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Top 10 Insurtech Companies in India Revolutionizing the Insurance Industry
Explore our curated list of the top 10 insurtech companies in India.
By Pazcare
May 28, 2023
Group Health Insurance - For Construction Industry
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Total estimated yearly premium
*only basic terms and conditions applied
₹ 100,000
₹ 5,000 per life
Talk to our experts to get exact premium estimates
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Median Fixed Cover | |
Maternity Cover | |
| Rs 3 Lac sum insured | Yes | |||
|
OPD Cover | |
Doctor Consultations | |
| No | Yes | |||
|
Wellness programs | |
Type of policy | |
| Weekly | Employee only, Employee, Spouse, Children / Employee, Spouse, Children, Parents/in-laws |
|
Median Fixed Cover |
| Rs 3 Lac sum insured | |
|
Maternity Cover |
| Yes | |
|
OPD Cover |
| No | |
|
Doctor Consultations |
| Yes | |
|
Wellness programs |
| Weekly | |
|
Type of policy |
| Employee only, Employee, Spouse, Children / Employee, Spouse, Children, Parents/in-laws |
Calculate Premium Here
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Construction industry - Overview
Any office, school, building, hospital, warehouse, home, etc incomplete without construction. The construction industry is required in every phase of building something. We can rightly say that our day-to-day life revolves around construction, roads, highways, flyovers, etc. There is no doubt that this provides employment to people from all walks of life. There are about 1.15 Lac construction companies in India itself.
Employee division based on the number of employees in construction companies is as follows -
- 0 -100 employees - 4.85 Lac
- 100 -1000 employees - 3.64 Lac
- 1000+ employees - 7.77 Lac
According to sources, the Indian construction industry amounts to over 40% of the total development investment in the last 50 years. A majority of the Indian rural population depends solely on the construction industry as the daily wage workers are engaged at construction sites, making bricks, pillars, buildings, etc.
Why buy Group Health Insurance for the construction industry?
Group health insurance is the easiest and most economical way of safeguarding the interests of your employees. You must invest in a group health insurance policy as it also improves your employer branding. With the competitive job market on the rise, it is essential for a company to make sure that their employees are well taken care of.
- Economical and affordable
Buying a group health insurance policy is more affordable as the premium paid is reduced because the number of insurances increases. It will also reduce tax significantly as the amount paid towards insurance premiums is exempted from tax.
- Customized plans
You can easily get tailor-made insurance policies just for your team according to their requirements.
- Increased productivity and efficiency
Your employees will have a financial safety net and their stress will be reduced. They will feel more at peace knowing that any medical emergency can be tackled easily.
- No medical test required
Unlike common retail plans, group health insurance policies do not require prior medical testing. The policy can start from day 1.
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Things to know before buying group insurance for the construction industry
Like the construction industry, the insurance industry also has a lot of different options available for everyone. But there are some pointers to keep in mind while choosing and buying a group health insurance policy.
- Easy endorsement
It is important to choose a policy on which you can easily add/delete employees. Some companies have external TPA which makes it a bit cumbersome to check policy details and addition or deletion of employees
- List of network hospitals
Covid has taught us that remote work culture is the future. Your employees can live in any part of the country and face medical assistance. During these times a large network hospital chain is required to make sure adequate medical attention is being given to the patient.
- Claim settlement ratio
Always check the claim settlement ratio before choosing an insurer as it provides a much clearer picture of the insurance company.
- Add-on benefits
Ensure that sufficient add-on benefits are there if you need to include them in your insurance policy. Some common covers include maternity benefits. Dental surgery, eye operation, etc.
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For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
Group Insurance for construction industry employees FAQs
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