Gift your employees a Group Health Insurance Plan
Updated: Jun 16, 2020
Group Health Insurance plan is the ideal solution to provide medical cover to the employees and their family members at reasonable costs.
The Government of India has made it mandatory for all employers to provide Medical Insurance to their employees. As per the labor law, medical insurance is available, under the Employee State Insurance (ESI) Act, 1948 to those employees whose monthly wage is ₹ 21,000/- or less. Therefore, taking medical insurance for them isn’t necessary. However, the law doesn’t restrict an employer from providing additional medical cover to such employees on his own discretion. For employees not covered under the ESI Act, the employer is required to take their medical insurance mandatorily.
Group Health Insurance plans are tailor-made plans that provide coverage to a group of members. Every single group comprises of different sets of people with different sets of requirements. In order to address their requirements, it is necessary to design a policy that provides medical cover to all the members with maximum coverage while charging minimum costs. That’s what group health insurance plans are all about. They can be customized as per the needs of the group members.
Advantages of Group Health Insurance
It creates a sense of belonging among employees towards the organization, which enhances productivity.
Medical expenses are one of the most common causes of worry and anxiety among the employees. Many group health plans cover the parents of the employees as well, along with their dependent children and spouse. It makes the employees almost free from family health issues, which enhances their focus on work.
Most of the group health insurance plans cover the pre-existing diseases of the employees from the date the employee joins the organization, which is not available in case the employee buys an individual or family cover.
It is a great risk management tool, which protects the organization against large cash outflows in case of sudden health issues of its key employees.
Group health insurance plans are cheaper as compared to individual/family health plans. This is because the insurer’s risk is spread across a group of policyholders, which allows the insurer to reduce the premium significantly.
What we do?
We are a unit of Aequitas Insurance Brokers Private Limited, which is registered with IRDA as an insurance broker. As a registered broker, we represent our clients to the insurance companies and negotiate the best quotes with maximum coverages. We are different than an insurance agent. An agent represents one particular company and therefore is more inclined to sell the policy of his company only. Whereas, as a broker, we are authorized to work with all the insurance companies and therefore can find the best available risk coverage and price from the insurance companies for the client.
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