How To Introduce Mediclaim Policy For Employees?

Dear seniors,
Hope all are doing well,

I am working in a small scale (Annual Turnover: 25 Cr. INR) chemical manufacturing company. It has HO in Mumbai (Total Emp.: 22, all on payroll) and four branches in Ankelshwar (Total Emp.: 30/32, 8 on payroll), Baroda (Total Emp.: 27/28, 7 on payroll), Silvas (Total Emp.: 60/65, 42 on payroll) and Ahmedabad (Total Emp.: 13, 4 on payroll).
My management wants to introduce Mediclaim facility at least for all on-payroll employees.
I have few queries as nobody in my org has clear conception:

• Is there any minimum employee limit to introduce this scheme
• Which company (Like LIC, Bajaj Allianz etc.) and which policy will be beneficial
• How to start the procedure from scratch
• What sort of documents will be required (organizational or individual)

In short, I have zero idea about it.
Kindly help me out.

Hi,

That's an extremely good thought..Well, I've also introduced mediclaim benefit in the organization I am working in..The min. amt. of sum assured earlier was 50,000 but now it seems that the min mediclaim coverage has been increased to 1 lac Rs. per employee..
You can take the comparitives from different companies to suss out the best option, or can take the route of going through broker who'll give u all comparitives and will help u close the deal at the lowest possible quote, not just this, they also prove to be of great help in settling claims or getting the cashless done for almost all cases..If u need, I can give u more details..
To start the process..U need to first compile the data of employees, viz. emp. code, name of the emp, sex, department, name of dependents if any, to whom the coverage is being extended & sum assured for each employee..The sum insured can be a floater amount against which the entire family can get the coverage without any extra payment..

Regards
Nidhi

Hi T Sarkar,

Mediclaim Policy : As there is no limit on the numbers who are to be covered by the Company – it varies from 10 no.s to over 1000 +.

As a good gesture, if you wish to you can cover the permanent employees as well as their family too which includes their spouse and upto two children.

Would recommend that you cover the employees not on your payroll either on temp basis for a short period – on mediclaim policy as well on individual basis – the basic premise being that you are the Principal Employer!.

Which company : My experience with both has shown that it is better to have association with the Nationalized one but again it all depends upon your leverage/exposure to the Insurance schemes. Its better to associate with the insurance company which has other schemes with your organization like fire, burglary, personal accident insurance etc..which would give you the flexibility to flex your muscles. Please remember at the time of pitching for your account they would make many promises while collecting the premium and while during the claims processing they would sing a different tune altogether ! Please note that the claims are processed – not by the insurance company but by the TPA – Third Party Administrators. Please check on their reputation as well.

To Start ? – Give a call to them and ask them to send their representatives.

Documents – Name, Age, Date of birth, Limit of insurance amount .

Would recommend from my experience that it is better to take a floating cover say Rs One Lac for the person and his family than Rs One lac for the individual.

Please note that which ever party you choose – please stick to them atleast 4 years to avail the following advantages viz :
1. Pre-existing diseases are covered only after 4 continuous and claim free renewals
2. Pre-existing conditions like Hypertension, Diabetes, and their complications are covered after two years of continuous insurance on payment of additional premium.

Regards,

Rajat

Hi
Always go for govt. insurance policy, it would be beneficial and select the TPA (Third part administrator) as affiliated by them and it would be better that if it is nearby your office area for strong followups in case of any claims.

Hello Dear,
Its a good proposal in my point of View Bjaj alliance mediclaim is Good policy if Ur organisation employees are ESIC exampt employees. One can alsoo do personally mediclaim policy. in management point of View if the management deducted esic, Why can he do mediclaim policy it is more expansive for management.
Thanks
Sukumar Sahoo
HR Exe.

Hai
You can contact any agents like LIC, OIC or any other insurance company. They will clearly explained to you. There is no limit for introducing this scheme. It is a very good scheme and useful to all employees in case of any emergency.
MANOKAVIN

hi Sharkar
Great idea to have mediclaim policy for th employees who are exempted from ESI
First of all Have the employee database updated
And do a survey about the employee willingness and try to equip them with the benefits of Mediclaim
And ask about the policies from Govt and Private companies
TPA can help you regarding your queries as well as the policy that well suits your employee needs
All the best for the successful implemention

Dear Mr. Sarkar,
Its a great idea to provide Mediclaim policy to the employees who are exempted from ESIC.
Talk with some of the general insurance companies, get the quotes with them. generally the rate varies from company to company and it depends on the size of the group. As big is the group lesser the premium.
Some of the companies are-
ICICI Lombard
Bajaj Allianz
Religare
New India
Reliance
Oriental
Apollo...
Regards,
Amit Seth.

Dear Sarkar,
My appreciation on giving a thought of Mediclaim benefit to your employees. However, I suggest you to understand how to choose a policy for a corporate. It does not matter which insurance company you choose but the product (Policy coverages) but it does matter a lot in selecting the TPA. For further clarifications please call me.

Hi Tirtha,
First of all you need prepare the list of employees (On-Roll) who are exempted from ESI with all needed details like Name, Date of Joining, date of birth etc.. Then try to find out 3 -4 corporate insurance brokers and get the best offer. once you finalise the insurance provider broker will help you for the documentation process.
Ajay Padnekar