The Benefits of Providing a Group Insurance Scheme for Small Businesses

The SMEs (Small and Medium Enterprises) market is flooded with competition. In developing countries like India, SMEs face several issues for business survival. To retain or attract the best talents, SMEs must survive in the relevant market. Such talents are the biggest strength of the SMEs. Therefore, they must provide adequate facilities to the employees to retain them in the organisation. Group mediclaim policy is one of the best ways to look after employees. Hence, SMEs must understand the benefits of group insurance schemes for small businesses.

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Benefits of group health insurance

Benefits of Group Insurance Scheme for Small Businesses

The group health insurance purchased by a small business is likely to contribute towards its growth. It motivates the employees to perform to the best of their abilities because they do not have to worry about medical expenses that might come up due to unforeseen medical emergencies. The benefits of group health insurance schemes for small businesses may help the SMEs to develop in the relevant industry.

Let us discuss the benefits of group insurance scheme for small businesses.

  • Employee Attraction and Retention: Group health insurance is a highly sought-after benefit, especially in today's competitive job market. Offering comprehensive health coverage can help attract top talent to your small business and retain valuable employees, reducing turnover and recruitment costs.
  • Employee Morale and Satisfaction: Access to health insurance can significantly boost employee morale and job satisfaction. When employees know their health needs are being taken care of, they're more likely to feel valued and content in their roles.
  • Enhanced Productivity: Healthy employees are generally more productive. With access to medical care, preventive services, and necessary treatments, employees are less likely to miss work due to illness or health-related issues, leading to increased overall productivity.
  • Improved Health and Well-being: Group health insurance encourages employees to prioritize their health by seeking regular check-ups and preventive care. Early detection and treatment of health conditions can lead to better outcomes and improved well-being.
  • Cost Savings for Employees: Group insurance plans often have lower premiums and better coverage options compared to individual plans. This can translate to cost savings for employees, making their healthcare more affordable.

Key reasons to prioritize Group Health Insurance
  • Critical Job Factor

    According to a report by Society for Human Resource Management (SHRM), 60% of employees consider health insurance essential when choosing a job.

  • Boost Productivity

    According to World Health organisation (WHO), poor health can cause a 20-25% drop in productivity.

  • Tax Benefits

    Employer-paid health insurance premiums are tax-deductible under Section 80D .Not offering this can mean missing out on tax savings.

  • Regulatory Compliance

    The Indian government has introduced regulations like Social Security Code, 2020 the which mandates health insurance for certain sectors. Non-compliance can lead to penalties.

Ensure you're covering all bases with group health insurance to attract top talent, improve productivity, and stay compliant!

Conclusion

The group mediclaim policy is essential for small businesses. It helps employers to survive in the competitive market. It also provides tax benefits to small businesses and helps in retaining top talents within the organisation.

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Wellness At Work

Benefits of group health insurance

Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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Policybazaar for Business - Group Health Insurance - Customer Reviews
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4.4/5
Based on 189 reviews
4.4
out of 5
Based on 189 reviews
38 users
136 users
15 users
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3.8 April 09, 2023
Mansi
Excellent Support
It was easy to buy insurance from PolicyBazaar website and customer support was also amazing to clear all the doubts.Thankyou. Highly worth it.
Dehradun
4.3 April 01, 2023
Mahesh
Necessary Investment
It is a good and necessary investment. Thanks PB.
Lucknow
4.3 March 24, 2023
Surya
Provides Satisfactory Results
I purchased Group health insurance at policybazaar recently and i am so much satisfied with the plan. The application process was smooth and efficient, making the typically tedious task of getting insurance surprisingly hassle-free.Thanks PB.
Bareilly
3.8 March 16, 2023
Naveen
Helpful In Making Decisions
When it came to selcting the right Group Health Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
Delhi
4.3 March 15, 2023
Rajesh
Increases Clients Expectations
I recently had the pleasure of securing a Group Health Insurance policy throug PolicyBazaar and I must say the Entire process exceeded my expectations! From start to finish, their service werw great. Thankyou.
Delhi
3.8 March 02, 2023
Ravi
Great Experience
I got great deals on PolicyBazaar website. Highly recommend.
Pune
4.3 February 17, 2023
Diljeet
Excellent Purchase
It was a excellent purchase at PolicyBazaaar. Thankyou team.
Coimbatore
4.3 February 04, 2023
Satya
Prompt Services
Policybazaar's efficient claims process was impressive. In case of any medical emergencies, my employees were able to get their claims settled swiftly, allowing them to focus on their health and recovery without worrying about financial aspects.Thankyou
Chennai
4.3 January 22, 2023
Abhishek
Budget Friendly Purchase
Thankyou PolicyBazaar for providing such a great plan at affordable premium rates. It was a budget-freindly purchase.
Delhi
4.3 January 09, 2023
Abhash
Multiple Range Of Benefits
I purchased Group health Insurance which offered me plans with affordable rates Thankyou PB.
Pune