If you work in a corporate industry then you too must have got Corporate Insurance. Corporates provide a safety coverage to their employees through these plans.
Corporate health insurance policy is a type of insurance that covers illness, accidents and other health problems to a group of professionals working under an organization. Therefore, corporate health insurance is more specifically a group health insurance scheme. In which a group of employees is insured. Before COVID-19, it was not mandatory to provide health insurance to the employees. However, some companies offered a basic health scheme to stay connected with the company and keep top talent close to you. After the Kovid-19 pandemic, the world has seen how a health problem can have a dangerous effect on one’s life. Taking cognizance of this, the insurance regulator (IRDAI) has issued a mandate regarding health insurance for the employees.
What is Corporate Health Insurance Policy
Corporate health insurance policy is a type of health insurance policy. Which the employer gives to his employees. It provides them with the optimum health cover that they require. This usually includes your spouse and children. However, some corporate health schemes offer coverage to parents as well. Usually it offers a fixed sum assured. Which covers the expenses of hospitalization in case of any illness or accident. For this, the duration of hospitalization should be more than 24 hours. To increase your sum insured, you will have to pay extra premium. Corporate health insurance comes as a part of the employment contract. So we rarely try to compare its pros and cons with other schemes.
Benefits of Corporate Health Plan
waiting period
Waiver of waiting period is one of the biggest advantages of Corporate Health Plan. Generally a waiting period of two to four years is applicable for pre-existing diseases, certain specified medical conditions and maternity benefits. In Corporate Health Plan, the employee gets coverage from the inception of the policy.
pre-existing diseases
Most claims in corporate health insurance are accepted irrespective of pre-existing diseases. This is also a big advantage, as many insurers deny claims or coverage in such cases.
no-medical checkup
For senior citizens also the policy is issued without pre medical examination. In other health plans, pre-medical tests are required based on your age and pre-existing medical conditions.
Premium is taken care of
Your employer pays the premium. If you plan to increase the sum insured or top it up with any other health insurance. Only then you will have to pay the difference.
Keep in mind while taking Corporate Health Plan
Take care of the coverage while taking it. Many insurance companies give you coverage extensions. For this, the employee has to take a separate plan. Along with this, you should also keep in mind that your level of sum insured is not high. Therefore, you must check that your coverage level is sufficient for medical expenses. Whether a family floater health plan is mentioned in your corporate health insurance plan. Nevertheless, you should check which members of the family are covered under this. Along with this, if you leave your current company, then you will stop getting the group health insurance you are getting now.
