Did you think that health insurance policies are only for big companies and MNCs? Even start-ups are eligible for group medical insurance policies. In India, there has been a surge of start-ups in the past few years. If you are the owner of a start-up or an HR executive of a small start-up, you should be aware of the aspects of availing health insurance for your employees.
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You can buy the policy from a broker
As an employee, you have the flexibility to buy the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy from a broker who sells policies of various insurers. It is important to ensure the broker is certified by IRDAI, the regulatory body for insurance business in India.
You can buy the policy from a specific insurer
You can also purchase the group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy from a particular insurer that has goodwill in the market. At the end of the day, it is your choice to determine the buying strategy. The precondition is that the insurer who is providing you the medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy should be licenced, authorised and approved by the local regulatory body to operate in insurance business. As a startup, you cannot buy Group Medical Insurance from an insurer who is not authorised to operate in India.
A start-up that has at least 7 employees
If you own a start-up that has at least 7 employees, then you are eligible to buy a group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy. You need to talk to the service provider about the features of the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy.
The policy covers all industries/business domains
The insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy generally covers a wide range of business domains in the industry. In India, there are many tech start-ups. If they have more than 7 employees, then they can easily purchase the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy. Also, there are start-ups that operate in the manufacturing or media sectors. Such start-ups are eligible for the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy, too.
The start-up should be based in India
It is important to note that your start-up should be located and incorporated in India. It is another eligibility criterion to purchase the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy from a service provider in the Indian market.
The start-up should have a registration number
Another essential thing to consider is the valid registration number of the start-up. If you are the owner of a new start-up, ensure registering it with the government. If you do not have a valid permit or license to operate in the Indian market, you can’t buy the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy. So, it is mandatory to get a registration number.
After lockdown, it is mandatory buying a group medical cover
IRDAI has clearly stated that it is compulsory for the companies to buy group medical insurance policies for their employees, after the lockdown. The regulation holds for the start-ups, too.
There are different types of insurance policies
There are many varieties of group medical insurance policies available in the market. As the HR head or the owner of a start-up, you need to go through the details of the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy document. You should have clear ideas about the facilities the company and the employees are going to get.
Explore the website of the insurer
It is important to patiently explore the official website of the insurer before you make a final decision to buy the group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy for your employees.
The buying process is simple
It is very simple to buy an insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy from a certified broker. You do not have to spend much time purchasing the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy. You can even purchase it online. It is wise to give a call to the insurer and clear doubts, if any, about the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy.
Enquire about the terms and conditions
It should be your responsibility to enquire in detail regarding the various terms and conditions of the insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy. You should not miss any point. Gather as much relevant information as possible from the insurer. You should know the kinds of benefits that your employee and start-up are going to receive, especially in the long run.
It is a security for your employees
As the owner of a start-up, when you buy a group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy, it becomes a security for your company’s employees. The terms of the policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy are generally applicable from DAY 1 of the employee joining the start-up.
You can make your startup more attractive
A start-up is always in search of talent. You can attract raw talent from the market by mentioning the provision of a group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy. It helps your start-up to become more attractive in the competitive market.
You can retain your employees
One of the major aspects that an HR of a start-up has to focus on is retaining the employees. Usually, many start-ups are unable to retain good employees. But, you can turn the tide. A good group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy is very effective in improving the retention rate of a start-up.
It is a kind of long-term investment
Buying a group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy for your employees is a kind of long-term investment. It helps your start-up to grow sustainably. You can be sure about both higher revenues and reputation.
Your startup can get tax benefits
Another excellent benefit of buying a group medical insurance is getting tax benefits on the premiums paid for the health insurance. It is a great advantage as it helps in managing the costs of your business. It becomes more convenient for you to oversee the expenses of your business.
Full contribution VS partial contribution
Broadly speaking, there are two categories of non-life insurance policies. In the first category, the employer has to fully pay the premiums. The employees do not pay anything. In the second category of insurance policies, the employer has to pay a partial amount of the insurance premiums. The employees have to pay the rest.
The premium amounts you have to pay
The premium amounts vary according to the terms and conditions of the insurer. You can place your queries and clear doubts by getting in touch with the service provider.
Buy the insurance from a renowned service provider
You can wisely consider PlanCover to buy the group medical insurance policyThe legal document issued to the policyholder that outlines the conditions and terms of the insurance; also called the ‘policy for your employees. It offers you many types of lucrative insurance policies with lots of facilities for both your start-up and employees. You can get more information by calling the company. You can also writeTo insure, underwrite, or accept an application for insurance. an e-mail to the company. It has certification from IRDAI.
