Key Takeaways
|
Group health insurance plans provide coverage to employees or members of an organisation. This plan is not limited to employees only, as it provides coverage to the employee’s dependents, such as spouse, kids, and parents.
Here are some advantages of group health insurance as follows:
It offers comprehensive coverage against medical expenses, such as the cost of medicines, specialists, ambulances, and much more.
Premiums are affordable due to the larger risk pool.
Several tax benefits are given to both employees and employers.
Cashless facilities and direct settlements of the expenses are also offered.
Group travel insurance is an insurance policy that provides coverage for any emergencies while travelling. Coverage includes flight cancellations, medical expenses, theft emergencies, cash, hotel booking cancellations, and so on. Some of the adare as follows:
More cost-effective than individual travel insurance policies, as insurers provide discounts in bulk coverage.
Reduce the financial impact due to uncertainties such as flight cancellations, medical expenses, lost luggage, and much more.
Customisation in travel is available as per your needs.
Group life insurance policies remain active until the insured parties leave the group or are terminated.
Source: - Investopedia
Many employers offer a reimbursement programme to assist employees with child care expenses. These perks are often overlooked by the employee since they may not be immediately apparent while researching job opportunities. It is important to ask potential employers about their childcare reimbursement policies, as this can be a great way to save money.
Daily commute reimbursements help employees save money on expenses like public transportation tickets or parking fees. Additionally, they promote the use of public transit, contributing to a reduced environmental impact.
Employees are often entitled to exclusive corporate discounts on a wide variety of products and services. These can include discounts on gym memberships, travel and entertainment, technology, and even groceries. These discounts may seem like small perks, but they can add up over time, resulting in significant employee savings.
Many companies also offer other perks that employees may overlook, such as free or discounted lunches, office supplies, or tech equipment. These perks not only reduce the cost of living but also contribute to an overall positive work environment.
.png)
Lastly, many companies offer education and career development benefits that employees fail to fully leverage. These can include tuition reimbursement, professional development programmes, certifications, and mentorship opportunities. Companies recognise the value of investing in their employees’ skills, and offering these benefits helps to attract and retain top talent.
Employees who take advantage of educational assistance programmes can gain new skills, increase their earning potential, and advance in their careers.
Workplace benefits such as group insurance plans, daily commute reimbursements, child care reimbursements, and corporate discounts significantly improve the employee's overall well-being, financial security, and work-life balance. Employees should take the time to explore and inquire about the benefits available to them.
Corporate Discount: A special rate or pricing arrangement offered to employees to incentivise their corporate loyalty.
Education Allowance: Monetary benefit provided to Central Government employees to ease the financial burden of a child's education.
Repartition Allowance: Financial aid for employees returning home after overseas assignments.
Childcare Reimbursement Policies: A policy helps employees pay for child care costs.
The minimum age required to get insured is 18 years and maximum is various from 60 to 80 years of age .
The maximum Group Insurance Scheme payment will depend on your marital status and the previous year's income.
As per IRDAI, any company or group with at least 20 team members are eligible to purchase a group insurance scheme
If employees pay a premium for themselves, then group insurance will be exempted ₹25000.
On average, it can range from ₹10,000 to ₹25,000 per person annually.
Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.
We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.
