There’s More Than a Salary that you can give to your Employee- A medicliam insurance?

Don’t Risk Lives. Insure Them.

Mediclaim insurance policies are available to the employees of a corporation in the form of a Corporate Group Insurance plan. Generally, the insurance benefits of corporate mediclaim insurance plans are not very different from an individual mediclaim insurance program. However, a corporate health insurance can help save business tax while an individual health insurance can save salaried tax. A business tax is applicable in case of a corporate entity or a Hindu undivided family (HUF). Similarly, a salaried tax is applicable in case of members of Hindu undivided family (HUF) or employees of a corporation.

Both business tax and salaried tax are subject to some exceptions, which differ from year to year with changes in the financial budget of India. However, generally the provisions of the income tax laws in India exempt certain types of investments to a specified limit. A health insurance India policy premiums are treated as such exemptions under the provision of sec 80d tax benefit of the Income Tax Act.

When a corporate entity invests in health insurance policies it not only benefits from certain benefits in business tax but also enjoys other indirect benefits. Apart from business tax, these indirect benefits are in the form of greater stability of the work force due to lower attrition rates. Every individual prefers to work with a company that offer the same salary along with a health insurance policy. While the employee enjoys free healthcare benefits including cashless ones, the business houses enjoy both business tax exemptions and employee loyalty.

An employee is also free to have additional health care coverage by buying an individual health insurance. Health insurance program can offer multiple benefits to the policyholder or insured person in the form of cashless hospitalisation benefits, reimbursement of hospitalisation expense along with expenses incurred on pre- and post- hospitalisation.

Generally, with a health insurance policy, there is an option for a family insurance policy that covers the whole family by payment of a marginal sum over and above the regular payment of premium. Many of these policies do not place any sub-limits on the coverage for treatment of disease with some exception. For instance, coverage for expenses incurred on the cataract operation may be limited by virtue of provision of the insurance policy.

These benefits are equally applicable even in case of a group healthcare insurance plan while business house or the Hindu undivided family (HUF) at the same time continues to enjoy the business tax rebates.

The insurance sector in India is on a constant rise launching newer and better facilities every now and then to provide complete satisfaction to their customers. Various automobile companies have joined hands with health insurance companies to provide their customers effective policies and plans that provide maximum cover. Honda insurance company is one such example. In the event of an accident it is not just the vehicle that gets damaged, but It could also lead to serious injuries to an individual as well.