What is group health insurance and how does it benefit employees in India
Affordable Coverage:
Group health insurance plans are often more affordable than individual health insurance plans, as the premium rates are lower due to the group buying power.
Comprehensive Coverage
Group health insurance plans typically offer comprehensive coverage for a range of medical expenses, including hospitalization, doctor consultations, diagnostic tests, and medications.
No Medical Checkup:
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.
No Waiting Period:
Group health insurance plans usually have a shorter waiting period for coverage compared to individual health insurance plans.
Tax Benefits:
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.
Enhance Employee Retention:
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..
Reduced Financial Burden:
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.
