Life Insurance

In the current economic scenario it is very important for any organization to retain their efficient and good working employees and bring down the attrition rates of the organization. But a monthly paycheck or a bonus is not sufficient to achieve this. The extra employee benefits that a company offers to their employees play a key role in the employee decision whether to stick to the company or move on to other. Group life insurance plan is one such employee benefit that every organization has to consider in order not to lose their employees. Group life insurance plans are very beneficial to the employees and no employee takes the risk of leaving of a company for the sake of a higher wage that some other company might offer.

This group life insurance policy is not a substitute for the individual life insurance policy and one has to take a note of this. In general, these act as a bonus of the already existing independent employee insurances. The group insurance policies cover an amount equivalent to the annual income of the employee in case of employee death. This amount is not sufficient for the living expenses of the dependent family incase of the death of the employee. So, having both individual life insurance and group insurance policy is a good idea to benefit either way.

The premium that the company has to pay annually depends on the employee strength of the organization, it's work nature, risk involved in the work, the gender and the average age group of the employees working in the company. The higher the age of the employees and the risk involved in the job, the higher will be the premium that has to be paid to the insurance companies. Employees can avail this benefit even if they are on an extended leave.

It is the duty of the employer to re-evaluate and take necessary steps to update or modify the existing group insurance policy from time to time. When more and more insutance companies enter the market, it is necessary to take advantage of the best offered by the insurance companies according to the work force and level of experience the company has attained.

The employer can take a decision on how much amount to be covered on each employee varying from amount equivalent to annual salary of the employee to even three or four times the salary. The premium amount that has to be paid by the employers on behalf of his employees to the insurance companies is proportional to the total amount covered on each employee in case of death of employee. Few companies even cover the spouses and children under the group insurance policy. The companies have an option to even passout the extra premium involved to the employee after certain meeting certain level of expenditure involved in the name of premiums. Most eomplyees do not mind paying that extra fraction of amount as premium because, if they need to opt for the same policy individually it would cost more.

It is necessary that every company has to evaluate and research extensively before choosing an insurance company for the group insurance policy of its employees. The best possible plan and insurance company has to be opted among the best competing companies. This is a both money and time consuming process and to make this simpler for you, we at compare all the plans available at various insurance companies and bring in their detailed quotes on your monitor screen at the click of a mouse. We work on to make the process of getting insured for your business a hassle free and wonderful experience.

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