Why Corporate Insurance is Essential

Attract & Retain Talent: In today's competitive job market, a robust employee benefits package is crucial for attracting top talent and reducing attrition. Group health insurance is often among the top 3 factors candidates consider when choosing an employer.

Legal Compliance: The Employee's Compensation Act mandates Workmen's Compensation for certain industries. ESIC compliance is required for establishments with 10+ employees in certain states. A comprehensive corporate insurance policy ensures you stay compliant while providing better benefits.

Employee Well-being: Healthy employees are productive employees. Group health coverage ensures your team has access to quality healthcare without financial stress, leading to fewer sick days, faster recovery, and better workplace morale.

Tax Benefits: Premiums paid for employee insurance are tax-deductible as business expenses under Section 37(1). For employees, the premium is not considered taxable income up to Rs 7.5 Lakhs under Section 17(2)(vi), making it a tax-efficient compensation component.

Understanding Corporate Insurance Terms

Group vs Individual: Group policies are issued in the company's name with employees as beneficiaries. They offer lower premiums, no pre-policy check-ups, coverage from day one, and include pre-existing diseases. Individual policies have higher premiums and waiting periods.

Floater vs Individual Sum Insured: In a Family Floater, the sum insured is shared among family members, offering flexibility but potential reduction if multiple members claim. Individual sum insured gives each family member separate coverage, ensuring no impact from others' claims.

Pre-existing Diseases: Group policies typically cover pre-existing diseases from day one without waiting periods—unlike individual policies that have 2-4 year waiting periods. This is a significant advantage for employees with chronic conditions.

Co-payment: Some group policies have a co-pay clause (10-20%) where employees share claim costs. While this lowers premiums, it shifts costs to employees. Negotiate for zero co-pay plans for better employee satisfaction.

Corporate Claim Process

• Step 1: Intimation: HR or employee intimates via app, email, or helpline. For planned hospitalization, inform 48 hours in advance. For emergencies, intimate within 24 hours of admission.
• Step 2: Pre-Authorization: For cashless claims, submit pre-auth form at network hospital. Our TPA approves within 2 hours. Employee ID card and policy number required.
• Step 3: Treatment: Employee gets treated without paying upfront (cashless). For reimbursement, submit bills within 15 days of discharge with all original documents.
• Step 4: Settlement: Cashless claims settled directly with hospital. Reimbursement claims processed within 7 working days. HR gets claim status updates.