Group Health Insurance for Employee Retention

As per a survey conducted by Deloitte in 2022 about Workforce & Increments Trends. The average attrition rate in India has increased from 15.8 percent in 2020 to 19.7 percent in 2021. Indian corporate sector is facing the attrition challenge for quite some time now. It began with the “great resignation” followed by “quiet quitting” and the recent “moonlighting”. Various reasons fuel India’s attrition rate, like low salaries, increased work-related stress, reduced benefits, etc. Group health insurance for employee retention has emerged as a ‘go-to’ option for employers during these difficult times, but not without being flexible and innovative.

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How does Group Health Insurance Help in Reducing Attrition?

Employee health insurance is medical coverage provided by the employer to his employees. It includes health insurance benefits for all employees under a common umbrella. Group health plans not only form a distinctive part of the employee benefits package of big corporates but have also become essential for startups and SMEs. It is a tool to reduce attrition rates and remain competitive in the market.

The benefits of group health insurance plans for employees are many, which may lead to lower attrition rates. Some of these benefits are mentioned below:

  1. Gives them peace of mind: With group health plans employees get access to quality healthcare, usually free of cost. They are assured that in case of medical emergencies, the company has their back, and the financial burden would be taken care of.
  2. Most popular fringe benefit: Group health insurance in recent times has not just emerged as a standard fringe benefit offered by the employer. It has instead become a necessity. It is one of the most common types of fringe benefit that is widely offered and utilized.
  3. Makes them feel valued and cared for: The employer being present at the time of need makes an employee feel valued and cared for. Employee health insurance thus inculcates the idea of belongingness toward the organization. The employee feels a sense of responsibility towards the organization which in turn improves his performance at work.

Offer Comprehensive Group Health insurance for Employee Retention

With changing work dynamics and employee needs, group health plans have undergone tremendous change. The benefits of employer employee insurance for employee retention can be achieved if the coverage is flexible, innovative and meet employees’ healthcare needs. Some of the benefits/ features that can be offered in a group health insurance for employee retention include:

  • Higher sum insured: A higher sum insured would mean protecting employees from financial stresses during emergencies.
  • Inclusions of dependents to the plan: Including dependents like spouses, children and parents has become a necessity. 
  • OPD cover: It is always a good idea to enhance the basic coverage to cover OPD expenses.
  • Maternity benefits: If the average workforce is between the age of 25 to 40 years, maternity benefit is a must-have add-on.
  • Daycare treatments: Treatments requiring less than 24 hours of hospitalization, can be opted for.
  • Wellness benefits: Be it fitness, gym, mental health, or other activities that encourage employees to participate and promote wellness initiatives. Almost every group health insurance company offer these benefits.
  • Group insurance online: A smooth and seamless online experience is the basic expectation of new-age employees. 24/7 claim assistance, hassle-free procedures and quick outcomes are highly appreciated.
  • Online consultation and booking: Telehealth and booking lab test and OPD appointments online are added features that can be offered to the employees.

Conclusion

Employer-funded group health insurance is important for hiring talent but more important for retaining them. It has emerged as a solution to address high attrition rates. However, offering traditional plans does not serve the purpose, and the companies should look to offer comprehensive group insurance plans.

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Written By: PolicyBazaar - Updated: 16 August 2023
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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