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Employee benefits are an indispensable component of any competitive compensation package as it plays a prominent role in talent attraction and retention. A corporate insurance policy for employees is one of the major types of employee benefits offered by an employer. Group insurance as a part of employee benefits is a great way to show your employees you care about them and their families. In the below article, we shall learn about things you must know and a few common types of group plans.
Affordable prices
Dedicated claims manager
All round wellness benefits
Employers provide their employees with group insurance as a part of the employee benefits. Typically, group plans provide coverage to employees, their spouses, children, and their dependent parents. Some of the common types of group insurance that form a part of employee benefits include:
A group health insurance plan is designed to protect a group of people (employees in most cases) from healthcare expenses. The employer provides this; one of the most common types of group insurance to its employees to aid them financially during medical emergencies.
A group life insurance policy provides affordable and efficient life insurance protection to employees. The main purpose of this policy is to provide financial support to the employee’s family in case of emergencies. In case of an employee’s death, this policy can help support his family monetarily. Many organizations are now offering this plan over and above the group health plans.
This type of group insurance provides financial protection against expenses incurred due to the disablement or death of the insured as per the conditions mentioned in the policy document. General benefits under this plan include accidental death, medical expenses due to accidents, and permanent total or partial disability due to accidents.
It is a type of retirement benefits plan where the employer provides a steady flow of income to his employees after they retire from services. These plans are popularly known as pension plans and continue till the employee’s death.
Critical Job Factor
According to a report by Society for Human Resource Management (SHRM), 60% of employees consider health insurance essential when choosing a job.
Boost Productivity
According to World Health organisation (WHO), poor health can cause a 20-25% drop in productivity.
Tax Benefits
Employer-paid health insurance premiums are tax-deductible under Section 80D .Not offering this can mean missing out on tax savings.
Regulatory Compliance
The Indian government has introduced regulations like Social Security Code, 2020 the which mandates health insurance for certain sectors. Non-compliance can lead to penalties.
Ensure you're covering all bases with group health insurance to attract top talent, improve productivity, and stay compliant!
Conclusion
As an employer, you understand the importance of providing group insurance in the employee benefits package especially in these evolving times. The employer, as well as the employee, both reap the benefits. The employees enjoy uniform benefits irrespective of their social standing, and the employers foster a strong, positive, and long-term work culture.
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Minimum lives should be 7
Include maternity coverage
Wellness At Work
Benefits of group health insurance