So many people think this way But who will cover u when u retire?
A thread on the features of a corporate cover & should be relying on a corporate cover?
What is a corporate cover? A Corporate Health Insurance Policy is a type of insurance that covers a group of professionals working under an organization against illness, accidents, & other health issues. Corporate Health Insurance is basically a Group Health Insurance Plan.What is a corporate cover? A Corporate Health Insurance Policy is a type of insurance that covers a group of professionals working under an organization against illness, accidents, & other health issues. Corporate Health Insurance is basically a Group Health Insurance Plan.What is a corporate cover? A Corporate Health Insurance Policy is a type of insurance that covers a group of professionals working under an organization against illness, accidents, & other health issues. Corporate Health Insurance is basically a Group Health Insurance Plan.
Problems with a Corporate Cover?
Caps on room rent/copay and other details
Group insurance policies generally have a cap on
🩺Room Rent
🩺Have a co-pay
🩺Sub-limit on the treatment of diseases.
Generally, an individual comprehensive policy will not have these problems.
Underlying terms and conditions can be changed overnight.
In an individual policy, the insurer cannot change the terms of the policy under normal conditions
In a group policy, the employer can change the policy overnight depending on the premium they want to pay
Coverage Amount:-
5L over cover may seem fine today.
But 20 years down the line a 5L cover will be nothing.
So low cover is another problem that is their with corporate policies
Policy Tenure:-
Your corporate health insurance will offer coverage until you are employed with the organization.
The moment your employment ends, the policy will be terminated.
You will be out of insurance cover, till you get employed somewhere else.
Should u top up your 5L cover with a super top with a deductible?
Yes, u can top the existing cover with a super top-up.
But in case your employment is terminated you will have to pay the deductible amount from your own pocket.
This can mean multiple 5L claims from ur pocket
Can corporate policies be ported after employment?
Some insurers do allow corporate policies to be ported on the payment of a premium.
But only some insurers allow it and this needs to be checked with the insurer.
The policy conditions are restrictive though
So should u buy a personal health insurance policy?
Yes, u should have a base policy!
Why?
As soon as ur employment is terminated the corporate policy lapses and you will be left without a health insurance cover.
If you develop a serious disease then,
Insurers will not like to cover you.
Therefore you run the risk of not having a cover in a very old age.
In order to cover off this risk,
One must have a personal policy even if you have a corporate cover.
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