Group health insurance is an insurance plan that gives complete coverage to any specific group of employees working in any company or organization. Group health insurance is also known as the corporate health insurance plan. In such kind of health insurance plan, companies can provide insurance for employees.
A group insurance plan covers accidental hospital admission, Covid treatment, maternity coverage, and critical illness cover. Medical insurance for employee in India is a must for small to large companies. These group health insurance for employees can protect them and their families from the rising cost of medical treatment. In group health insurance, both employees and employers are the beneficiaries.
In this type of medical insurance, the employee can claim treatment for any accidental injuries too. Companies like Aditya Birla group health insurance are providing excellent facilities for medical insurance for employees in India. So you can select any available company and move ahead with buying an excellent plan for your employees.
Benefits of Group Health Insurance
Companies are more employee-centric these days as they believe employees are an essential part of their organization. Therefore, adding corporate health insurance to the facility basket is a win-win situation for the companies to lure new talent.
If you have a group insurance policy for employees in India, then the attrition rate for the company will be less. Health insurance for employees is the most preferred demand for the employees and fresh talent while checking the job offer.
Group medical insurance is not just beneficial for your employees. It gives you a tax rebate under Income Tax Act.
Benefits for the Employers
More employee retention-Get the lesser attrition rate that means more employee retention. Also, if employers are giving health insurance to employees, it increases the faith and chances of retention.
Get Tax benefits- If you are giving a group insurance policy for employees in India, then you are eligible for the tax benefits.
Increased Motivation- Giving a corporate group health insurance plan keeps your employees motivated and worry-free.
Benefits for the Employees-
Being an employee, it is essential to know the benefits of group insurance policy for employees in India. Know the following features of the group health insurance policy of employees.
Get coverage of pre-existing illness- Group insurance policy covers any pre-existing diseases from the day one of joining.
Wide range of coverage- Mostly, tier 1 and Tier 2 companies provide wider coverage even for maternity, including normal and C-section deliveries. This kind of coverage keeps your employee’s family safe.
So as per the above details, taking group health insurance for your employees is a good decision for your company or business. Get the tax rebate and retain your employees. Moreover, providing medical insurance for employees makes you a good & trustworthy employer.