Group term life insurance policy is a master policy taken by any organization for its employees. A life of an individual is a journey full of uncertainties. Nobody wants to face difficulties and mishaps, but sudden accidents or events affecting the life badly are in nobody’s control. Also, an individual that works and earns doesn’t do it personally for him. It’s his family for which he struggles day in and day out but what if he meets with an accident or loses his life? There can’t be anything as unfortunate as this. Therefore, organizations now days have started offering their employees life insurance policy to help their family, their dependents if anything bad happen. Group term life insurance policies not only provide the necessary help to the employees’ family at the time of need but also offer a stress-free life to the employee. It also strengthens the bond of the employer and the employee. It builds a stronger relationship of trust. Not only this, it also offers tax benefits to the employer.
Functionality of the plan-
Group term life insurance scheme offers a lump sum amount to the nominee) whom the insured person selects) in case the employee dies. It is one of the best benefits provided by companies these days. Group term life insurance policy is made available to the workers at the time of joining. It is generally offered for a period of one year and then is renewed by the group holder. The amount of the policy is either based on the grade/salary of the employee or is similar for everyone. It is decided by the head of the organization. As it is a group policy, therefore people are not required to undergo any medical test before taking this policy.
Why is it important?
Group term life insurance policy has become a boon for any individual. It has surely become an important part of employees’ benefits. As a person who works hard for an organization helps the organization to enrich should also be provided with benefits that will help him at the time of need. It also enriches the relationship between an employee and the employer. If, God forbid an employee dies, the life of his/her dependents may get affected as well. This policy acts a life saver in such cases.
Not just employees, it benefits the employer as well. The appreciation of offering the workers with such a nice thing is not the only thing as he also gets tax benefits. Also, as it is a master policy, therefore he can handle it with ease.
Organizations can add or delete members during the year as well. So, overall, it is a wonderful product to offer to the workers. It offers help as well as relaxation. Insurance has surely turned out to be a blessing for people. It provides that much-needed peace of mind which has disappeared from today’s world. Also, increasing stress and pollution has given rise to the problems that already existed. The worst part is that due to high inflation rates, it has become very difficult for people to afford a normal life and to simultaneously save for the time of requirement as well. No savings puts additional pressure on any person who earns for his family as he is constantly worried about the fact that what will happen of he/she stops earning or dies. This policy will act as a blessing for his/her policy of anything like that happens.
Multiple policies are available these days which has given rise to ambiguity as well. It is suggested to do a comprehensive research on any policy before selecting one. Insurance brokers like SecureNow offer all the information along with additional help as well. They also help with the documentation process and claim settlement policies.
So, if you are an owner of any organization, big or small, select the best policy that will suit your budget and start offering this benefit to your employees because after all, they are like your family!
[cta id=”3894″ vid=”0″]