{"id":1607,"date":"2021-12-02T12:23:39","date_gmt":"2021-12-02T06:53:39","guid":{"rendered":"https:\/\/www.plancover.com\/insurance\/?p=1607"},"modified":"2021-12-10T22:32:23","modified_gmt":"2021-12-10T17:02:23","slug":"what-types-of-startups-are-eligible-for-group-health-insurance","status":"publish","type":"post","link":"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/","title":{"rendered":"What Types of Startups are Eligible for Group Health Insurance?"},"content":{"rendered":"\n<p>Did you think that health insurance policies are only for big companies and MNCs? Even start-ups are eligible for group medical insurance policies. In India, there has been a surge of start-ups in the past few years. If you are the owner of a start-up or an HR executive of a small start-up, you should be aware of the aspects of availing health insurance for your employees.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a156df313730\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a156df313730\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#You_can_buy_the_policy_from_a_broker\" title=\"You can buy the policy from a broker\">You can buy the policy from a broker<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#You_can_buy_the_policy_from_a_specific_insurer\" title=\"You can buy the policy from a specific insurer\">You can buy the policy from a specific insurer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#A_start-up_that_has_at_least_7_employees\" title=\"A start-up that has at least 7 employees\">A start-up that has at least 7 employees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#The_policy_covers_all_industriesbusiness_domains\" title=\"The policy covers all industries\/business domains\">The policy covers all industries\/business domains<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#The_start-up_should_be_based_in_India\" title=\"The start-up should be based in India\">The start-up should be based in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#The_start-up_should_have_a_registration_number\" title=\"The start-up should have a registration number\">The start-up should have a registration number<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#After_lockdown_it_is_mandatory_buying_a_group_medical_cover\" title=\"After lockdown, it is mandatory buying a group medical cover\">After lockdown, it is mandatory buying a group medical cover<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#There_are_different_types_of_insurance_policies\" title=\"There are different types of insurance policies\">There are different types of insurance policies<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#Explore_the_website_of_the_insurer\" title=\"Explore the website of the insurer\">Explore the website of the insurer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#The_buying_process_is_simple\" title=\"The buying process is simple\">The buying process is simple<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#Enquire_about_the_terms_and_conditions\" title=\"Enquire about the terms and conditions\">Enquire about the terms and conditions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#It_is_a_security_for_your_employees\" title=\"It is a security for your employees\">It is a security for your employees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#You_can_make_your_startup_more_attractive\" title=\"You can make your startup more attractive\">You can make your startup more attractive<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#You_can_retain_your_employees\" title=\"You can retain your employees\">You can retain your employees<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#It_is_a_kind_of_long-term_investment\" title=\"It is a kind of long-term investment\">It is a kind of long-term investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#Your_startup_can_get_tax_benefits\" title=\"Your startup can get tax benefits\">Your startup can get tax benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#Full_contribution_VS_partial_contribution\" title=\"Full contribution VS partial contribution\">Full contribution VS partial contribution<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#The_premium_amounts_you_have_to_pay\" title=\"The premium amounts you have to pay\">The premium amounts you have to pay<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.plancover.com\/insurance\/what-types-of-startups-are-eligible-for-group-health-insurance\/#Buy_the_insurance_from_a_renowned_service_provider\" title=\"Buy the insurance from a renowned service provider\">Buy the insurance from a renowned service provider<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"you-can-buy-the-policy-from-a-broker\"><span class=\"ez-toc-section\" id=\"You_can_buy_the_policy_from_a_broker\"><\/span>You can buy the policy from a broker<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As an employee, you have the flexibility to buy the insurance policy from a broker who sells policies of various insurers. It is important to ensure the broker is certified by IRDAI, the regulatory body for insurance business in India.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"you-can-buy-the-policy-from-a-specific-insurer\"><span class=\"ez-toc-section\" id=\"You_can_buy_the_policy_from_a_specific_insurer\"><\/span>You can buy the policy from a specific insurer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You can also purchase the group medical insurance policy from a particular insurer that has goodwill in the market. At the end of the day, it is your choice to determine the buying strategy. The precondition is that the insurer who is providing you the medical insurance policy should be licenced, authorised and approved by the local regulatory body to operate in insurance business. As a startup, you cannot buy Group Medical Insurance from an insurer who is not authorised to operate in India.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"a-start-up-that-has-at-least-7-employees\"><span class=\"ez-toc-section\" id=\"A_start-up_that_has_at_least_7_employees\"><\/span>A start-up that has at least 7 employees<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>If you own a start-up that has at least 7 employees, then you are eligible to buy a group medical insurance policy. You need to talk to the service provider about the features of the policy.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-policy-covers-all-industries-business-domains\"><span class=\"ez-toc-section\" id=\"The_policy_covers_all_industriesbusiness_domains\"><\/span>The policy covers all industries\/business domains<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The insurance policy generally covers a wide range of business domains in the industry. In India, there are many tech start-ups. If they have more than 7 employees, then they can easily purchase the policy. Also, there are start-ups that operate in the manufacturing or media sectors. Such start-ups are eligible for the insurance policy, too.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-start-up-should-be-based-in-india\"><span class=\"ez-toc-section\" id=\"The_start-up_should_be_based_in_India\"><\/span>The start-up should be based in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is important to note that your start-up should be located and incorporated in India. It is another eligibility criterion to purchase the insurance policy from a service provider in the Indian market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-start-up-should-have-a-registration-number\"><span class=\"ez-toc-section\" id=\"The_start-up_should_have_a_registration_number\"><\/span>The start-up should have a registration number<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Another essential thing to consider is the valid registration number of the start-up. If you are the owner of a new start-up, ensure registering it with the government. If you do not have a valid permit or license to operate in the Indian market, you can\u2019t buy the insurance policy. So, it is mandatory to get a registration number.