I have always held the view that you should have your own medical and life insurance – do not trust your company to cover you sensibly.
Most general insurance (medical) decisions in corporate India is a finance and HR decisions. Rarely, if at all are they equipped to handle this decision. Let me give you an example.
One company was paying Rs. 40 lakhs as an annual premium to one of the government companies for a ‘group medical cover’. One year there were claims for Rs. 17 lakhs…and the insurance company decided to raise the premium by Rs. 10 lakhs – and the premium went up to Rs. 50 L
The CFO baulked..and asked for a reduced premium…then they agreed to Rs. 40L.
They had just changed one clause…the new people joining would not be covered for existing illness, and their spouses would not be covered. Simple stroke of the pen. Appearing in the exclusion statement…and the company continued to exist.
One small issue though…when the husband of one of the new employees had a problem….there were red faces!
Sadly life and medical insurance cannot be BOUGHT after the event is over…..so do not tell me I did not warn you.
Why people do not understand that there many things that are beyond their understanding….?
Ego or sheer foolishness or overconfidence?
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