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Definitions and Benefits
Group Insurance is a benefit for companies and organizations both public and private provided for employees or members. It is a an individual insurance for a group of people under one policy, under the principles of risks consideration of the those in the group with an average rate of age, gender, professions or the sum assured, which are calculated into one insurance premium rate applying for everyone in the group. Because Group Insurance enables many of the expenses to be lower, it is a benefit for the total sum assured and it is mostly cheaper than individual insurances.
Benefits for the Employers
- Helps to improve the morale of employees,
with dedication body and mind to be fully operational. No deceitful conduct and to reduce
the turnover rate of employees. - Premium paid amount can be deducted as an expense of the Company.
- Reducing problems and expenses in hiring
staff for welfare implementation. - Employees help to promote their employers in a positive direction.
- Group Insurance Program is a low cost investment
and it can be planned ahead in terms of cost and employees’ benefits. The employer can set the annual budget because the cost of
premiums is fixed. - Reducing conflict in compensation between employers and employees in the cases
of loss of life, dismemberment or medical bills
because if the employer fails to insure then it will be compensated by the employer or the employee
receives compensation in an amount less than
the employee's expectations. These may cause
dissatisfaction adversely and affecting
the image of the organisation.
Benefits for the Employees
- Employees are eligible for insurance with lower premium amount from other types of insurance.
- Heightening employee’s morale.
- Some employees cannot afford to buy life insurance or not interested in buying insurance
for protections, therefore, when a group life insurance provided by employers to employees
in this respect, will be covered by
employer-provided benefits. - Employees have good livings, good mental health and collateral security.
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