Exploring Group Insurance Options For Startup Ventures
Updated: 20-05-2025 at 10:48 AM
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The government has mandated all companies to provide insurance programs to their employees. In this economy, not all employees will be able to afford healthcare insurance for themselves, so the company will provide them with insurance programs to get high-quality healthcare.
What Is Group Insurance?
Group insurance is a type of insurance policy that covers a large number of people under one contract. Group insurance is usually used by companies to provide insurance programs to all their employees.
A group insurance plan provides insurance coverage to employees irrespective of their age, gender, occupation, and socio-economic status.
The employers provide employees with a group insurance plan as a part of their paycheck benefits. These plans provide insurance coverage to the employees and their spouses, children, and dependent parents.
Read more: Ayushman Card
What Are The Benefits Of Group Insurance?
The main benefit of a group insurance plan is that a group of people will get insurance coverage and each person does not individually have to go get insurance. Let’s take a look at the other benefits.
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A group insurance plan is more cost-effective as it is cheaper than getting one single insurance plan.
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Offering group insurance can motivate and attract employees to not leave the company.
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Companies offering group insurance plans often get tax deductions on premiums, reducing the overall business expenses.
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What Are The Types Of Group Insurance Plans?
The different types of group insurance policies that a company can get are
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Group Health Insurance
A group health insurance plan can be taken up by companies as it essentially covers the expenses of hospital visits, surgeries, and pharmacy expenses. This group insurance covers the medical expenses of the employees and sometimes their families as well.
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Group Life Insurance
A group life insurance provides insurance to the employees and their families in case of an untimely death. This insurance can especially support and financially help families during a difficult time.
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Group Disability Insurance
A group disability insurance offers financial assistance to employees who cannot work due to a disability. The insurance basically covers the disabled employees' paychecks for when they are unable to work. This ensures that they will get some sort of stable income even during a difficult time.
Read more: Jeevan Pramaan Certificate
How To Choose The Right Group Insurance Policy?
Companies should try to pick the right group insurance policy which will work best for the employees. Some points to keep in mind while deciding are.
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Understand the needs of the employees by conducting surveys or meetings to know what benefits are most important to them.
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Compare the prices of different insurance plans of different insurance providers while also making sure that the services provided are not compromised for the price.
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Regularly review the group insurance policy to ensure that the plan meets the needs of employees.
Companies can customise the group insurance plan according to the company's requirements. Aspects like the amount assured, policy sub-limits and exclusion can be modified by the company depending on the budget. Companies can consult an employee benefit-focused insurance broker to help design the group insurance plan.
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Conclusion
Start-ups should invest in offering insurance to their employees as it will ensure the safety of the employees, create a positive work environment and also increase the goodwill of the company. By understanding the needs of a company’s employees, they can support their employees and their families during difficult times.
To learn more about group insurance, click here. Visit Jaagruk Bharat for latest insights on insurance plans and more.
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