A business is nothing without the people who work behind the scenes. While the entrepreneur may have big dreams, it is ultimately the team, with whose help he/she can realize the goals. It is the team that plays a key role in understanding and executing the founder’s vision. Fast-paced startups are becoming a preferred workplace for individuals entering the job market. With so much new talent raring to join them and their vision, startup founders have their pick of talent. Because the allocation of a limited budget is often a big priority for startups, and because most startups don’t have large HR teams, not-so immediate priorities like healthcare often get thrown on the backburner. While many startups put wellness as a priority in their company culture, founders should take care to pay attention to employee health insurance.
Health insurance for startups is a great way to reduce operating costs. Generally, it costs more for an individual to purchase their own health insurance plans, be it for themselves or for their families. Company-provided health insurance, sponsored by employers is more desirable for employees (as it covers nearly everything with no waiting periods) and can be a big motivating factor that gets candidates to choose your startup. Another big benefit is that healthy team is a more productive team – period. So it should come as no surprise that healthy employees have been found to be three times more productive than sick ones.
Now that you know why you should prioritize your team’s health insurance, it’s time to see the steps you need to take to choose the right health insurance for your startup. TiE Delhi-NCR in partnership with Plancover Insurance is coming out for the very first time in India a Group Health Insurance Cover titled “TiE Suraksha” to empower member startups and it’s employees. This health insurance has been carefully and very specially designed keeping in mind our members to ensure maximum coverage and benefits at the lowest of the cost ever possible from the insurance industry. Some of the salient features of this policy are –
|Scope of Coverage:||Plan – 1||Plan – 2||Plan – 3|
|Family Definition||Self only||Self + Spouse + 2 Children up to the age of 25 years||Self + Spouse + 2 Children up to the age of 25 years + Dependent Parents/in-laws|
|Premium to be paid (excludes applicable GST)|
|Sum Insured Type||Individual||Family Floater||Family Floater|
|Age Limit||18 years to 55 years||1 Day to 55 years||1 Day to 80 Years|
|Pre Existing Diseases/condition||Not Covered||Covered||Covered for Employee Spouse and children. For parents covered after 1 year|
|First 30 days waiting period||Applicable||Waived off||Waived off|
|1yr / 2 yr / 4 year exclusion||Applicable||Waived off||Waived off|
|Maternity Limit||Not covered||50,000 INR for the first 2 children||50,000 INR for the first 2 children|
|Maternity waiting period||Not covered||9 months||9 months|
|New born Baby Coverage||Covered from Day 1||Covered from Day 1||Covered from Day 1|
|Pre & Post Hospitalisation||30 day – 60 days||30 day – 60 days||30 day – 60 days|
|Disease wise capping||Default||No capping||No capping|
|Room Rent||1% of SI for Normal and 2% of SI for ICU. Proportionate deduction applicable||Single standard AC room for normal and no capping for ICU. Proportionate deduction applicable||Single standard AC room for normal and no capping for ICU. Proportionate deduction applicable|
|Ambulance charges||Not Covered||Not Covered||Covered up to INR 1,000 per claim|
Who can avail the benefits?
This Group health policy is exclusively available only for Members of TiE Delhi-NCR. Founders who are current members and have an organisation (registered & incorporated) with full time employees can enrol. Their employees don’t have to take additional membership to avail the benefit. The policy will be in force for the time period you are a renewed and a paid member.