New Delhi: The MSMEs will be contributing significantly to the GDP as well as the industrial output. In order to ensure their continued success, the key imperatives are to ensure ease of doing business, infrastructure upgradation, skilling and ensuring workforce welfare. In order to analyse workforce welfare in terms of healthcare coverage, FICCI and KPMG in India conducted a joint study covering 219 MSMEs across 15 manufacturing and services sectors. The report titled – “MSME group health insurance penetration in India” was launched on 18th December by Mr T S Vijayan – Chairman, IRDAI at FICCI’s 10th Annual Health Insurance Conference.
Key highlights from the survey:
– Approximately 90 per cent MSMEs do not offer any financial aid for medical purposes to the families of employees
– Most micro and medium enterprises offer no financial support to their employees and their families
– MSMEs preferred a basic cover of personal accident and critical illness with a focus on a reduction in premiums and coverage of employees only
– MSMEs primarily prefer to purchase insurance through broking channels and bancassurance, with group health insurance penetration through online channels at minimal level of about 6 per cent.