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what is corporate health insurance?

QuestionsCategory: Group Health Insurancewhat is corporate health insurance?
default avatarPlan Cover Staff asked 2 years ago
1 Answers

Best Answer

default avatarSrinivasan Mahadevan answered 2 years ago
Corporate health insurance, also called as Group Health Insurance or Group Medical Insurance provide financial security in an employee if they are encountered with a heavy hospitalisation expenses bill. Providing this insurance result in better employee-employer relationships, and sometimes becomes a critical employee retention and motivation factor. 

Corporate health insurance caters to the health insurance needs of the employees of a company. The employees of a company are covered under a group where the employer pay the premium for the corporate health insurance policy and also decide sum insured and coverage options. 
This insurance pays for all expenses incurred towards treatment of any injury, illness or a disease that requires hospitalisation of more than 24 hrs. The policy covers for all costs incurred towards the following: 

  • Room rent and boarding charges
  • Surgeon or medical practitioner’s fee/charges
  • Diagnostics and medical tests charges
  • Pharmacy bill expenses 
  • Cost of any medical aid or even an organ transplantation charges. 

The primary criteria is hospitalisation of 24 hrs is mandatory except for certain surgeries and procedures ( called Day care procedures) and an active line of treatment should be evident. 
If you are an employer and thinking of purchasing group medical insurance for your employees, PlanCover is your ultimate guide. They have been consulting on group healthcare plans to employers of businesses, startups, and small to mid-capacity organizations. If your company has employee strength between 7 to 450, PlanCover is the best place to buy the insurance. Specify your requirements and they will fetch you a list of matching insurances from the leading IRDAI-approved insurance companies in India. Connect to their team to purchase the best policy.