Employee retention is a key factor in business success. It keeps the workplace productive. Higher retention rates reduce the hassle of posting job ads, screening candidates and scheduling interviews.
One great way to hold on to employees is a group life insurance. When you offer employees benefits like group life insurance policies, they feel valued and this increases employee loyalty. This can also be a great way to attract new talent. Here are some benefits of group life insurance:
Benefits of Group Life Insurance
It offers an assurance that should your workers meet with an unfortunate event, their family will have a financial safety net. Such policies can offer benefits like:
- Death Covers: A sum insured is paid as a lump-sum amount in the event of an employee’s death to their families. You can pick policies based on criteria like multiples of annual or monthly earning, grade or designation or uniform amount for all.
- Terminal Illness Benefit: An amount is paid when an employee is diagnosed with critical diseases.
- No Medical Tests or Premium Costs: When you provide group life insurance to employees, they are not required to go through extensive medical tests. They can avail a good insurance policy without having to pay any premium amount.
Further, other value-added benefits like accidental death benefit, accidental medical expenses, repatriation expenses, temporary total disability and partial disability benefits are also offered. These offer sufficient financial security and act as effective tools to increase employee satisfaction, at a lower cost to your company.
How to Purchase a Group Life Insurance?
Choose an insurance partner that provides customised plans according to your requirements. The experts will know the structure of your organization, your budget considerations and then suggest a suitable policy to ensure maximum protection for your employees.
Consider the reputation of the insurance company and research the terms and conditions of the policies before making a decision.