With group life insurance, employers can assure their employees of financial assistance to their beneficiaries, in case of an eventuality, at a much lower cost than individual policies. It can be a huge factor in driving employee satisfaction. They can work with peace of mind that should anything happen to them, their families will be remain financially secure. This can promote a sense of loyalty towards the company, resulting in increased productivity.
Group life insurance can be customised to offer many benefits at an affordable cost. Let’s look at 5 of them.
1. Accidental Death Benefit
Apart from a principal sum assured, the insurer will pay a lump-sum amount to the beneficiaries in case the policyholder dies due to an accident.
2. Permanent Total/Partial Disability Benefit
In case the employee suffers total or partial disability, due to an accident or sickness, leading to loss of income, the insurer will pay out a lump-sum amount.
3. Temporary Total Disability
The insurer will pay a pre-decided amount in case the employee is unable to work due to temporary total disability caused by an illness or accident. You will be able to choose the pay-out time between 52 weeks and 104 weeks, subject to a waiting period.
4. Critical Illness Benefit
In case the employee is diagnosed with a critical illness, the insurer will pay them an amount that could be a percentage of the sum assured.
5. Repatriation Expenses
In the event of an employee’s death or permanent total disability, the insurer will pay the expenses for repatriation of the individual or mortal remains. This could also include the airfare of the accompanying person.
By providing these value-added benefits, the company can financially support the families of their employees and help them survive a crisis. It’s necessary to partner with an insurance company that understands your requirements and proposes a plan accordingly.