Global Courant
One of the most common concerns for salaried workers around the world is financial security. In India, organizations are beginning to recognize this global concern and are now increasingly investing in health and productivity efforts. In fact, according to a 2014 Staying @ Work Survey Report conducted by Towers Watson, a global professional services firm, Indian employers’ focus on health and productivity was the highest in the Asia-Pacific region. This survey found that 48% of companies operating in India already have a health and wellness strategy in place, while almost 44% of companies had plans to formulate such a strategy.
Group life insurance is proving to be that powerful strategic tool in the hands of Indian employers that allows them to have a significant impact on the emotional well-being of their employees and thereby have a direct and positive impact on the health of their business.
What is group life insurance?
Group life insurance is a product offered by public and private insurers to large entities. Under such a policy, an organization retains the primary insurance and extends the policy benefits to all of its employees. This is a low-cost insurance option that employees can take advantage of compared to the relatively expensive individual life insurance policies that come with a higher premium amount.
How do employees benefit from group life insurance?
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The premium costs are not individually risk based, ie the premium remains uniform for all employees.
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The fact that administrative costs are borne only once by the main policyholder (employer) results in a lower premium amount per employee compared to individual life insurance.
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There are no barriers to entry for employees. For example, employees do not have to submit medical certificates to be able to use group insurance.
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Most group insurance plans offer the option of extending the benefits of the employee’s family insurance, giving employees greater relief when it comes to concerns about potential future financial instabilities that could impact the lives of their family members.
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Some of these policy coverages also offer tips along with the life insurance coverage which proves to be an excellent savings option for the future.
Sun group life insurance policy proves to be beneficial for both the employer and the employees. With their financial insecurities settled, employers are sure to see happier and more engaged employees.
Take good care of your employees
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