How New Group Medical Insurance Policy Help Companies in Employee Retention?

New Delhi (India), December 3: The global pandemic has made people realize the importance of their physical and mental well-being. Employees around the globe are no longer ready to compromise their work-life balance and overall health due to work pressure. This has pushed employee-first organisations to provide their workforce with more employee benefit programs to promote a healthy lifestyle among them. One such employee benefit policy is a group medical insurance programme that provides security for an employee and their family members. 

In the post-pandemic world, the importance of health insurance has resurfaced as people have started putting their health first. In fact, 56% of US adults have said that an employer-sponsored health insurance package plays a critical factor in whether they will remain in their job or not. Moreover, 46% said that health insurance was either a deciding factor or a positive influence in choosing their current job. This study also symbolically represents the shift of desires and ethos of employees in most parts of the world, regardless of their location and background. As an employer, you may either adapt to these changes or get washed away in the winds of time.

Stressing the importance of group medical insurance policy for a company of its employee, Shree Consultants Founder Kishore Subramanian says. “The government of India has implemented commendable measures to safeguard the health and well-being of employees Pan-India after the Covid-19 pandemic. As of April 1, 2020, the IRDAI (Insurance Regulatory & Development Authority Of India) issued a mandate, making it compulsory for organisations to avail of group medical insurance for all their employees. So, organisations of all scale and size are now shifting towards all-inclusive group medical insurance policies to make their employees feel valuable and safe, all at once.”

As Kishore Subramanian suggested, the benefits of group medical insurance come on multiple levels. When it comes to the premium of a group medical insurance polity, your employer bears all the premium expenses as a part of your CTC. You can also extend the scope of your policy to your family members. Shree Consultant’s group medical insurance policy has balloon coverage extendable to employees whose primary medical insurance limit gets exhausted. It also comes with Corona Kavach and other top-up facilities. On top of that, it enables you to claim tax benefits under Sec 80 D.

The Chennai-based consultancy firm has been disrupting the South Indian financial services and distribution business since its establishment in 2004. With its group medical insurance policies, Shree Consultants is now allowing organisations to retain their workforce more effectively than ever. 

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