Health insurance is one of the most important insurance covers. It’s the second most bought insurance after life insurance in our country. Employers always try to offer a group health insurance as an employee benefits package as it covers all the employees under a single master policy and is available at economical pricing.
With the availability of so many group health insurers in India, it has become easy to go for a group health insurance for startups. Still, not all the startups consider buying a group health insurance for their teams. One of the key reasons is the low awareness among startups of various plans available in the market.
Additional Read: How to buy a Group Health Policy?
A reputed intermediary like an insurance broker can help a startup tremendously by offering competitive group health insurance quotes and a personalized servicing experience in comparison to a single insurer.
Importance of group health plan to be considered by startups:
- Universal Plan: Irrespective of the size of the firm or industry nature, this policy can be taken by most start-ups. No matter if your start-up has 10 people or 50 people, group health insurance is a relevant plan.
- Sense of Security for Employees: Joining a startup is usually considered a risky proposition. Companies can build a trust factor for employees through this as a value/benefit and can also come at par with other companies in the market. It also helps in retaining the workforce. This will also attract good talent towards your company.
- Cost-Effective Plan: Being a startup, there is a high probability of having a lot of young employees in the team. So by the virtue of age factor, a cost effective plan can be made available for the first timers. There are also options to include parents.
- An investment for long run productivity: This plan provides a sense of financial stability and peace of mind to your employees which fosters productivity in the organisation. This plan facilitates motivation as it provides a financial shield at the time of medical emergencies.
- Good reputation in the market: A comprehensive health plan attracts better talent. Word of mouth is an important factor which can place your startup amongst front runners as a leading employer. Enjoy the perks of being valued internally and externally because of this good investment.