Buy Your Employees The Most Unique Diwali Gift This Year
Diwali is a festival that ushers in new hope for new beginnings. It is looked upon as a favourable time to start new ventures, give thanks for the wealth and familial ties one has accumulated over the years, and look to the future with renewed energy.
You wish for the continued success of the company you started with your own reserves and a lot of gumption, years ago. It is now time to scale operations to the next level and chart new geographies. This entails hiring new employees and increasing the workforce size. But while you set up new fintech and look for a bigger office space, have you done the one thing that employees will appreciate as much as their monthly pay cheque? Have you ensured that you make their Diwali a special one?
In short, have you bought a group health plan to cover your staff?
Why buy group health insurance?
It costs you little and makes a big difference to your employees’ lives, when you offer them company-sponsored health insurance. A shockingly high number of Indians are still out of the ambit of health insurance, or they may have basic plans with little coverage. This means that if they or their family members fall ill or get injured, they may not be protected from the high costs of private healthcare. If they do have a basic insurance plan, it may have a low sum insured that will prove to be insufficient for their healthcare needs.
Having company-sponsored health plans is a veritable boon at a time when healthcare and treatment costs in India are quite high. Employees feel valued by their place of employment, and indeed, having company-sponsored insurance is an incentive for many to take up employment or for older employees to retain their employment with the company. With so many companies shutting down during the pandemic lockdowns and so many more losing their jobs, company-sponsored insurance is a must to attract and retain talent, and also generate goodwill without it costing a lot of money to the company.
All companies in India should look to provide group health plans because:
· As the main sponsor of the plan for multiple individuals in your company, the group plan only has a single premium and not multiple premiums. This makes the plan management easier and quality healthcare accessible to your employees
· The premium on the group policy is affordable, even when the policy is purchased from reputed insurance providers in India
· The leading health insurance providers in India offer a range of comprehensively designed group insurance plans with sum assured up to Rs 1 crore, coverage for both illness and injury, single plan coverage for OPD, income protection in case the insured is the sole breadwinner of the family, travel protection covers for employees that are entrusted with overseas assignments, home care and hospital expenses, and a choice to choose the base and optional covers, among others
· Flexibility for fixed and indemnity-based payouts
· New members can be added easily every time a new employee is inducted into the organisation, and those who resign are also easily removed from the group plan
How to buy group health insurance
Look up the plans offered by leading insurance providers in India. If you are unsure about which one to pick, you can ask for help from your insurance advisor. Based on their suggestions and your research, you can ask for quotes from the best three plans. Please read the policy documents in detail to know all plan benefits, exclusions and features before you sign up. You can initiate the plan purchase online.
