Life Insurance, a concept which is fast growing these days, not only covers individuals but also employees of corporates. More and more organizations these days are showing interest in policies which cover the key employees or all the employees working in the organization. These policies are known as GROUP INSURANCE POLICY.
Group insurance is generally done for a specific time period, so these are aptly known as Group Term Insurance. Today companies believe that it is the employees who can make their business successful and employees stick to the organization only when their benefits are taken care of. So, more and more organizations are ways of looking to the benefit of the employees. Insurance is just one way of doing this.
Companies take Insurance cover for their employees for the following reasons:
Benefit of the employee
Giving them a sense of importance by giving them house or vehicle insurance
A GTI cover for future service gratuity liability to be taken along with a Insurance Plan
In all the cases, the idea is to make the employee stay in the organization, especially if he is the key employee.
This kind of insurance works best in organizations like Call Centers where the frequency of employees leaving their jobs is more than the ones who stay in the particular organization.
Most of the group insurance policies taken by the organizations are categorized in three sections:
One year renewable term insurance
One Master Policy issued covering all members of a particular group
Individual yet group policies
The group insurance policies offered by companies often come along with the riders. These riders include accidental death benefit, total permanent disability benefit, total permanent and partial disability benefit, critical illness benefit and terminal illness benefit. These riders are often decided by the companies taking the insurance policy on behalf of the employee or are suggested by the insurance company who is providing the group insurance policy.
Group Insurance Policies are a good initiative of the companies, where pension is not given to the employees. It is definitely a big support to the employees
Group insurance is generally done for a specific time period, so these are aptly known as Group Term Insurance. Today companies believe that it is the employees who can make their business successful and employees stick to the organization only when their benefits are taken care of. So, more and more organizations are ways of looking to the benefit of the employees. Insurance is just one way of doing this.
Companies take Insurance cover for their employees for the following reasons:
Benefit of the employee
Giving them a sense of importance by giving them house or vehicle insurance
A GTI cover for future service gratuity liability to be taken along with a Insurance Plan
In all the cases, the idea is to make the employee stay in the organization, especially if he is the key employee.
This kind of insurance works best in organizations like Call Centers where the frequency of employees leaving their jobs is more than the ones who stay in the particular organization.
Most of the group insurance policies taken by the organizations are categorized in three sections:
One year renewable term insurance
One Master Policy issued covering all members of a particular group
Individual yet group policies
The group insurance policies offered by companies often come along with the riders. These riders include accidental death benefit, total permanent disability benefit, total permanent and partial disability benefit, critical illness benefit and terminal illness benefit. These riders are often decided by the companies taking the insurance policy on behalf of the employee or are suggested by the insurance company who is providing the group insurance policy.
Group Insurance Policies are a good initiative of the companies, where pension is not given to the employees. It is definitely a big support to the employees