Optimizing ESI and Medical Insurance Benefits for Employees in ITES Company

Dear All,

Ours is an ITES company with around 600 employees. Recently, we sold one of our businesses to another company. Now, with the remaining business, we are running, and our current strength is 21 members. Out of these, 6 members are eligible for ESI benefits, and the rest are eligible for Mediclaim, where only the company contributes.

Neither we nor our employees are satisfied with the ESI benefits due to the complex procedures, and everyone is interested in Mediclaim (Health Insurance). We are exploring the possibility of providing health insurance coverage to all employees. Is there a solution for this? If we decide to opt for a health insurance package, which one would be the best choice?

Regards,
Bhavani

Hi Bavani,

If the employee's salary is more than 10000, only then can you provide other types of benefits. As per statutory norms, you have to pay for ESI. If you wish, you can provide both benefits.

If you violate the statutory norms, you will have to pay a penalty in the future.

Thank you.

With a group size of 21, it is better to provide all with individual medical insurance rather than group benefits. ESI will have to be provided to all eligible individuals, as per the law. If you are not satisfied with TTK, you have various other options. Kindly let me know if we can discuss in detail.

Bhushan Sheth
9976280006
bhushansheth@gmail.com

Hi all,

Thank you for your valuable suggestions. Our management has accepted to provide both as it is useful for both management and employees to have medical insurance. Therefore, all our employees are now receiving medical insurance, and eligible employees are also receiving ESI.

Thank you very much once again.

Regards,
Bhavani