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 Retail Industry
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Retail industry - Overview
The retail industry is a very vast industry consisting of all the companies dealing with buying and selling goods and services to consumers. Clothes, accessories, belts, wallets, spectacles, the list goes on, all these things come under the umbrella term retail. India is home to around 1.27 Lac companies belonging to the retail industry. Unsurprisingly, it amounts to over 10% of India's GDP.
With many players emerging in the market frequently, the retail industry also provides employment to around 6-8% of India’s population. It can be broken down into three categories which are -
- 0 - 100 employees - 5.11 Lac
- 100 - 1000 employees - 3.82 Lac
- 1000+ employees - 5.36 Lac
According to some reports, the Retailers Association of India (RAI), or the retail industry, because of rising demand from consumers, managed to achieve 96% of pre-Covid-19 sales in September 2021.
Why buy Group Health Insurance for the retail industry?
The retail industry clearly has a greater impact on the Indian GDP and market in general. It generates employment for individuals from different vocations at many levels. The retail sector is a very prominent part of the country’s import and export enhancement. Group health insurance should be provided to employees because -
- Tax benefits
When an employer pays towards the health insurance premium of his or her employees, the said finances are exempted from taxes.
- Zero waiting period
In group health insurance, there is a zero waiting period policy. This means that your employees can start using their insurance cover from day 1 of the issuance of their policy.
- Customized policy
With the booming insure-tech sector, you have the option to sift through various insurance options and choose the best policy for yourself. These policies can be tailor-made according to your requirements by your insurer as well.
- Employer branding
You can generate goodwill among your employees by making sure they feel a sense of belonging to their company. Offering group health insurance policies along with incentives and bonuses will attract and retain the right talents.
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Things to know before buying group insurance for the retail industry
We all invest in clothes, bags, and other constituents of the retail industry very precariously. Additionally, it provides exposure to small-scale companies to showcase their talent to a larger audience. So why not invest in the best possible group health insurance plan for your team? In order to do that, you need to make sure that -
- Wide network hospital
Because your employees work from all over India, you never know where the need for medical assistance may arise. For your employees’ safety, make sure that the cashless network hospital list is long. This will increase the chances of locating a network hospital near your location.
- Add-on benefits
Your insurance policy may not provide coverage for small operations like dental surgery, eye surgery, etc. Make sure that you check the add-on benefits to include in your insurance policy before making the purchase.
- Family coverage
Many insurance policies provide coverage to not only the working individual but also their spouse. Additionally, you can choose to opt for one which covers your parents/in-laws and children too.
- In-patient hospitalization
Your group health insurance should cover all or some of the in-patient hospitalization charges in case of emergency. If it is not included, you may find it as an add-on benefit too.
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For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
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Group health Insurance for retail industry employees FAQs
Is there any age restriction to getting group health insurance?
The minimum age for getting group health insurance is 18 and the maximum is between 65-69.
What are the types of policies available in group health insurance?
There are three types of policies in group health insurance. Employee only, employee+spouse+children and employee+spouse+children+parents/ in-laws.
Do the employees pay the premium in group health insurance?
In a group health insurance policy, the premium is paid by the employer.
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