Group health insurance plans typically offer comprehensive coverage for a range of medical expenses, including hospitalization, doctor consultations, diagnostic tests, and medications.
Most group health insurance plans in India do not require employees to undergo a medical checkup or provide medical history, making it easier for employees to get coverage.
Group health insurance plans usually have a shorter waiting period for coverage compared to individual health insurance plans.
Group health insurance premiums paid by the employer are eligible for tax benefits under Section 80D of the Income Tax Act, which can help employees save money on their taxes.
Offering group health insurance as an employee benefit can help enhance employee retention and job satisfaction, as it shows that the employer cares about the health and wellbeing of their employees..
Group health insurance can help employees reduce their financial burden in the event of a medical emergency, as the insurance company will cover the medical expenses, up to the policy limits.
Overall, group health insurance is a valuable employee benefit that can provide financial protection and peace of mind to employees and their families, while also enhancing the employer-employee relationship.