Two of the most important employee benefit insurances in addition to Group Health insurance that companies provide to their employees include Group Personal Accident insurance(GPA) and Group Term life insurance ( GTL)
Group Personal Accident insurance is to pay fixed compensation for death or disablement resulting from accidental bodily injury. The personal accident insurance policy provides that, if at any time during the currency of the policy, the insured person shall sustain any injury resulting solely and directly caused by external violent and visible means, then this insurance policy shall pay the sum if resulting in specified contingencies such as death, permanent disablement etc.
A group term insurance is offered by the employer of a business or organisation to the employees in the firm. The employer pays for the expenses of the premium and other charges related to the insurance policy. If the insurance holder meets with an unfortunate death during the service tenure, the registered nominee gets the assured sum. It is an effective way to support the family members of the deceased employee.
You can also connect to a reputed insurance broker like PlanCover to resolve all the doubts you have. PlanCover brings you the best insurance plans for small to mid-sized companies based on your requirements and budget.
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