Best Health Insurance Plan in India for Corporate Employees: Beyond Group Coverage

Corporate employees in India often receive group health insurance as a part of their employee benefits. These policies provide important medical coverage, but they have their limitations.

To ensure comprehensive protection against rising healthcare costs and varied medical needs, many corporate employees are now considering individual plans over family plans. In this blog, we will highlight some of the best health insurance plans in India that are available for corporate employees.

Top Health Insurance Plans for Corporate Employees

These are some of the best health insurance plans in India that are available for corporate employees.

1. Individual Plans

An individual plan is a type of plan that provides coverage for all the medical expenses for a single individual. Corporate employees benefit from having a personal health insurance plan in addition to their employer-provided group coverage for several key reasons.

While corporate plans offer basic, low-cost coverage, they still have significant limitations. An individual plan provides stability, comprehensive coverage, and long-term financial security that corporate policies lack.

2. Comprehensive Policies

While most corporate employees receive family floater health insurance, purchasing a comprehensive family floater policy offers benefits that provide greater security, flexibility, and financial protection for the long term.

A personal family floater plan allows you to choose a much higher sum insured, providing more robust financial protection for your entire family. It will act as a safety net that addresses the limitations of an employer-provided plan. This plan is one of the best health insurance plans in India for family.

3. Super Top-up Plans

This is one of the best health insurance plans in India that is for anyone who wants to increase their sum insured option significantly at a lower cost. A super top-up offer is once the total claims in a policy year exceed a pre-defined deductible, which is often covered by your corporate plans.

A super top-up plan is an ideal and affordable way for corporate employees to enhance their coverage. While the company’s group policy acts as the primary cover, a super top-up plan provides an additional financial safety net for medical expenses that exceed the limit of the group policy.

4. Critical Illness Plans

A critical illness plan offers essential financial protection to corporate employees, even if it covers all the expenses from the company’s health insurance. While group medical coverage from an employer is valuable for standard medical needs, it has several limitations that a personal critical illness plan can fill, especially for serious, life-threatening diseases.

A standard health plan renews annually and can be terminated under the policy conditions. Whereas a critical illness plan, especially if you purchase it as a standalone policy, can be purchased for a longer term and provides lifelong renewability.

5. Personal Accident Plan

A personal accident plan is a crucial supplemental insurance policy for corporate employees rather than a normal family coverage. While corporate policies cover hospitalisation, they often do not provide sufficient financial support for the devastating and long-term consequences of accidental death.

This type of plan fills these critical gaps by providing a lump-sum payout directly to the employee or nominee following a covered accident. A personal accident policy typically has no waiting period and provides coverage from day one, unlike most critical illness or comprehensive health insurance plans.

What are the Limitations of Corporate Health Insurance Plans?

While your employer’s group health insurance is a valuable benefit for you and your family. However, relying on it alone comes with certain limitations, which highlights the importance of a dedicated health insurance plan. These include:

1. Coverage Ends with Employment

Your corporate plan terminates if you leave or lose your job, retire, or switch companies. An independent plan is portable and remains with you for life, ensuring continuous coverage.       

2. Fixed and Limited Coverage

The sum insured under a corporate plan is generally standard and may be inadequate for serious illness or expensive procedures, especially in a high-cost city.

3. No Control Over Terms

The company dictates the policy terms, including coverage amount, sub-limits, and inclusions. Thus, with an independent plan, you can have full control over customisation.

4. Potential for Inadequate Maternity or Critical Illness Cover

Group plans often have restrictions on specific benefits, which you can augment with a personal add-on. Thus, having a personalised health insurance can help you manage these expenses during a medical crisis.

5. No Claim Bonus is Not Applicable

Corporate plans do not offer a No-claim Bonus (NCB) to their policyholders. Thus, having the best health insurance plan in India can reward you with an increased sum insured or reduced premium for every claim-free year.

Final Words

While group health insurance policies are a helpful starting point for corporate employees, they often fall short of providing complete coverage for personal and family health needs. Investing in a well-chosen individual health insurance plan brings flexibility and long-term financial security. A combination of these benefits makes individual plans the best health insurance plan in India for corporate employees.

(Disclaimer: Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)