Hi, Is it mandatory to provide health insurance coverage to the employees in a pvt. ltd. company? We have already provided ESI coverage to the employees whose salary is upto 21000. Thanks
From India, Kochi
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From India, Kochi
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Health insurance for employees earning above 21,000
It is not mandatory for employees whose salary is more than 21,000/-, but as a welfare measure, you should consider providing it. Given the current global situation, health insurance has become a basic necessity for employees and their families, especially during this pandemic.
Finally, if it's not feasible for you to provide it, consider collecting a premium amount from the employee, as these policies offer coverage from day one.
From India, Pune
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1It is not mandatory for employees whose salary is more than 21,000/-, but as a welfare measure, you should consider providing it. Given the current global situation, health insurance has become a basic necessity for employees and their families, especially during this pandemic.
Finally, if it's not feasible for you to provide it, consider collecting a premium amount from the employee, as these policies offer coverage from day one.
From India, Pune
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Before sharing some insurance companies' contacts, please understand that the following group policies are a must for any organization:
1. Group Mediclaim Policy
2. Group Personal Accident Policy
3. WC Policy or Employee Compensation Policy
Importance of WC Policy
The WC Policy is compulsory for any organization where ESIC is not applicable. The other two policies are optional but essential for any company in case of eventualities involving employees and their family members. The Group Mediclaim Policy can be expensive, but it can enhance the company's name and brand in the job market, helping to retain a talented workforce. The GPA Policy is not expensive, and premiums are low when opting for public sector insurance companies, which can compensate for any accidents that may occur during employment.
Benefits of GMC Policy
The GMC Policy is not mandatory, but it can improve the company's morale in the industrial market.
GST Considerations
Regarding GST, although I am not an expert, based on feedback from our accounts department, GST on the Mediclaim Policy cannot be adjusted as the GMC Policy is not statutory. You can adjust the GST payment on the WC Policy, which is statutory under the law and applicable to organizations where ESIC is not in place.
From India, New Delhi
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1. Group Mediclaim Policy
2. Group Personal Accident Policy
3. WC Policy or Employee Compensation Policy
Importance of WC Policy
The WC Policy is compulsory for any organization where ESIC is not applicable. The other two policies are optional but essential for any company in case of eventualities involving employees and their family members. The Group Mediclaim Policy can be expensive, but it can enhance the company's name and brand in the job market, helping to retain a talented workforce. The GPA Policy is not expensive, and premiums are low when opting for public sector insurance companies, which can compensate for any accidents that may occur during employment.
Benefits of GMC Policy
The GMC Policy is not mandatory, but it can improve the company's morale in the industrial market.
GST Considerations
Regarding GST, although I am not an expert, based on feedback from our accounts department, GST on the Mediclaim Policy cannot be adjusted as the GMC Policy is not statutory. You can adjust the GST payment on the WC Policy, which is statutory under the law and applicable to organizations where ESIC is not in place.
From India, New Delhi
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