After the COVID-19 pandemic, lives all over the world drastically changed. It was in March 2020 that India went into its first lockdown. And fundamental things like the way people shop, work, learn, move, and interact underwent a transformation. People had to reflect and re-evaluate old habits and perceptions. The journey ahead was unclear. But, after almost a year, one of the most immediate and apparent lessons is the value of health.
The world has slowly started prioritizing health after global and national health agencies continually stress on the need to keep the immune system strong to get through these times. People are eating clean, exercising, drinking sufficient water, and increasing their hygiene to remain healthy and strong. Another indispensable tool in this fight is health insurance. With this in mind, the Indian government started taking initiatives to ensure the Indian population has some sort of health insurance. In April 2020, the Indian government made it mandatory for all employers to provide medical insurance to their employees.
Earlier all employers didn't need to provide health insurance cover to their employees. Although, a few did purchase group health insurance to cover their employees. Following the events of 2020, new regulations have been put in place. These regulations also focus on employees who work beyond top metro cities and in smaller firms.
As a part of the Consolidated Revised Guidelines for resuming workplace operations by the Ministry of Home Affairs, on 15th April 2020, the Insurance Regulatory and Development Authority of India (IRDAI) released an order (No. 40-3/2020-DM-I (A)) which states that all commercial and industrial establishments, offices, workplaces, etc. shall follow a Standard Operating Procedure (SOP). The SOP includes social distancing for establishments, factories, workplaces, and offices, and mandatory medical insurance for workers.
In the circular, the regulator recommends that insurers provide comprehensive health insurance policies to groups and individuals that contain simple, straightforward words and conditions at reasonable prices. This way, organizations can comply with the directives in place. It also stated that policies should not be temporary, instead be permanent.
For those employees who are below the wage limit of Rs.21,000 can get coverage under Employee State Insurance (ESI) and those above can seek cover under Group Medical Cover (GMC).
As an employer, you can either take out a group insurance policy for your employees or assist your employees with buying a retail policy by tying up with an insurance company.
Offering group insurance has several benefits.
At Loop, the process of buying group health insurance for business owners and HRs is simplified. You can go from start to finish in just a few steps.
Your organization can pick and choose from a variety of plans to suit your needs. Every plan comes with a plethora of features such as no waiting period, cover for hospitalization expenses, comprehensive 24 x 7 support, free tele consultations with medical experts, and more.
Your employees can unlock all this once the insurance coverage kicks in. For easy access, employees can download the Loop Health app. The app offers unlimited information pertaining to the policy, claims, doctor consultations, and much more.
Healthy employees are one of your most important assets. It’s time to set your team up for success with health insurance. Your employees can focus on the end goal and as an owner, you have peace of mind.
Visit https://www.loophealth.com/sign-up to get started.
Interested in learning more about Group Health Insurance? Click here