Your employees are one of the most vital assets of your company. Group life insurance can financially secure your group members (like proprietors and business partners) and employees against uncertainties. As per the annual income of your employees, they can receive group plan coverage.
Depending on the employees’ dependents and annual gross income, they can pick from basic, dependent or supplemental coverage. Under a basic cover, the sum assured depends on an employee’s gross annual income. Dependent coverage allows him/her to select a specific sum assured for the spouse and kid as per his/her marital status. Supplemental group coverage offers 1-3 times the basic coverage amount.
But can this kind of insurance make your company better? Yes. Here are the ways how that can happen.
Better Productivity of Employees for Company Growth
An employee’s productivity depends on various factors like job security, financial security, health protection and more. If they are covered under a group insurance plan that finances their hospital expenses and helps protect them against medical emergencies, they will feel valued and cared for. This will boost their productivity, which in turn can help your business grow more.
A group plan is more affordable or cost-effective than buying an individual health plan for each employee. An insurer offers low premium rates since the overall risk that it takes is distributed among all the group members. This helps reduce the scale of the insurance provider’s liabilities.
You can build long-term relationships with your customers by creating goodwill in your business. By offering group insurance to employees, you can express your goodwill towards them which will finally show in their work. It can also help improve group loyalty toward your company.
Retention of Employees
Covering your employees under a group plan is a great way to retain them by winning their loyalty. This kind of insurance can ensure the mental and physical well-being of all your employees. This can promote a sense of work satisfaction and help build a healthy work culture. Therefore, the employees will think ten times before leaving your company and these benefits.
Being More Competitive
Say, one has to choose between 2 organisations that have similar salaries, incentives and working environment. In such a situation, you can pull him/her in your favour by showing your goodwill through extra employee benefits like group insurance. If you want, you can go a step ahead by extending the coverage to your employees’ family members. That way, the same health plan can also protect their partners, kids and even parents. This contribution towards employees’ wellness can help you retain them, stand out in the market, gain more customers and improve business growth.
Opt for a suitable group insurance plan of a reputed insurer today to secure the lives of your employees and manage leave encashment and gratuity. You can choose from scheduled coverage sums. Just ensure that the sum assured doesn’t surpass your company’s maximum scheduled amount. Partners and proprietors of your organisation under a specific age can be avail the cover regardless of their earnings.