Tailored Employee Benefit Insurance Policy

It is a policy that provides benefits such as health, life, and disability coverage for employees, funded by the employer.

It helps attract and retain talent, ensures employee well-being, and protects against unexpected medical or life-related expenses.

Common benefits include health insurance, life insurance, accidental coverage, disability benefits, and wellness programs.

While not mandatory by law for all companies, certain benefits like Employee State Insurance (ESI) are compulsory for eligible businesses.

Premiums depend on factors such as employee count, coverage type, sum insured, and industry risk profile.

Some plans allow optional add-ons or tiers, letting employees choose extra benefits beyond the core coverage.

Employees submit claims through HR or the insurer, who then processes and settles them per policy terms.

Coverage for pre-existing conditions depends on the policy; some have waiting periods before these benefits apply.

Employers may claim tax deductions on premiums paid under Section 37 of the Income Tax Act.

Assess employee needs, compare plans from multiple insurers, review claim settlement ratios, and consider budget and compliance requirements.