The Future of Health Insurance: How Flexibility Can Make Employee Benefits Better
Learn how flexible health insurance plans at workplace can make a difference.
By Pazcare
October 14, 2024
Group Health Insurance - For the mechanical & industrial engineering industry
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Mechanical & industrial engineering industry - Overview
The mechanical and industrial engineering industry go hand in hand. Mechanical engineering focuses on the development, design, integration, repairs, and maintenance of machines. Whereas, industrial engineering centers around the improvement of business processes.
The mechanical engineering industry solely focuses on creating big tools and types of equipment which revolves around power-producing machines. The industrial engineers in turn brainstorm on the most effective and productive way of managing people and business ideas.
Both of these industries require specialized skills to be eligible for working in these sectors. About 3.3K companies make use of the expertise and skills that the industrial and mechanical engineers bring with them. 24.3K people having specialized skills are a part of companies having 0 - 100 employees. And 11.8K people are involved with companies having 100 - 1000 employees. More than 32K people are employed in companies having more than 1000 employees, which shows just how many specialized and skilled taskforce are present in India.
Why buy group health insurance for the mechanical & industrial engineering industry employees?
With the employees working religiously for their industry, burnout or stress is inevitable. It might lead to health problems. It is important for an employer to provide health benefits to his or her employees.
- Tax exemption
According to the Income Tax Act of 1961, the premium paid by the employers for group health insurance is exempted from tax.
- Tailor-made policy
Your group health insurance can easily be customized according to your employees’ requirements. You can choose to add or delete benefits as well.
- Retain employees
In the competitive job market, providing a salary is not enough. Employees look for incentives in addition to their salary package and offering health benefits will leave an employer with a hardworking staff.
- Job satisfaction
Employees’ efficiency and productivity increase when they have a sense of belonging to their organization. Your employees’ job satisfaction will improve knowing that they are protected under any medical urgency.
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Things to know before buying group health insurance for the mechanical & industrial engineering industry
With technology taking over, a pool of insurance has been opened. You can easily compare different policies offered by the insurance companies and chose what is best for your employees.
- Claims experience
The claims experience should be seamless as your employees will have enough stress with the hospitalization or injury or illness.
- Claim settlement ratio
The CSR should be on the higher end as it ensures the credibility of the insurer.
- Ease of endorsements
You can choose to opt for an insurer that does not have an external TPA, to make the endorsement process simpler and more efficient.
- Add-on benefits
Make sure to have add-on benefits to cover more procedures at a minimum cost.
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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 mechanical & industrial engineering industry employees FAQs
Are pre-existing diseases covered in group health insurance?
Pre-existing diseases may or may not be covered according to your insurance policy. They generally have a waiting period of a few months before you can make a claim.
What are some lesser-known add-on benefits of group health insurance?
Restoration benefits and convalescence benefits are some lesser-known additional benefits.
Can my newborn child be covered in a group health insurance policy?
After a baby becomes 90 days old, he or she is eligible to be included in a group health insurance policy.
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