Small Business Owners: Break Up with Your Health Insurance Plan

If you are a small and medium enterprise operating in India, then you also know that you are not unique. You are just one of the lakhs and lakhs of such enterprises, which employ over eight crores of India’s workforce.

So, what sets you apart from all the other such companies in your industry? What makes prospective employees flock to you instead of the company down the street which is a carbon copy?

If these questions stump you, then read this article to the end. And then take action immediately!

Don’t panic; it’s not too late. We will clearly answer these questions right away and also share some information which will surely be one such solution. Who knows, it will set you moving in the direction to becoming the employer everyone sets their sights on.

OK, time for the answer. The answer lies in how much value you show for your employees. You may now say, “Wait a minute, I pay them their wages on time. What more shows value than that?”

Well, a lot more. Obviously, you have to pay them their salary. That is the whole meaning of employment, isn’t it? But what truly shows value is how willingly you go above and beyond that most basic requirement as an employer.

One such proof is when you offer each employee solid health insurance. And yes, group insurance cover makes sense most of the time. It helps you as an employer save some costs, but such blanket covers don’t allow for customizations per employee. So we will play devil’s advocate here and discuss a good individual plan.  

This is because employees today are way smarter than they were a few years ago. They are knowledgeable and have a wealth of information at their fingertips. And remember our first point– they are not spoilt for choice when choosing an employer. If they feel that you are shortchanging them, you may end up on the losing end.

In other words, when you offer individual health plans, you show you care - for each employee as an individual.

Let’s look at the unique and noteworthy features of one such individual cover. Perhaps this may become the next best offering you surprise your employees with.

The policy we will discuss is the Oriental Health Insurance Policy. 

Oriental Health Reviews

Sum Insured	Rs. 1 lakh to Rs. 10 lakhs
Limit on renewal age	No. Renewals can be for life
Mandatory medical tests	Above 55 years
Flexible renewal payment	Yes, within 30 days of the renewal date
No Claim Bonus	Yes

The table contents, brief as they are, are in themselves quite attractive. Let’s look at some more benefits of this plan:

• Extensive and benevolent family umbrella: The plan covers spouses; male children till 25 years if they are still studying, female children till they are married/widowed/divorced, either parents or in-laws and one are unmarried siblings.
  
  
• Extended entry age: Most plans allow entry till 65 years of age. This plan extends this to 70 years for an additional 10% of the payable premium.
  
  
• Hospitalisation expenses of donor: These are covered for any individual donating an organ to the Insured.
  
  
• Hospitalisation related expenses: The policy covers medical expenses incurred before (30 days) and after (60 days) the hospitalisation. These need to be linked to the reason of the stay.
  
  
• Free policy trial period: This can be enjoyed up to 15 days post receiving the policy. Review the policy and if found unsatisfactory, return it and receive the premium refund minus service costs.
  
  
• Option to co-pay and save on premiums: If one is in perfect health, one can choose to co-pay the risk involved (which may not happen) and in turn receive a proportionate discount on the premium.
  
  
• Personal Accident coverage: Pay the extra premium to avail coverage in the event of death or permanent disability.
  
  
• Easy purchase: All one needs to do is use the Oriental Health insurance premium calculator to determine one’s premiums and continue with a few clicks to purchase the policy.
  
  
• Tension-free renewals: Oriental Insurance mediclaim renewal is simple and takes a few minutes online to complete.

A perusal of the policy’s prospectus confirms that all the usual exclusions apply and can be read in depth before applying for it. But surely, these almost unique benefits mentioned here, make this plan an attractive one for you and your employees.