Lesser-Known Facts About a Corporate Health Insurance Plan

Secured your first job? Congratulations! Being employed has its perks and benefits with financial independence being a first followed by career growth with every appraisal and promotion. But it isn’t only you who works for the organization. The employer as well provides many different benefits like provident fund contributions, gratuity benefits, superannuation, and even insurance coverage.

Among the different benefits that an employer provides, you can avail benefit of most of them either at retirement or when the employment ceases. However, corporate health insurance isn’t the same. It is one employment prerequisite that can benefit not just you but also your family members during your employment. In a time when health insurance is no luxury, it is an additional benefit that you must look for when switching jobs.

Corporate insurance plans are originally known as group insurance plans. Since they are offered by corporate entities to their employees at large, group insurance is synonymously known as a corporate health insurance cover. This policy provides common insurance to all its subscribers. These subscribers are generally individuals associated with an organization, for instance, employees. The insurance plan provides standard coverage to all its subscribers however, additional coverage can be purchased.

Here are some facts about corporate insurance plans to understand thoroughly. Here are some facts regarding corporate health insurance plans to help you better understand them.

  • Pocket friendly 

The foremost advantage of a corporate insurance plan is that it is pocket-friendly. The affordable price tag is due to many subscribers that help bring the premium to a lower level. Since the risk for the insurance company is spread across many subscribers, a cheaper price is offered. In some organizations, the employer takes up the burden of the entire payment of such premium whereas, in a few others, the premium is shared by both, the employee as well as the employer. *

  • Insurance cover for dependents

Other than providing coverage only for the employer, corporate insurance plans can be customized to provide coverage for the family too. As standard, these corporate policies include only the employer, but optional coverage can be purchased to insure dependents and other family members. *

  • Ease of enrolment 

Individual medical underwriting of each employee is not done when offering coverage. The insurance cover is extended to the employer by virtue of their employment status. *

  • Coverage for pre-existing diseases

A corporate insurance policy covers not just future treatments, but also any existing ailments that the employee might be suffering from. In addition, there is no waiting period for such existing illnesses to be covered in the insurance policy’s scope. Some plans also include cover for chronic ailments like diabetes, hypertension, etc. *

  • Maternity cover

Corporate insurance plans also provide maternity insurance cover thereby helping to alleviate expensive childbirth costs. In addition to maternity cover, newborn babies are also covered starting as early as 90 days. *

  • Cashless claim process

Most corporate insurance plans have a robust chain of network hospitals where cashless claims can be made. With a cashless claim, you need not worry about making any payment and simply avail the treatment without any financial stress. *

* Standard T&C Apply

Finally, corporate insurance plans provide significant benefits to the employees and hence should be sought by all organizations. When choosing the different add-ons offered, you can make use of a health insurance premium calculator and estimate the impact of the final premium amount. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.