What is Corporate Insurance and its Benefits?

The work culture in today’s day and age has seen everyone striving to strike a balance between personal and professional commitments. One important aspect in balancing your personal life is managing to life a healthy lifestyle. While it is not entirely possible, substantial efforts towards managing your health can prove to benefit in the long run. In these endeavours to manage balance health and work, employers have started to extend the facility of health insurance via group insurance plans. These policies are also referred to as corporate health insurance since they are mostly offered in a corporate setting.

So, what are these corporate health insurance plans?

Corporate health insurance plans are essentially group insurance policies wherein a common set of health insurance benefits are available to a group of people, more specifically, the employees. These plans include various coverage features like hospitalisation, critical illness cover, maternity coverage, etc. Many insurance companies have now started to include coverage for COVID-19 hospitalisation too by offering Corona Kavach policy or any other plan that provides coverage for Coronavirus related expenses. These corporate health insurance policies are one of the better ways to ensure the employees of your organisation have a safety net to address their medical needs and is not limited to the employees, but also available for their families.

Advantages of Corporate Health Insurance

With an increasing focus on health being integral part for employees to work effectively, corporate health insurance plans have somewhat become a standard industry practice. Almost all employers that offer a corporate health insurance policy select one considering the requirements of their employees as it can be crucial in influencing the psyche of the employees with these additional benefits. Here are some of the advantages a corporate health insurance policy offers -

Coverage for Pre-Existing Diseases

A corporate health insurance has the advantage of covering pre existing diseases. It means any medical condition faced by the employee or its family members are covered right from day one. Thus, these health insurance plans have no waiting period making them perfect for all age groups.

Wider Coverage for Ailments

Besides having no waiting period for pre-existing health conditions, a corporate health insurance also offers a broader coverage for ailments. These plans cover a variety of health ailments, including mental health conditions.

Maternity Coverage

These insurance plans also include maternity cover thus making it a must have insurance facility for young married couples. Some policies extend the maternity cover to include the newborn child up to 90 days of age.

Coverage at Affordable Prices

Since the coverage for these plans extend to a large group of individuals, it becomes affordable on your pocket.

Why Should You Avail a Corporate Insurance Facility?

A corporate health insurance plan can provide benefits in the form of wider coverage at pocket friendly prices. If the same features are opted in a standard health cover, it can be expensive. Moreover, these corporate health insurance plans can be customised to include not only you, but also your family members. Although including your family members will see a slight increase in the premium but the advantage is far greater than its cost. Further, additional coverage is also available which can further fine-tune your policy to fit it exactly for your healthcare needs. These are some of the reasons to seriously consider in complementing your standard insurance policy with a corporate insurance plan. While it is no secret that employees are the real reason for your organisation’s success, making sure that an employer offers medical protection shows that they truly value their employees.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.