Unlike individual health insurance policies which get costlier as the insured gets older, the group health insurance caters to employees of all ages without the stress of the policy getting exponentially expensive. The latter sends a message that an organisation cares for their wellbeing and does not treat them as just a resource.
Unlike individual health insurance policies which get costlier as the insured gets older, the group health insurance caters to employees of all ages without the stress of the policy getting exponentially expensive. The latter sends a message that an organisation cares for their wellbeing and does not treat them as just a resource.
To any organisation, employees are one of their most important a-sets, and like every other a-set, they should look forward to insuring them. The latter sends a message that an organisation cares for their wellbeing and does not treat them as just a resource. "Health is a very important element. If something serious happens and the person doesn't have an insurance cover, it affects not just his performance but the overall performance of the company. In that sense having group insurance by employer is a wise thing," says TA Ramalingam, Chief Technical Officer, Bajaj Allianz General Insurance.
The Covid-19 pandemic changed everything, and one of them is how we look at health. With a number of people falling prey to the infection, organisations realised that a group plan covering employees is the second best thing next to monetary compensation. Says Raghuveer Malik, head, Corporate Business, Policybazaar.com. "In today's post-Covid-19 times, offering group health insurance is a win-win game for both the startup/organization and its employees.Under this single umbrella, the organisations can avail of several benefits like a healthy workforce which is considered the fuel of a productive workplace. Group health insurance plans offer high employee attraction and retention as it gives the feeling of belongingness and a sheer sense of being taken care of. Simultaneously, if the organizations take care of their employees, they will take care of the organization's clients which ultimately results in increased performance."
What is group insuranceAs the name suggests, a group health insurance provides coverage to specific groups of people such as employees who belong to the same organisation. Under this plan, members get insurance cover at a reduced price as the provider's risk is spread across a larger group of policyholders. This scheme covers unexpected health issues, accidents or any mishaps. There are different variants available in group plan: ones covering only employees, those covering employees, spouses, and up to four dependent children, and then there are those that give the option of also covering either parents or in-laws. "Since the cost of medical care is skyrocketing, to ensure minimum financial strain on employees, group policies are now covering OPD (out-patient department) expenses as well. Inclusions like mental healthcare, alternative medicines covering Ayurveda, Unani, naturopathy, or oriental medicine are even offered for overall employee protection by the group plan or corporate wellness covers. The option to add coverage for pets is even available to the employees now," adds Malik.
However, unlike individual health insurance policies which get costlier as the insured gets older, the group health insurance, on the other hand, caters to employees of all ages without the stress of the policy getting exponentially expensive. It also covers pre-existing medical ailments, and maternity. So, employees who might not be eligible for an individual insurance policy can also enjoy the benefits of medical insurance. Moreover, the employee doesn't have to wait and is insured from the very first day of buying insurance.
Diwali bonus can be taxable in your hands: Know when it is taxed and when it is tax exempt However, not many people are aware of the taxation part of the gifts received by their employer. Read on to know the income tax rules regarding Diwali gifts received from employer
