Group Health Insurance for Start-up Companies

Being a start-up means you likely survive with limited resources and plenty of things to execute. Group health insurance for start-up companies often takes the backseat because few realise its importance, or it doesn't bear a financial impact until a major calamity strikes their workforce. Group health insurance is no longer limited to large corporations, and start-ups have started realising it, especially after the pandemic.

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Why Should Start-ups Offer Group Health Insurance?

Group health insurance for start-up companies is a win-win situation for employers and employees. Recent trends show that employees prefer joining hands with organisations that take care of their mental and financial well-being.

As for employers, the added benefit of retaining top talents without spending a lot of money makes getting group health insurance a lucrative prospect for them, too.

Plus, with the IRDAI making it mandatory for businesses to have group insurance for employees post the pandemic, it gives no option for organisations but to have it for their workforce.

Benefits of Group Health Insurance for Start-ups

Health insurance benefits an organisation of any size, be it an established or a start-up. Here are some reasons why start-ups should opt for GHI for their workforce -

  1. Attracting and Retaining Talent

    Having health insurance indicates that you care. It also transcends to your employees feeling a sense of belonging, pushing them to improve their operational efficiency and enabling the organisation to achieve lower employee turnover.

  2. Improving Employee Morale and Productivity

    A group health insurance for start-ups acts as a security for its employees. When employees feel they are being taken care of, it propels them to work harder to achieve the overall organisational goals.

  3. Cost-effectiveness for Both Employers and Employees

    Group health insurance reduces the average cost per person, which makes it super cost-efficient for the organisation. As for employees, most organisations pay the premium on their behalf, meaning they only bear a part of the premium or avail it for free.

  4. Tax Deductions

    Group medical insurance for start-up companies also lets organisations enjoy tax deductions against it. Group medical insurance outflow incurred by the company can be claimed as a business expense and is treated as part of the expenses under the ‘Profit in lieu of Salary' head.

Customizing Group Health Insurance Plans for Start-ups

Group health insurance for start-up companies is popular because of its flexibility. These offer more coverage than most policies. Also, if you are looking for a customised option that covers your employees' specific needs, most insurers are happy to create the best-tailored plan for you.

In addition, GHI for start-up companies also offers diverse add-ons which can add to the overall value quotient for your workforce. For example, wellness programs are one of the most common add-ons for a GHI policy whereby wellness experts conduct regular sessions to take care of your employees' mental well-being.

Overcoming Challenges in Implementing Group Medical Insurance

Implementing group medical insurance can be a difficult task, especially for start-ups. Firstly, these organisations suffer from a high workforce churn rate. While it is already challenging for GHI for start-up companies to address the needs of a diverse workforce, the high employee turnover rate makes it more of an arduous task to ace.

Budgetary restrictions further heighten the issue. Most start-ups walk on a thin rope regarding their monetary situation and can find it difficult to allocate money for group medical insurance for their employees. Do you know you can get policies starting at as low as INR 110/month (per employee) listed on the Policybazaar for Business portal?

Case Study

A tech start-up with around 18 employees entered into a group health insurance policy contract with an insurer that covered its employees and their dependents. The insurer was happy to offer insurance to all 18 employees and their dependents.

After a few years, the mother of Mr. Rajesh, one of the covered employees, fell severely ill, and her treatment cost a lot of money. Mr. Rajesh initially took care of all the outflows, and his mother recovered within a few days.

After a few days, Mr. Rajesh raised the claim with the requisite supporting documents to the insurer. His claim request was accepted, and the insurer settled the dues within 92 hours.

Tips for Choosing the Right Group Health Insurance Provider

Here are some invaluable tips to keep in mind while looking for the right GHI provider for your start-up -

  • Look at the claims support they offer. Many insurers provide additional support, such as cover and add-on advice, at no extra cost.
  • Evaluate your start-up's and its workforce's specific needs and ensure that the insurer can accommodate them with ease.
  • You will find it easier to scale when your partners scale alongside you. So, look for a provider who can scale the coverage seamlessly and sustainably as you expand.

Conclusion

Health insurance has always been a talking point for large organisations, but with IRDAI making it mandatory for all organisations, start-ups have also started paying heed to it. Start-ups, being in their nascent stage, should pay more heed to employee well-being, and group health insurance is one of the best ways for them to showcase their care. So, if you are still pondering which policy to buy, head over to Policybazaar for Business and find a range of GHI for start-up companies options.

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Written By: PolicyBazaar - Updated: 13 February 2024

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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
0 users
0 users
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