Types of Group Insurance Policies for Small and Medium Enterprises

Group insurance policies for small and medium enterprises are inexpensive which is affordable for almost every employer. In addition, such policies are also beneficial for the employees. These plans offer indemnifications against vulnerabilities involved in the work or duty of employees. Group insurance policies for small and medium enterprises enable employees to work fearlessly.

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Group Insurance Policies for Small and Medium Enterprises

There are several kinds of group insurance policies for small and medium enterprises available in India.

Let us discuss such plans in detail:

  • Group Health Insurance

    Group health insurance or medical coverage is a healthcare policy. It provides health-related coverage to a group of people or employees. Such policies are generally purchased by employers for their employees. 

    However, an employee may purchase additional coverage in the existing employer employee insurance. The mediclaim policy offers comprehensive medical coverage. This includes medical procedures, preventive care, prescription medicine or drugs, etc.

    The employer under mediclaim cover may also avail of some additional benefits. This includes health education, wellness programs, etc.

  • Group Personal Accident Insurance

    An employee may suffer from an accident. It may take place at any time with anyone. In addition, an accident may leave an employee with permanent or partial disability. 

    The employee may lose the source of earnings in case of disability. Therefore, such risks must be mitigated by subscribing to a group personal accident insurance policy.

    The personal accident insurance policy offers coverage against accidental death. It helps an employee by providing monetary benefits in case of disability. Such insurance may also be called a group accident guard policy.

    The family of the employee or insured under the group personal accident policy may avail of financial protection in the absence of the insured.

    The policy offers coverage in the following cases.

    • Permanent disability
    • Partial disability
    • Accidental death
    • Temporary disability
    • Medical expenses arising from an accident
  • Workmen Compensation Insurance

    Workmen compensation insurance policy is another group insurance policy for small and medium enterprise.

    Workmen's compensation insurance is also known as labor insurance. It is a scheme which is expected to indemnify an employer against financial compensation. The employer purchases such insurance policies. 

    It offers health-related coverage to the labor or employees or workmen. The policy offers financial assistance in case of medical expenses incurred by workmen. It further offers financial protection if a workman loses his source of earning or wage.

    The workmen compensation scheme is the statutory mandate in several countries. In India, such policy is guided under the workmen compensation act. In addition, every employer is subjected to providing medical care to their employees in case of illness or injury. If an employee suffers from an injury during the course of his employment, the employer is bound to ascertain the medical treatment of the workman.

    Below mentioned are the types of industries which must purchase workmen's compensation insurance policies for their employees or workers.

    • Every high-risk industry such as manufacturing, transportation, and construction is expected to buy a workmen compensation scheme for the employees.
    • There are several states in which laws bind the employer to buy such a policy for their workmen. Therefore, the employer must check the law and regulations of the state pertaining to the workmen's compensation insurance.
    • A business with a history of accidents or injuries at the workplace must buy a workmen's compensation insurance policy.
    • Small businesses should also purchase such policies.

Conclusion

There are several other group insurance policies for small and medium enterprises available in India. This includes group travel insurance, public liability insurance, and group pension insurance. The employer must purchase a group health insurance policy for their employees. The Group insurance policies ensure several benefits to the employees.

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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
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Based on 189 reviews
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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