Pros and Cons of Group Health Insurance Policy
Looking to take up group mediclaim policy benefits for your employees?
By Pazcare
July 15, 2024
Group Health Insurance for Automotive Industry
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₹ 5,000 per life
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Group Medical Insurance & Benefits for Automotive Industry Overview
India is a booming economy with a myriad of job options. The automotive industry is one such sector that has around 2.64 Lac employees working all over the country. Based on the number of employees, we can segregate the 1.74 Lac automotive companies as having -
- 0-100 employees - 7.60 Lac
- 100-1000 employees- 9.14 Lac
- 1000+ employees- 2.14 Lac
Tata Motors, located in Pune, has about 60,000 employees working tirelessly for them. Followed by Maruti Suzuki India Limited at 35,000.
With major developments in technology, the automotive industry is witnessing a steady growth. The industry has attracted talents because of its evolving nature. The automotive industry comprises the manufacturing, wholesaling, retailing, and production of motor vehicles.
With many possibilities in the near future, the automotive industry constitutes about 6.4% of overall GDP, and20% and 30% of industrial and manufacturing GDP respectively.
Why buy Group Health Insurance for the Automotive Industry?
Medical emergencies can knock at your door anytime in your life. Living with this uncertainty can be mentally draining. Insurance is the one thing that is not a benefit anymore but a brilliant future plan. Knowing that you have your insurance to fall back on can be a great mental satisfaction. Companies should understand and ensure that adequate health insurance policies should be given to their employees.
- Customized plans
Group health insurance can be easily customized according to your requirements.
- Tax benefits
According to the Income Tax Act of 1961, employers can claim tax exemption on the premium paid in a financial year.
- Improve Productivity
Your employee retention rate will increase significantly, and with job security and medical emergencies covered, the productivity of your employees will increase.
- Employee retention
With job security and medical urgencies covered, your employee retention rate will improve significantly.
- Employer branding
In today’s competitive job market, along with incentives providing group health insurance to your employees would aid in your branding.
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Things to know before buying group insurance for Automotive Industry
Investing in a group health insurance policy should be easily handled without any hassle. For your employees’ safety, you should make sure to check the claim settlement ratio of the insurer. Employee details should be integrated into the policy without any external party’s involvement. You should always choose a policy which provides add-on benefits like eye surgery, dental cover, etc.
Before investing in a group health insurance policy for your employees, you must know some things about the policy. It is essential to know -
- Inclusions and exclusions
It is essential to keep a tab on different inclusions and exclusions in your group health insurance policy. To use your health insurance policy fully, you must read the fine print beforehand.
- Network hospitals
You should check the list of network hospitals for cashless treatment. In certain medical treatments, time is of the utmost importance. In such cases, a large number of network hospitals means the chances of locating one near your location increases.
- Add-on benefits
You should always check with your insurer about any add-on benefits that you can avail like zero depreciation cover, personal accident cover, voluntary deductibles, etc.
- Claim settlement ratio
A higher claim settlement ratio reflects n the credibility of the insurer. It is simply the number of claims settled to the number of claims received by your insurer.
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For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
Pazcare
91 80378 34753
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Group health Insurance for Automotive Industry employees FAQs
Can companies with less than 100 employees buy group health insurance?
Yes, you can buy group health insurance for small companies as well. ‘Paz for startups’ provides group health insurance for companies with as low as 2 employees.
Is it necessary to buy add-on benefits in your group health insurance policy?
No, buying add-ons are completely optional and not mandatory. It is wholly up to you to decide whether you want to opt for it or not.
What are some of the add-on benefits available?
Some common add-on benefits include maternity and newborn child benefit, convalescence benefit, domiciliary benefit, critical illness benefit among others. You should always check with your insurer to know your options.
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