EMPLOYEE BENEFIT INSURANCE
Many Insurance Companies in India, provide comprehensive employee benefits insurance plans which have been crafted specifically to protect employees. An employee benefits insurance plan is a kind of insurance plan which is offered by an employer to its employees. It provides health and life coverage to its employees in the case of medical or other kinds of unforeseen emergencies. Such initiatives not just help the employees in their unfortunate events but also helps the employers to retain existing employees and attract new employees in their respective organization.
Moreover, these insurance plans benefit the employees and also cover their family members such as dependent children, parents, spouse, etc. The employees get the coverage of accidental death and disability, medical emergencies and hospitalization costs, retirement and gratuity benefits among others.
Types of Employee Benefits Insurances:
Group Health Insurance: Organizations take several initiatives to boost the morale of their employees and ensure their well being. one such measure is providing them with Group Health Insurance. This is a type of medical insurance coverage that secures a group of people, specifically employees of a company or members of an organization. With a Group Health Insurance plan, as an employer you can cover multiple members of the company, which pools the risk and spreads the insurance cost. for the employees, the policy provides coverage against medical expenses incurred on doctors consultation, hospitalization, surgeries and more. the scope of coverage depends on the sum insured and specific features in the type of the policy chosen by the employer.
Group Personal Accident: Group Personal Accident protects its members against accident leading to disability or death. It is commonly available as corporate group insurance employees/ owner / board members of a company. Irrespective of the size of your group, you can buy customizable group personal accident cover to suit the requirements of your group members. The Group Personal Accident cover also offers discounts on the basis of the number of members.
Accidents not only create physical disablement (Permanent or Temporary) but can also come with the financial crisis for both the sufferer and his/her family. Since we all are exposed to accidents in our day to day life and if the accidents occurs with the bread winner of the family, then the situations can be troublesome. Therefore, in the modern era where organizations are becoming more and more customer centric, it has become important to opt for an insurance policy that provides compensation in case of an accident that has caused disablement or death. In order to cater to such needs of the organizations, group accidental polices are introduced. These policies offer comprehensive coverage to the group of people against accidental disability and death.
Workmen's Compensation Policy: Every company must ensure a safe workplace, but accidents can still happen. Injuries or, in severe cases, death during employment require compensation under laws like the Employees Compensation Act 1923. Not compensating can lead to legal issues, affecting employee confidence and the businesses reputation. Employee Compensation Insurance helps financially, covering compensation and legal costs. It also protects against lawsuits, as employees usually give up the right to sue for workplace negligence when accepting benefits. Known as workmen's compensation insurance, it ensures both businesses and employees are financially protected. Having a workmen's compensation is crucial for these reasons:
It supports employees financially for work related injuries, covering medical expenses.
prioritizing employee safety enhances your brand image, positively impacting customer and investor perceptions.
Compliance with contracts requiring Workmen's Compensation ensures legal obligations, preventing disputes.
Mitigating financial risks, it acts as a safety net, fostering a win-win situation for productivity and revenues.
it provides peace of mind, fulfilling legal duties for employers and offering financial security for employees in case of job related injuries.
