Home Discover Journals Difference Between Corporate & Individual Health Insurance

Difference Between Corporate & Individual Health Insurance

By Finserv MARKETS - Nov 22,2020
Views Icon84 Views 0 0 Comments

(1 page reviews)

Corporate Health Insurance Vs Individual

The importance of having a comprehensive health insurance plan is beyond explanation. In fact, most organisations in India enlist their employees under the corporate health insurance plan as a part of employee incentives. For people whose companies do not offer corporate health insurance are recommended to buy personal health insurance plans from a trusted provider.

While having corporate health insurance is an exemplary option to have, it is wise not to be dependent on it entirely to cover yours and your family’s medical needs. It does not imply that corporate health plans are less useful, but an outright reliance on it should be avoided.

In this section, we have discussed the difference between corporate health insurance and individual health insurance. Take a look.

About Corporate Health Insurance

Corporate health insurance is an employer-sponsored coverage provided to the employees of the company. In simple words, it is a health insurance plan purchased by the employer/owner of the company that covers them and the employees.

Ideally, the corporate health insurance plan only covers employers and enlisted employees. However, employees can extend the coverage to their dependents by paying the additional premium amount from their pocket. The policy covers the treatment and hospitalization expenses of the insured in the event of accident or illness.

About Individual Health Insurance

Individual health insurance plans are designed specifically to cover the concerned person against several illnesses. The insured can avail cashless hospitalization and multiple add-on features to enhance the coverage of the plan. In individual health insurance, the entire sum assured covers only one individual. You cannot add your dependents under the plan.

Corporate Health Insurance vs Individual Health Insurance

The following table will help you understand the difference between the two policies.

Individual Health Insurance

Corporate Health Insurance

Premium Cost

The premiums cost for individual health insurance plans might be slightly high. However, the policy offers extensive coverage, which proves to be value for money invested.

The premium cost for corporate health insurance is low. However, the coverage it provides is limited, as well.

Customisation

Individual health insurance can be customised to fulfil your medical needs.

In the case of corporate health insurance, you need to accept whatever coverage your employer provides. The policy is not aligned to fulfil yours and your family’s medical needs.

No Claim Bonus (NCB)

You can avail the NCB benefits on your individual health insurance plan.

Some corporate health insurance does not offer NCB benefits to the insured.

Job Limitation

Unlike corporate health insurance, personal health insurance plans do not expire after you leave the job.

Corporate health insurance plans become invalid after you leave the company.

So, Which Plan Should You buy, Individual Health Insurance or Corporate Health Insurance?

While corporate health insurance plans are affordable on your pocket, the policy has limited coverage. As explained above, the policy provides no coverage to the insured after they leave the company.

On the contrary, individual health insurance plans do not have any such limitation. The policy remains active as long as you continue to pay the premiums. It covers you or the loved ones you insured from unforeseen medical emergencies, whether you have a full-time job or not. Corporate health insurance plans will only continue to benefit you as long as you keep working with the organization. If you switch jobs, you may or may not receive health coverage from your new employer.

Conclusion

In challenging times, a comprehensive health insurance plan will protect you and your loved ones against sudden medical expenses. For those who have an individual health insurance plan can undoubtedly proceed for additional coverage under corporate health insurance plans as well. However, those who rely on corporate health insurance plans, it is advisable to buy a standalone individual health plan to cover you during unforeseen events.

You can consider buying individual health insurance at Finserv MARKETS. With individual health insurance plans available on Finserv MARKETS, you can benefit from features such as cashless claim settlements, hassle-free renewals, reinstatement benefits, and tax benefits to fulfil your healthcare needs. In fact, you can buy/renew health insurance using the Finserv MARKETS App as well.

So, why wait? Get yourself insured with a comprehensive health insurance plan at Finserv MARKETS today.

Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we work towards fulfilling all your personal and financial needs. What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.

Comments

Connect with Us
Connect with Us

Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522