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 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.
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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.
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Boost Productivity
According to World Health organisation (WHO), poor health can cause a 20-25% drop in productivity.
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Tax Benefits
Employer-paid health insurance premiums are tax-deductible under Section 80D .Not offering this can mean missing out on tax savings.
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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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