I’m self-employed, and my business is in its early stages. My employees are very small, and my premiums are not that high. I am looking for a group plan that will cover my employees. What options do I have? I am a healthy 26-year-old male. I have no dependents and no health problems. What is the best option for me?
Most of the companies, as they start their business, are a tightly knit group of individuals. They often have a personal relationship that develops. Most companies, especially during and post covid, have enrolled in a group insurance policy to care for their employees while working and building the business.
If the employees are relatively in the younger age group, the premiums are very low. The chances of any of the employees having a pre-existing disease are also remote.
I will advise you to take a sum insured of Rs 2 lacs or Rs 3 lacs for each employee if you want to keep it affordable. If pricing is not a concern, then you can enhance the sum insured.
You can get in touch with the team at PlanCover.com, and they can do free consultations with you on how you can best configure the policy based on your unique needs.
Overall the construct of the policy that would be advisable would include
- Waiver of 30 days waiting period
- No waiver of 1st year /2nd year waiting period
- No waiver of pre-existing diseases waiting period ( since the employee base is young and expected to be disease-free, why would you want to pay a higher amount to get this waived off )
- Room rent – Single Standard AC room
- No capping on any treatments
Some of the companies may also allow you premium payment in installments.
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