Group Insurance is universally acknowledged as the best way to safeguard employee’s interests. During the times of sheer misfortune such as Death, Disability and Sickness, Group Insurance yields a specified sum to the Insured & his family just when it’s needed the most.
A group Insurance scheme demonstrates a company’s concern for its employees’ welfare and provides them sense of security and peace of mind.
ADVANTAGES OF GROUP INSURANCE
Some of the eminent Advantages of Group Insurance are outlined below:
Fulfilling Legal Requirements
According to Clause 10-B of W.P(Standing orders) it is a mandatory obligation on the part of an employer to provide Group Life Insurance to his employees.
Obtaining Tax advantages
The premium that the company pays for Insurance are deducted from its taxable income. Furthermore, the benefits paid on death and disabilities are exempt from income and estate taxes. Hence, the employees and/or his family obtain tax free claim amounts.
Attracting Ingenious Employees
Group Insurance is a standard benefit in most, if not all companies. It provides Competitive advantage to the employer and helps in attracting and retaining capable staff.
Keeping Costs Low
Critical Illness Covers: Myocardial Infraction, Coronary Artery Surgery, Stroke, Cancer, Renal Failure.
Accidental Medical Expense: If an employee incurs Medical expenses due to accidental injuries, this coverage provides payment of actual medical expenses subject to maximum of 10% of life sum assured.