Health

1 in every 4 corporate has upped insurance cover for employees to Rs 5 lakh post pandemic

NEW DELHI: Post the pandemic, not just individuals but also corporates are becoming health conscious like never before. According to a survey conducted by policybazaar, at least one in every four corporate entities has increased the overall coverage amount to Rs 5 lakh. Earlier the preferred coverage was between Rs 1 and 3 lakh.
Moreover, out of all the group health insurance policies being bought from Policybazaar, 60 percent still opted for individual cover while the remaining opted for a family floater plan in the fourth quarter of fiscal 2022.
“The lesser premium is the primary reason behind the larger share of individual cover. Corporates, especially fresh startups, prefer individual cover at the initial phase as the prices are reasonable. However, a family floater cover with PED & Maternity Coverage is more beneficial for the employees as it provides all-round protection to the family,” said Raghuveer Malik, Business Head – Corporate Insurance, Policybazaar.
Another key trend that has emerged in the adoption and usage of add-on wellness benefits like teleconsultation, mental Wellness & Health Check-up Plans amongst the corporates.
During the Jan-Mar’22 quarter, 30% chose to invest in an unlimited teleconsultation plan, while 18% opted for a health check-up plan as an add-on cover. Furthermore, 76% of customers opted for pre-existing disease (PED) coverage, while 59% opted for Maternity coverage as an add on cover.
“These uncertain times have taken a toll on the overall physical and mental health of the workforce. Therefore, the new-age corporate wellness playbook is all about flexibility, customization, inclusivity, and digital means to achieve these goals…GHI does not only cover hospitalizations but also provides several employee-centric benefits like fit-coins, unlimited teleconsultations, customization, wellness benefits, and more.When a company weighs the features of all available options keeping in mind the challenges facing the employees, they give employees the motivation to give their best.Moreover, a company can create the ideal framework to retain as well as attract the best talent in their respective industry” said Malik.
The inclusion of regular preventive health check-ups and free consultations in the group health insurance can also help deal with health issues more effectively.
The Insurance Regulatory and Development Authority of India issued guidelines in September 2020 on preventive and wellness features. the IRDAI‘s mandate mentioned that it should be designed with the objective of improving and keeping up the good health. Insurance companies are encouraged to incentivize policyholders who meet the set wellness criteria with reward points.
“The insured can utilize these points to save on the policy renewal premium or redeem it for membership in sports clubs, gyms, and yoga sessions. The coverage scope has expanded beyond diagnostic tests and hospitals. The insurance companies can use the opportunity to set the wellness criteria as per the lifestyle adopted by the insured’s and not just his health status,” noted Policybazaar. In fact more than 30% of those who purchased health insurance plans in March and April of 2021 renewed their policies through wellness points in 2022.
According to Bajaj Allianz, the different types of wellness benefits offered under health insurance plans include health boosters and supplements, redeemable membership of empaneled yoga institutes and gyms, concession on the payment of insurance premium at the time of health insurance renewal, increase in the amount of sum insured, free health diagnostics and check-ups at paneled hospitals, redeemable pharmaceutical vouchers at paneled outlets and free or relatively lower expenses for outpatient treatment and consulting. The points are rewarded to you for undergoing various wellness activities like medical check-ups, fitness programs, HRA etc.
“You can earn wellness points by submitting relevant documents as a proof of undertaking any wellness activity to ICICI Lombard Health Care within 60 days. Also, you need to fill up and send the wellness points accumulation form,” said ICICI Lombard. Moreover, Wellness points not redeemed under the given policy year can be carried forwarded for up to 3 years from the date of awarding of these points, it added.

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