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Group Life Insurance Plans are the type of insurance that provides cover to a group of individuals under a single contract. In these insurance plans, which are usually offered under the employee benefit package, the primary policy owner is the employer. Here, entire premium or in some case, the major part of it, is paid by the employer or the company. Group Insurance plans are renewed on yearly basis and offer coverage, either equal or one or two times of the salary of the employee/group member.
Employees are the treasured part of any organization. These days more and more companies are becoming employee-centric and corporate health insurance has emerged as one of the most preferred benefits to lure new talent. It plays a crucial role in influencing the psychology of an employee.
It makes him feel part of a company and thus, it curtails employee attrition rate and unrest in labor unions. Moreover, it increases their productivity which increases profitability of a business. Special insurance schemes where families are also covered for benefits make employees faithful towards their employers. Moreover, by offering coverage to your employees, you become eligible to get tax deductions under Income Tax Act. So group health insurance policy is a win-win situation for both employees and employers. Our plans help you set aside funds that can be used at a later stage to meet insurance, gratuity, and loan repayment needs for your employees.
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