Online Corporate Medical Insurance is health insurance offered by an employer to its employees. By offering its employees a corporate health insurance policy, an employee tends to take care or provide for the varied health care needs of its employees. Corporate Insurance in India is becoming a widespread phenomenon and almost each and every company is trying to include health insurance as a part and parcel of its employee benefits.
Corporate medical insurance refers to the insurance policy provided to the employee by the group with which the employee is working. There are several companies offering policies to the management but which is beneficial and which is not is the question as well as a challenge that is where I & D Hospital Solution Private Limited come into the picture for rescue. We as a hospital consultancy offer a wide range of services among which one is Corporate Liaisoning. In this, we preserve our core focus on the corporate tie-ups for your Hospital. As there are several options of insurance companies floating in the market the challenge is to find out the perfect one for your Hospital! To resolve all such challenges we are at service.
There is a classification of corporate medical insurance policies which is being provided to the employee. Let’s give them a glance:
- GMA : (Group Medical Insurance)
- This is among the common type of health insurance plans which is including a group of people who work under a common organization. It’s important to note that the premium is born by the employer.
- The benefits of this insurance can be availed by the employee while hospitalization of the employee or the family (if the family is also covered in the policy).
- The major aspect to trigger this policy is to have a minimum hospitalization of 24 Hours.
- GPA (Group Personal Accidental)
- This is the type of insurance that provides coverage for all expenses associated with accidents. This is inclusive of the burns arising due to an accident.
- The benefits of this insurance are provided even in the disability caused by the accident. Disability can be a permanent or temporary, partial or complete disability.
- The claim will be provided for any type of damage that has been caused due to the accident.
- GTL (Group Term Life)
- It is a kind of term insurance where the employer provides a master contract with coverage extended to the employees.
- This includes the employee’s coverage for death arising out of any cause (Natural or Unnatural). This may trigger when the employee is no more.
- In such cases, the Lump-sum is provided to the nominee.
It is not necessary to buy all of these three policies from the same company by the management. It is entirely dependent on the employer to select the company for each kind. We at I & D Hospital Solution Private Limited persist to have a specialized team of experts to serve you with the issue to find out a perfect Insurance company with an appropriate plan and will support you till the complete Corporate Liaisoning and working of the plan.
Now a day’s things majorly work upon the win-win situation that refers to the mutual benefit of both the parties. So there are multiple benefits of the corporate medical insurance policy to the employer as well as the employee. Let’s have a look at them:
BENEFITS OF INSURANCE TO THE FIRM:
- Rebate in Tax:
- Section 80C and 80D of the income tax act entitles specified taxpayers to claim deductions for the entire amount paid to the insurance company for the particular scheme.
- Important is to keep the premium payment-related documents claiming the transaction of premium as GST proof.
- Sustainability of employees with the firm:
- This act of providing a health insurance policy will be able to sustain the employee for a longer time in comparison to not providing any health insurance policy.
- Boosts Performance and brings peace of mind:
- This is a very natural aspect as the person finds a sense of security for oneself and the loved ones bring out the best of performance to some extent.
- Along with good performance, the employee tends to have peace of mind which will energize him to work more efficiently and positively.
- Improves Employee Loyalty:
- This is an important factor as you may say that there is psychological support or maybe a pressure to work with the company due to the availability of good Life insurance which other companies may not offer and even if they offer it won’t be as good as the existing once.
BENEFITS OF INSURANCE TO THE EMPLOYEE:
- Insurance Policy & Coverage:
- Well, insurance is beneficial because life is unpredictable. So getting insurance along with the job is just like the cherry on the top.
- There are companies that offer life insurance plans for the employee as well as the family of the employee.
- Support in Medical Emergencies:
- The insurance plan will bring out the support to the employee in any case of a medical emergency in terms of finances which is no doubt will be the backbone while fighting any sort of mishap.
Now the rough idea of its working has been outlined but to make it work in the most efficient manner I & D Hospital Solution Private Limited is at your service. We can help you find out the most appropriate life insurance policy company underlying in your budget. We as a most efficient complete hospital solution provider can find your hospital a perfect corporate tie-up if in case you are planning to expand. In such corporate tie-ups, the insurance policy includes the hospital specificity in the insurance providing this will improve the hospital business as well as the employee health.
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