What are India’s statutory health benefits, and what do they cover?
Employees in India are covered by the Employees’ State Insurance (ESI) Scheme, which is financed by contributions from employers and employees. The ESI Scheme provides medical services, including visits, treatments, hospitalization, drugs, and specialist consultations to insured persons and their family members when hospitalization and specialist consultations are available. It also provides sick leave pay, maternity leave pay, disability benefits, dependent benefits, and insurance for funeral expenses.
What are the most commonly offered health benefits?
It is common for local and multinational employers to provide supplementary medical benefits, including wellness benefits (such as routine annual health checks).
How does an employee’s salary or level of seniority affect what benefits employers offer them?
The benefits you offer are up to your discretion. That said, offering supplemental benefits that go beyond statutory requirements can help you attract and retain top talent.
Employers must pay a gratuity to employees as established by the Payment of Gratuity Act (POGA). Employees qualify for the gratuity when they have worked at least five years consecutively. The payment consists of a lump sum paid on terminations for superannuation, resignation, retirement, disability, or death.
What does Velocity Global’s ICICI plan offer?
Velocity Global offers medical plans through ICICI, which is considered to be one of the best insurance companies in India.
The ICICI medical plans offer three policy options: 5 Lakhs, 10 Lakhs, and 13 Lakhs. Employees can enroll their spouse, children (up to 25 years old), parents, or in-laws (up to 80 years old) as dependents. All plans include inpatient, maternity, wellness, COVID-19 care, home healthcare, and ayurvedic treatments. Accidental dental and vision treatments that require hospitalization are covered under all plans. The 5 Lakh plan provides standard coverage, the 10 Lakh plan is more robust, and the 13 Lakh plan is the most robust. The 13 Lakhs plan has an additional outpatient benefit amount of INR 45,000. Doctor consultations and dental/vision treatments undertaken without a medical emergency (but with a medical recommendation) are covered under the outpatient benefit. Eyewear and other vision materials are not covered.
For more information, including plan summaries and cost details, please reach out to Velocity Global through your normal process, and we will help you.