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"after-lockdown-it-is-mandatory-buying-a-group-medical-cover\"><span class=\"ez-toc-section\" id=\"After_lockdown_it_is_mandatory_buying_a_group_medical_cover\"><\/span>After lockdown, it is mandatory buying a group medical cover<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IRDAI has clearly stated that it is compulsory for the companies to buy group medical insurance policies for their employees, after the lockdown. The regulation holds for the start-ups, too.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"there-are-different-types-of-insurance-policies\"><span class=\"ez-toc-section\" id=\"There_are_different_types_of_insurance_policies\"><\/span>There are different types of insurance policies<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>There are many varieties of group medical insurance policies available in the market. As the HR head or the owner of a start-up, you need to go through the details of the insurance policy document. You should have clear ideas about the facilities the company and the employees are going to get.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"explore-the-website-of-the-insurer\"><span class=\"ez-toc-section\" id=\"Explore_the_website_of_the_insurer\"><\/span>Explore the website of the insurer<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is important to patiently explore the official website of the insurer before you make a final decision to buy the group medical insurance policy for your employees.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-buying-process-is-simple\"><span class=\"ez-toc-section\" id=\"The_buying_process_is_simple\"><\/span>The buying process is simple<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It is very simple to buy an insurance policy from a certified broker. You do not have to spend much time purchasing the policy. You can even purchase it online. It is wise to give a call to the insurer and clear doubts, if any, about the policy.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"enquire-about-the-terms-and-conditions\"><span class=\"ez-toc-section\" id=\"Enquire_about_the_terms_and_conditions\"><\/span>Enquire about the terms and conditions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It should be your responsibility to enquire in detail regarding the various terms and conditions of the insurance policy. You should not miss any point. Gather as much relevant information as possible from the insurer. You should know the kinds of benefits that your employee and start-up are going to receive, especially in the long run.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"it-is-a-security-for-your-employees\"><span class=\"ez-toc-section\" id=\"It_is_a_security_for_your_employees\"><\/span>It is a security for your employees<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As the owner of a start-up, when you buy a group medical insurance policy, it becomes a security for your company\u2019s employees. The terms of the policy are generally applicable from DAY 1 of the employee joining the start-up.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"you-can-make-your-startup-more-attractive\"><span class=\"ez-toc-section\" id=\"You_can_make_your_startup_more_attractive\"><\/span>You can make your startup more attractive<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A start-up is always in search of talent. You can attract raw talent from the market by mentioning the provision of a group medical insurance policy. It helps your start-up to become more attractive in the competitive market.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"you-can-retain-your-employees\"><span class=\"ez-toc-section\" id=\"You_can_retain_your_employees\"><\/span>You can retain your employees<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>One of the major aspects that an HR of a start-up has to focus on is retaining the employees. Usually, many start-ups are unable to retain good employees. But, you can turn the tide. A good group medical insurance policy is very effective in improving the retention rate of a start-up.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"it-is-a-kind-of-long-term-investment\"><span class=\"ez-toc-section\" id=\"It_is_a_kind_of_long-term_investment\"><\/span>It is a kind of long-term investment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Buying a group medical insurance policy for your employees is a kind of long-term investment. It helps your start-up to grow sustainably. You can be sure about both higher revenues and reputation.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"your-startup-can-get-tax-benefits\"><span class=\"ez-toc-section\" id=\"Your_startup_can_get_tax_benefits\"><\/span>Your startup can get tax benefits<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Another excellent benefit of buying a group medical insurance is getting tax benefits on the premiums paid for the health insurance.&nbsp; It is a great advantage as it helps in managing the costs of your business. It becomes more convenient for you to oversee the expenses of your business.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"full-contribution-vs-partial-contribution\"><span class=\"ez-toc-section\" id=\"Full_contribution_VS_partial_contribution\"><\/span>Full contribution VS partial contribution<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Broadly speaking, there are two categories of non-life insurance policies. In the first category, the employer has to fully pay the premiums. The employees do not pay anything. In the second category of insurance policies, the employer has to pay a partial amount of the insurance premiums. The employees have to pay the rest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-premium-amounts-you-have-to-pay\"><span class=\"ez-toc-section\" id=\"The_premium_amounts_you_have_to_pay\"><\/span>The premium amounts you have to pay<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The premium amounts vary according to the terms and conditions of the insurer. You can place your queries and clear doubts by getting in touch with the service provider.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"buy-the-insurance-from-a-renowned-service-provider\"><span class=\"ez-toc-section\" id=\"Buy_the_insurance_from_a_renowned_service_provider\"><\/span>Buy the insurance from a renowned service provider<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>You can wisely consider <a href=\"https:\/\/www.plancover.com\/\"><strong>PlanCover<\/strong><\/a><strong> <\/strong>to buy the group medical insurance policy for your employees. It offers you many types of lucrative insurance policies with lots of facilities for both your start-up and employees. You can get more information by calling the company. You can also write an e-mail to the company. It has certification from IRDAI.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you think that health insurance policies are only for big companies and MNCs? Even start-ups are eligible for group medical insurance policies. In India, there has been a surge&#8230;<\/p>\n","protected":false},"author":2,"featured_media":1795,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[17],"tags":[],"_links":{"self":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/1607"}],"collection":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/comments?post=1607"}],"version-history":[{"count":2,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/1607\/revisions"}],"predecessor-version":[{"id":1796,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/posts\/1607\/revisions\/1796"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media\/1795"}],"wp:attachment":[{"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/media?parent=1607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/categories?post=1607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.plancover.com\/insurance\/wp-json\/wp\/v2\/tags?post=1607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}