Employee's Insurance

Hello All,
Can anybody provide me the differences between -
a) Employee's Health Insurance
b) Mediclaim
c) Group Insurance.
and In these days which type of insurance will be good for
an IT company and why ?

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Hi Madhu,
When it comes Employee Health insurance : It is treated as a Concept which may include Cash less cards, Cashless treatment at recognised Hopital & Mediclaims etc.
Whereas Group insurance is a specific term in Life insurance. Here a group (at least 25 in general cases) gets life insurance and this (premium payment) is generally by Employer or Employer & employee . This deals with death Benifit generally.
Medicalim is a Non-life Insurance term which generaly come into General insurance and benifits the Person/employee in sickness,surgery,accident etc. for this minimum 24 hours Hospitalisation is required if using cashless cards.This is general trend which i have communicated to you. Specific information could be conveyed by Insurance specialist.
Regards,
Tikam S Shekhawat

Hi Madhu,
1.Employee's Health Insurance is related to ESI for Industrial Workers.
2. Mediclaim: covers the reimbursement of Hospitalization/Domicellary Hospitalization expenses for illness/ diseases or injury sustained.This can be given by the Employers as Individual(covering only the Employee) or Group( covering employee as well as dependents of the employee).
3. Group Insurance is the Life Insurance covering Employee along with his/her dependants.
Regards,
RAchna Sinha

Dear Madhu,
I think IT companies employees are more concern on Income tax benefits and extra income from there insurance plans, that's why you should get a insurance plan as per your employees needs,
1] Private insurance companies having a lot of health insurance plan like mediclaim or cash less treatments plans etc. but their premiums is more higher with a lot of other facilities.
2]Govt insurance companies give us low premium with lot of risk coverage
Here i will give a suggestion which is implemented in my company i.e.
we have taken a insurance plan for accident benefits with mediclaim insurance cover
1] we have taken rist coverage for accident benefits with medical expanses, temp. disablement benefit under personal accident policy for that we calculate 52 times of basic of an employee for sum assurance that is enough for any employee getting more than 4.5 lac coverage
2] with above we give mediclaim coverage of upto 1 lac to all family members of employees
3] regarding mediclaim we paid premium from our employee pockets it is help ful to employees for getting income tax deductions.
You can taken above points in consideration with your accounts head and draw a comprison chart with all insurance companies and then go for your own.
ok
regards,
Mahesh

pls tell me.....if u r paying for mediclaim premium out of employee's pocket, is it mandatory for every employee to get covered under it, wht if an employee doesn't wish to???

Hi Madhu,
You can go for multiple options for your IT organisation, as nowdays employees are covered under Mediclaim & Accidental Policy (you can cover employee & family depending upon the money you want to shell out from your pocket, however you can differntiate the coverage depending upon the levels of the employees working in your organisation).
We can discuss more on this issue if you could give me some more insight on the no you have in your organization.
Cheers,
Mohit
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hello Madhu,

for your company you can go for a mediclaim policy which is a base necessity of a person to meet the higher cost of medicines.

And i suppose in your company an average age of an employee in your organisation would not be more than 28-30 Years. In this age we do not understand the need of the such things.

The second best thing you can do is to give them a PA(personal accident) policy which is available in the market with many options and riders. Its premium can be as low as 40 Rs. per annum/employee to 300 Rs. per annum/employee for 1 Lakh rupess of insurance.

you can certainly inquire for both of them and as both of them are non-life policies you have to contact to Genral insurance companies only.

The best thing is competitive market in the segment so that you can choose out of many products and even then you can negotiate with the companies on the basis of the rates of the other company.

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Regards,

Anal Shah

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well acc. to me you should fst understand all the plans that an insurance company is providing .... than make your employees understand the same ... and let them decide which one is good for them....
also ask for the corporate schemes availabe ....
remember the group insurance and the corporate insurance is different ....

Dear Ms. Madhu ji,
For IT industry regarding the employees insurance: There is good plan in ICICI LOMBARD which is very useful for you, it is "FAMILY HEALTH PLAN LIMITED". you may visit in www.fhpl.net or call your local person.
Regards,
:)
PBS KUMAR
MANAGER-HR