a wide range of benefits from 10,000 plus network hospitals, daycare treatment and health cover up to 1 crore. Monthly Premium starts just from INR 241. Download the Navi App to know more about corporate medical policies.
Ans: Such a policy may come with a few limitations, such as co-pay clauses, room rent clauses, etc. However, you may need to incur additional costs for the same.
Ans: This insurance policy provides a fixed sum insured amount that covers expenses resulting from hospitalisation due to an accident or any illness. For example – If the sum insured is Rs. 1 lakh, and the overall expense is Rs. 1.5 lakh, a policyholder can claim up to Rs. 1 lakh only. The extra Rs. 50,000 will have to be paid by a policyholder.
Ans: Some of the disadvantages are employer dependent cover, inadequate coverage, room rent capping, etc.
Ans: Employees more than 18 years and less than 70 years of age are eligible to get financial cover under this policy. In addition, a policyholder can add their dependent children between 3 months to 25 years of age. Also, it is possible to add a spouse and sometimes dependent parents as well.
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
TPA in Health Insurance – Full Form, Functions and Roles
TPA (full form – Third Party Administrator) is a licensed intermediary between health insurance p... Read More »10 Best Cashless Health Insurance Plans in 2023 – Tax Benefits and Coverage
Considering the rising medical expenses, it is important to obtain health insurance for yourself an... Read More »Top-up Health Insurance Premium Calculator -How to Use & its Benefits
Are you looking to compare top-up health insurance policies online? A top-up health insurance premi... Read More »What is Group Insurance Policy – Best Group Health Insurance Plans
Group medical insurance policies are specially designed to provide financial coverage to a particul... Read More »What are Individual Health Insurance Plans – Benefits and Cover
The COVID-19 pandemic demonstrated how unprepared most people are in the face of a major health cri... Read More »Corona Insurance Policy (2023) – Types, Cover and How To Claim
Corona Insurance policy provides coverage for all medical and hospitalisation expenses incurred due... Read More »What is a Cardiac Health Insurance Policy – Benefits and Diseases Covered
In cardiac health insurance policies, insured individuals get financial coverage to treat heart dis... Read More »What is Cashless Mediclaim Policy – Working, Features & How to Claim
A cashless Mediclaim policy provides much-needed financial aid during medical emergencies. Policyho... Read More »What is Mental Illness Cover in Health Insurance – Benefits and Why it is Necessary
Earlier, health insurance companies in India covered only physical illnesses in their health insura... Read More »Group Personal Accident Insurance – Inclusions, Exclusions and Documents Required
Mr Sharma is an owner of a company. He’s looking to insure his employees against unexpected medic... Read More »What is Liability Insurance and What Does It Cover
Insurance has become an indispensable financial product, thanks to its benefit of offering a protec... Read More »Health Insurance Renewal – Benefits, Tips And Points To Consider
Health insurance policies come with a validity. Once your policy expires, you will no longer be eli... Read More »Top 10 Chit Fund Schemes in India in 2023
Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »10 Best Gold ETFs to Invest in India in February 2023
Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »Top 10 Demat Accounts in India [Lowest Brokerage Charges]
A Demat account was created to eliminate the time-consuming and inconvenient procedure of purchasin... Read More »20 Best Index Funds in India to Invest in 2023 (Updated on 31st Jan)
What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »Best Arbitrage Mutual Funds to Invest in India: Returns and Taxation
Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »Best SIP Mutual Funds To Invest In India (2023) – Its Types And Taxation
A Systematic Investment Plan (SIP) is a convenient way to invest a fixed sum in mutual funds. For i... Read More »10 Best Corporate Bond Funds in India 2023 – With Returns
Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »10 Best Banks for Savings Account in India (2023)
A savings account keeps your money safe, and lets you earn interest every quarter. There are many b... Read More »All information is subject to specific conditions | © 2023 Navi Technologies Ltd. All rights are reserved.
Insuring health was never this affordable!
Monthly premium starting @₹235