Different Approach Towards Group Health Insurance

The main motive of providing group health insurance is that the employees get financial coverage in case of unexpected medical emergencies. Big corporate houses provide group health plans to their employees and that is one of their ways of showing goodwill towards their employees.

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*Premium starting from ₹105/Employee/Month for ₹1 Lac Sum Insured covering Health & Wellness Needs (excluding GST)
#Premium may vary on the basis of coverage type & add-ons
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Disclaimer: The above plans and premiums are for 1 Lakh sum per life per month covering Health and Wellness needs of 7 Employees, 5 Spouse & 2 Kids below 35 years of age. The premium is inclusive of GST and do not cover PEDs & Maternity. Standard T&C Apply PolicyBazaar does not rate, endorse or recommend any particular insurer or insurance product offered by the insurer.

Traditional Approach Of Group Health Plan

The concept of a group health insurance plan has always been simple. The corporate house selects the insurance company and the group plan as per their employee's requirement that as well suits their budget at a certain sum insured amount that would be enough for the employees.

Since the insurance sector is changing for the better, trying to provide better service and fulfilling the demands of their employees as quickly as possible, however, there are still miles to go and to witness the several other changes in the concept of providing insurance-related services.

Technology or we can say the internet has become the center point of everything that has been going on in the entire world. In this digital era, companies can take a new approach towards the group health plan.

The online platform can be used to do online registration so that employers can provide employees with a number of options when it comes to the services and benefits of the insurance policy. Let’s take a look at some of those benefits and how are they better than any other options available in the market.

Multiple Options

When you take the traditional approach towards the group insurance plans you do not get as many options as you get when you take in a new and smarter way. It is because the employees get more options to choose from without much of a hassle. They can make the choice according to their requirements. So it is recommended to the companies to opt for the insurance companies that have an online presence.

Convenience

The new approach towards the insurance sector makes it very much convenient for the employees to make the choice in their comfort zone. Since the employees do the process of choosing the insurance company to purchase a group insurance plan and also get to compare different plans at their fingertips. They can easily access it either on their computer or mobile phone which makes their experience more convenient and hassle-free.

Low Premium

The insurance premium amount is one of the most important things when comes to sorting out the insurance policy. Since you get to compare different plans online, you get to see the different premium amounts of different plans where you can make the choice as per your budget and coverage.

One of the reasons for the insurance companies to make their presence online is to make it more available to the employers to purchase the group health plan so that more and more companies looking to purchase the group health plan can do it and get immense benefits with convenience.

As Per Needs

Everybody has different preferences and needs and insuring someone without asking for their preference related to the kind of coverage will not work, every employee will have different requirements so providing them as per their needs becomes easy.

MSME

When we talk about the companies opting for group health insurance, we usually forget about the MSME sector but it is a very important part of the Indian economy and plays a huge role. With this new-age corporate employee insurance, the MSME sector employees can also have the benefit of getting insured by some of the best insurance companies' group health plans in the country.

Where large companies provide group health plans to their employees, the MSME companies usually don’t provide group health plans to their employees. With the vast variety of insurance policies, the MSME can also look for the policies as per their requirement and budget.

Since a group health plan is one of the most favourable privileges the employees get attracted to, this helps the employers to retain good employees for a longer period as well as attract new and smart talents to join their company.

Even though there is a gap in the insurance sector when it is about group insurance, It is because the insurance companies have not properly penetrated the employers mind by providing hassle-free process and inadequate sum insured amount.

Conclusion

In this new age where everything is done digitally makes anything in the entire world easily approachable. It makes it easier and comes with different benefits that the employers along with the employees can get. Corporate houses are suggested to take the new approach towards the new age concept of group insurance. The more insurance companies make themselves approachable the more consumers they get.

Written By: PolicyBazaar - Updated: 01 February 2022
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