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Employee Insurance – Health Benefits Enjoyed Through Corporates

The various schemes of employee insurance currently in vogue present wonderful opportunities for the staff of large corporate as well as small businesses to avail several health benefits for themselves and their families. These are customized to suit the employee and employer requirements adequately.


Employee Insurance - Benefits for Both

There are multiple benefits of employee insurance for both parties, which is the primary reason for their growing acceptability across the globe. These schemes while providing health care and life insurance cover to the employees also imply substantial savings for the employing companies. The rising cost of health care all over the world has pushed most business ventures to put in place such group based schemes for all their employees to cut down on compensatory payments as well provide the employees with better protection. The employee insurance also acts as major moral boosters for the staff who feel cared for by their employers through these schemes.

Employee Health Insurance - Key Features

Any policy of employee health insurance has certain essential features, which need to be understood categorically both by the employee as well as the employers. These schemes are usually based on group dynamics and are available only if a specified number of employees are covered under it. The employer must undertake to provide information regarding all the health hazards that the staff are exposed to as a result of working with them. The previous health records of all the insured individuals must be furnished prior to the scheme coming into force. Such a plan will normally cover only certain specified health conditions that can be reimbursed. The details of these conditions must be informed to all the staff being covered through such an employee health insurance plan.

Employee Life Insurance - Employer’s Liability

The basic premise of any employee life insurance plan is that portion of the premium payable is borne by the employer while the rest is taken care through compulsory deductions from the employee’s salary. The employees must agree and undertake to enter into such an arrangement before the life cover can come into force. Such insurance scheme does not absolve the employers from providing other service related benefits in case of the death of a covered employee. The advantage of this kind of plans is that the actual premiums paid by the combined contributions works out to be very less as compared to individual policies.

Written by Troy Nelson

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