How Can We Enhance Medical Benefits for Employees in India? Seeking Advice on Dental and Life Coverage

Dear All,

I am currently reviewing the benefits for my company's employees in the India region and would like to understand how we can provide better medical benefits to our employees. We have group insurance for our employees in India, but I would like to explore the possibility of extending the coverage to include dental, group term life, personal accident, and outpatient expenses. How can we ensure that our employees receive the maximum benefits in terms of dental care, group term life, personal accident coverage, and outpatient charges?

Please email me at swapinky@yahoo.co.in. Your assistance in this matter would be greatly appreciated.

Regards,
Swapneel

Dear Swapneel,

You can approach any one of the insurance companies for full details of coverage of medical insurance benefits.

With regards, L. Kumar

Hi,

As suggested by Mr. Kumar, you should approach any of the insurance companies. However, I will share whatever little knowledge I have on this subject.

1. Dental: Some insurance companies have started covering dental care, provided it involves hospitalization. Maybe in another two or three years, more comprehensive policies will be available in India as in the West in the area of dental care. You need to wait until then.

2. Group Term Life: I do not fully understand this, but you have policies to cover all employees under Employees' Deposit Linked Insurance Benefits, which are liberal and a statutory requirement.

3. Personal Accident: Many schemes are available starting from Rs. 10,000 to 10 lakhs. It covers all accidents.

4. Outpatient expenses, or domiciliary benefits, can be negotiated with the insurance company. The more premium you pay, the more benefits you will receive. It depends on your finances.

Siva

Hi,

The employee benefits insurance market today consists of three products:

1. Group Hospitalization Plan: covers hospitalization expenses and related pre & post-hospital OPD expenses. This plan can also be extended to cover maternity expenses. There are exclusions like preexisting illness and a 9-month waiting period for maternity. Depending on your employee size and growth, you have the ability to customize these policies to a large extent. (offered by general insurance companies)

2. We currently do not have any defined insurance plan to cover stand-alone dental/vision/diagnostics/OPD expenses. Some companies do have a self-funded, well-defined plan that is administered by health services companies (UnitedHealthcare). The tax implications of these benefits need to be addressed.

3. Group Term Insurance: Basically available as annual policies on a pure term basis. Coverage ranges from annual to 5 times annual salary as the sum assured. You have the option of taking riders for accident-related disabilities and critical illnesses. (life insurance companies)

4. Group Personal Accident Policies cover disabilities (permanent, partial & temporary), dismemberment, and accidental deaths. (offered by general insurance companies)

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