Competition Amongst SMEs
SME stands for small and medium enterprises. When an entrepreneur starts a company and the revenue of the company lies between Rs 5 crore to Rs 75 crore, the company comes under the category of a small enterprise, whereas if the company’s revenue lies between Rs 75 Crore and Rs 250 Crore, the company comes under the category of a medium enterprise.
We live in the era of startups and every visionary person who wants to start their own business is getting help from the Indian government under the initiative Startup India launched by PM Narendra Modi. In the race of becoming a great company in the coming years, the competition is increasing day by day.
Since employees are the most important asset of a company, keeping them motivated and drifted is vital in order to grow the company. That is where the Group health plan comes up as it is advised by insurance industry experts to employers to offer GHI to their employees. It has also been made mandatory by the Insurance Regulatory & Development Authority of India after the Covid-19 outbreak.
Benefits of GHI for SMEs
Small and Medium Enterprises are making a huge contribution to the Indian economy. SMEs are coming up with new ideas and innovative products and services that makes the life of their customers easier and serves some kind of value in their lives. Well, in order to grow constantly in the market, the company has to look after its employees and that’s why providing a group health plan is important. So here are some of the benefits of GHI for SMEs
Tax Benefits
By offering group health insurance, the employer gets the benefit of a tax break. The group health plan not only protects your employee from unforeseen medical expenses but also get a tax rebate advantage.
Employee Centric
When a small and medium enterprise provides group health coverage to the employee, it shows that the company is employee-centric and helps in attracting new talents. When a small and medium enterprise reflects care toward their employees then the result goes beyond money.
Better Service With Enhanced Technology
We live in the digital era and everything is done online now a days. Employers can now purchase group health plans online and employees can also utilize the group health benefits in a hassle-free manner. Employees can benefit from GHI through mobile applications. Since the only purpose of getting GHI is to get a claim and employees can now do it online sitting in the comfort of their homes.
Reflects Goodwill
When you offer a group health insurance plan, it reflects the employer’s goodwill toward the employees. It shows that the employer cares about their employees and wants to cover them financially in case of any medical condition that can lead to high expenses.
Retain Talented Employees
When the employer provides GHI to the employees, it not only helps the employee in an unwanted medical situation but also helps the employer retain talented employees. It is important to keep the old and talented employees in the company because they are aware of everything in the company and keep the workforce intact.
Direct Benefits to Employees
Group health insurance policy provides direct benefits to the employees and their families. They are as follows:
- Coverage for pre-existing illnesses from day 1.
- No medical check-up is required to get GHI coverage.
- Maternity coverage for employee’s spouse.
- Coverage for Spouse, children, parents/parents in law from day 1.
- Lesser cost than Individual health insurance.
- Get access to a wide network of hospitals.
- Options to customize the insurance plan.
- Accessible through mobile app and website.
Conclusion
Small & Medium enterprises are the future of the country and they contribute to the Indian economy. Providing group health insurance to the employees helps the employees to get financial aid and also the employers. It is recommended to employers purchase the GHI online as they can learn about the policy coverage in detail along with the terms and conditions of the policy. Not just this, while making the purchase, they can compare different insurance plans and even calculate the insurance premium of the desired plan.
