As it is said by J W Marriott, “If you take care of your employees, they will take care of your customers, and your business will take care of itself.”
When people say they love working in their company, that’s a fantastic win for the organisation and its management. In addition to offering perks like paid vacation, bonus, etc.; there is one more way through which you can stand out as an employer and, i.e., is by offering the following three insurance policies -
- Group Health Insurance - In today’s age when the medical cost has reached a new height, a one-visit to doctor for ailments like cold, cough, etc.; is enough to burn a hole in the pocket. Your employees might also be feeling the same burden, and therefore, when you share their medical costs by offering a suitable group insurance, they will surely value it.
Thanks to group health insurance policy, employees will get coverage against rising hospitalisation expenses, either in the form of cashless treatment or reimbursement one. In the case of cashless, medical expenses will be settled directly between the group insurance company and the hospital, without any involvement of the employee. Whereas, in the case of reimbursement, an employee first needs to pay the medical bills which are later settled by the insurer.
Further, you can lower your tax outgo by purchasing a group health insurance for your employees. Here are some of the extra benefits which you can add to customise your group health insurance plan are -
- Give maternity benefits
- Include parents of employees, irrespective of their age
- Group Term Life Insurance - Life is unpredictable. While we all work hard for the bright future of our employees, but what if we are not there to support them? Let me ask this straightly— what will happen to your family after your death? The situation would become tougher if you were the breadwinner. As an employer, you can show your concern towards your employees by extending financial support to their families in the form of group term life insurance policy.
This group insurance scheme will make a payment to the nominee of the employee in case of death of the latter. Your employees will appreciate group term life insurance as the policy will give them peace of mind as they know, the future of their family is safe even in their absence. Some extra benefits which you can add to customise your group term life insurance are -
- Offer compensation in case employees meet with an accident or is disabled,
- Give compensation in case employees are diagnosed with a critical ailment, like cancer, heart attack, etc.
- Group Superannuation Scheme - In the current scenario, when the chances are high that you will outlive your retirement savings than ever, few employees take their retirement planning seriously or plan for their various long-term goals. As an employer of choice, you can help your employees by helping them in their retirement planning, which in turn will surely help you in retaining employees as well. Here the solution is group superannuation scheme. This group insurance scheme can be further divided into the following -
- Defined Benefit Scheme - Under this scheme, an employer, offers a specific retirement benefit to employees on the basis of their salary and number of services. Moreover, such plans are also funded by the company.
- Defined Contribution Scheme - In this scheme, both the employer and employees can contribute towards accumulating the funds. Under this, the fund value will be paid at the time of maturity.
A group superannuation scheme is also beneficial for employers as well because any amount received by trustees on behalf of the approved superannuation fund is tax-free under sec 10(25) (iii).
Remember, just buying the insurance is not enough if it is not comprehensive. So, you can take the help of corporate insurance advisors like SecureNow which can help you in getting the insurance quotes from leading insurers and then comparing them to find the right policy as per your business requirements.
The difference between being a team and a bunch of individuals is that the individuals are more interested in ‘their’ personal goals and do not worry about their colleagues. However, a team works on all the activities together without worrying about who will get credit at the end of the day.
That’s the kind of workplace you should have, and offering group insurance schemes to your employees are one of the ways that show you care about them. Yes, it is the right way to say—We all are the part of a big family!