Corporate Insurance

We at SPA₹₹OWMINT provide risk advisory and insurance solutions to Corporates across industries to help them forge ahead in their business. We follow our approach of deep understanding of our client’s needs so that we can deliver pioneering services of outstanding quality and value. We have a team who has expertise and requisite skills to deliver excellent services which has made us customer choice.

What is Corporate Insurance?

Corporate insurance, business insurance or commercial insurance is a type of insurance cover that is generally bought by businesses to cover themselves against certain risks like financial losses, employee health care benefits, accidents, theft, etc. As these are large companies, liabilities arising due to such risks could be high, hence such an insurance becomes a big necessity for them. There are many sub-categories that fall under corporate insurance policies such as public liability insurance, Property Insurance, director insurance, corporate health insurance, etc. All these types of insurance policies cover different types of liabilities or risks undertaken by the corporate.

Types of Corporate Insurance:-

Group Health Insurance Policy

A group health insurance policy offers coverage to a group of members, usually a group of employees or members of an organisation. if offered by an organisation, the premium for this plan is paid by the organisation itself. Banks, housing societies, etc also offer group health insurance plans.

Why Should one Buy a Group Health Insurance?

Group Health Insurance is also referred to as Corporate Health Insurance. The primary benefit provided by employers under a Group Health Insurance policy is that the employees often get an option to include their family members namely spouse, children, and in some cases parents too.

Group Health Insurance proves to be a beneficial plan for both employers as well as employees. A Group Health Insurance plan provides employers with benefits like low cost, tax benefits, motivated employees, and increased employee retention.

Benefits of Group Medical Insurance Policy

Listed below are some advantages of being covered under a group insurance policy:

Immediate cover without any waiting period
No health check-up required
Cover for pre-existing diseases from day one
Wide cover range with no limit on number and types of diseases
Advantage of maternity benefit along with cover for newborn baby expenses
Low premium in comparison to individual health insurance

It is important to note that employees can enjoy the benefits of a corporate health insurance policy only till they work in the organization which bought the plan. The day employees quit the job, their Group Health Insurance plan becomes null and void.

How Many Members Can Be Covered Under Group Health Insurance?

Under group health insurance, you can cover your dependents such as spouse, parents, or children (depending on the plan).

How To Buy The Best Group Health Insurance Policy

When it comes to buying a Group Health Insurance plan, it is the employer who makes the choice. An employee cannot buy the policy.

If you are an employer looking for the best Group Health Insurance plan for your employees, consider the below-mentioned points while purchasing a plan:

1. Coverage

The most important aspect of a Group Health Insurance plan is its coverage. The policy should cover all medical needs of the employees, without compromising on the quality of treatment.

2. Service

The quality of service is another factor that you must keep in mind while buying a Group Health Insurance plan for your employees.

3. Geographical Coverage

An ideal Group Health Insurance plan should come with a vast cover in terms of geographical location. Also, it is important to check the number of hospitals that are a part of the insurer’s network spread across the country. A cashless claim facility is available only at insurer network hospitals.

4. Premium Amount

Premium is another key aspect that you should consider while purchasing a Group Health Insurance plan. You must ensure that the premium paid is worth the coverage provided.

5. Exclusions

Besides checking the coverage, also do check the exclusions of the Group Health Insurance plan beforehand so that your employees do not face inconvenience later

What is Covered Under a Group Health Insurance Policy?

A group health insurance plan usually covers you for the following:

In-patient hospitalisation expenses
Pre-hospitalisation and post-hospitalisation expenses
Daycare procedures
Chronic illnesses like arthritis, diabetes, etc.
Cover for pre-existing diseases
Option to include spouse or kids, etc.
Emergency ambulance expenses
Cashless hospitalisation benefit at network hospitals
Some insurers also cover maternity expenses
No requirement of medical screening