Nasscom has allied with Oriental Insurance to create a health insurance plan for 2.5 million IT industry employees.
This was reported by indiatimes.com.
A first of its kind initiative by an industry body, Nasscom TechieHealth Plan will substantially bring down the cost of providing insurance, especially for small and medium businesses (SMBs).
Insurance premiums are lower when more people are part of a plan. The scale of the IT sector makes it easier to involve a huge workforce.
Over 200 companies have already committed to join the plan, said Nasscom. It proposes to target 1,000 SMBs under the scheme in 15 months.
The plan offers 30% to 50% cost savings for companies with up to 100 employees and will have a cover of up to Rs 3 lakh for employees, their spouses and children.
There are different kinds of plans, and the cost of the plan for a 100-employee company would vary between Rs 1.5 lakh and Rs 9.5 lakh based on the plan.
The employees will not have to pay any premium unless they want to top up the plan for more benefits. Depending on the plan, 3 to 7 family members will be covered. The plan is fairly comprehensive, covering even pre-existing ailments, maternity and new borns.
Insurance broking company Medimanage and third party administrator Mediassist will also be involved in implementing the scheme.