Hello,
As an HR professional of an IT company, I am planning to introduce a Group Life Insurance policy for all employees. Currently, our company has been offering a Group Mediclaim Policy for all existing employees. Now we are planning to add one more employee benefit to our offerings.
I am in the process of reviewing two options:
1) Group Term Life Insurance for all - this provides coverage to the policyholder against death.
2) Group Personal Accidental Insurance - this provides policyholder coverage against death and disablement (permanent, total, partial) due to any accident.
Can anyone please guide me on which option would be better and why? Additionally, which companies offer these policies for their employees?
Thanks in advance.
Regards,
Shilpi
From India, Calcutta
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3As an HR professional of an IT company, I am planning to introduce a Group Life Insurance policy for all employees. Currently, our company has been offering a Group Mediclaim Policy for all existing employees. Now we are planning to add one more employee benefit to our offerings.
I am in the process of reviewing two options:
1) Group Term Life Insurance for all - this provides coverage to the policyholder against death.
2) Group Personal Accidental Insurance - this provides policyholder coverage against death and disablement (permanent, total, partial) due to any accident.
Can anyone please guide me on which option would be better and why? Additionally, which companies offer these policies for their employees?
Thanks in advance.
Regards,
Shilpi
From India, Calcutta
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Dear Ms. Shilpi,
Group Term Insurance Scheme is meant to provide life insurance protection to groups of people. The scheme offers covers only on death, and there is no maturity value at the end of the term. This policy covers death due to Natural/disease and accidents and is being offered by Life Insurance companies only.
On the other hand, Group Personal Accident Policy (GPA) is provided by General Insurance companies. It covers risks only due to accidents.
The general practice of the corporate sector is to provide GPA policy as it is less costly, and a huge sum assured can be given to the insured person at nominal cost. In this policy, you can cover Death, Permanent/Partial disablement, and also by giving extra premium, you can include payment towards the cost of medical expenses and loss of pay to the employee in case he/she remains absent from work due to an accident.
I am an insurance consultant with a huge clientele. I can structure your group insurance policies and also rework existing or expiring policies.
You may email me at dipak113@hotmail.com or contact me at 9811271162 for any information on Life insurance or general insurance matters like Fire, Burglary, Home/office insurance, liability insurance, group personal accident policies, group health insurance, Personal Health Insurance, personal accident policy, car insurance, etc.
I work for the following companies:
- LIFE INSURANCE CORP.OF INDIA
- NATIONAL INS. CO. LTD.
- ORIENTAL INS.CO. LTD.
- NEW INDIA ASS.CO.LTD.
- UNITED INDIA INS. CO. LTD.
- ICICI LOMBARD GIC LTD.
- HDFC ERGO GIC LTD.
- BHARTI AXA GIC LTD.
- TATA AIG GIC LTD.
- APOLLO MUNICH HEALTH INS. CO, LTD.
- STAR HEALTH INS. CO, LTD.
- MAX BUPA HEALTH INS. CO, LTD.
- AND OTHER LEADING INSURERS
Thank you.
From India, Delhi
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Group Term Insurance Scheme is meant to provide life insurance protection to groups of people. The scheme offers covers only on death, and there is no maturity value at the end of the term. This policy covers death due to Natural/disease and accidents and is being offered by Life Insurance companies only.
On the other hand, Group Personal Accident Policy (GPA) is provided by General Insurance companies. It covers risks only due to accidents.
The general practice of the corporate sector is to provide GPA policy as it is less costly, and a huge sum assured can be given to the insured person at nominal cost. In this policy, you can cover Death, Permanent/Partial disablement, and also by giving extra premium, you can include payment towards the cost of medical expenses and loss of pay to the employee in case he/she remains absent from work due to an accident.
I am an insurance consultant with a huge clientele. I can structure your group insurance policies and also rework existing or expiring policies.
You may email me at dipak113@hotmail.com or contact me at 9811271162 for any information on Life insurance or general insurance matters like Fire, Burglary, Home/office insurance, liability insurance, group personal accident policies, group health insurance, Personal Health Insurance, personal accident policy, car insurance, etc.
I work for the following companies:
- LIFE INSURANCE CORP.OF INDIA
- NATIONAL INS. CO. LTD.
- ORIENTAL INS.CO. LTD.
- NEW INDIA ASS.CO.LTD.
- UNITED INDIA INS. CO. LTD.
- ICICI LOMBARD GIC LTD.
- HDFC ERGO GIC LTD.
- BHARTI AXA GIC LTD.
- TATA AIG GIC LTD.
- APOLLO MUNICH HEALTH INS. CO, LTD.
- STAR HEALTH INS. CO, LTD.
- MAX BUPA HEALTH INS. CO, LTD.
- AND OTHER LEADING INSURERS
Thank you.
From India, Delhi
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What I suggest a little that with a little extra premium, you can also cover family members in the insurance shell such as medi-claim, which you can certainly offer, may be on a sharing basis.
From India, Kolhapur
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From India, Kolhapur
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I think whatever policy you provide, whether LI or GPA, see how many employees already have such policy/policies personally and how many benefit from it. As one of our friends suggests, GPA is cost-effective and most of them do not have it. Besides, if you have a budget for this benefit, you may enhance the Mediclaim with a floater policy.
From India, Hyderabad
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From India, Hyderabad
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Dear Ms. Shilpi,
In fact, you can provide all three of them without exceeding your budget to a huge extent. Correct me if I'm wrong, but I think Group Mediclaim and GPA can be clubbed together with a very small amount of extra money.
Group Mediclaim helps you to remain alive through medical treatment. GPA not only helps your family in case of accidental death but also in cases of disability and the loss of earning in proportion while one was being treated for the accidents. This helps one again when alive.
The Group Term Insurance Scheme is meant to provide life insurance and helps one's "Family" after the death of the "Insured", when they not only suffer a personal and emotional loss but also monetary loss if the person is earning prior to death.
Hence, if your management and budget allow, go for all three of them and give whole coverage to your employees - a Great Welfare to them.
Thanks and warm regards
From India
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In fact, you can provide all three of them without exceeding your budget to a huge extent. Correct me if I'm wrong, but I think Group Mediclaim and GPA can be clubbed together with a very small amount of extra money.
Group Mediclaim helps you to remain alive through medical treatment. GPA not only helps your family in case of accidental death but also in cases of disability and the loss of earning in proportion while one was being treated for the accidents. This helps one again when alive.
The Group Term Insurance Scheme is meant to provide life insurance and helps one's "Family" after the death of the "Insured", when they not only suffer a personal and emotional loss but also monetary loss if the person is earning prior to death.
Hence, if your management and budget allow, go for all three of them and give whole coverage to your employees - a Great Welfare to them.
Thanks and warm regards
From India
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Hi,
You can cover both also, Insurance company call it as GLPA (Group Life Personal Accident cover) with that exployee protected totally. Please check with them, generally it covers below benefits;
• Death due to any cause
• Additional Accidental Death Benefit
• Permanent Total Disability Accident & Sickness Own or Similar Occ.Def.12 months
• Permanent Partial Disability Accident & Sickness as per continental scale of benefits
• Temporary Total Disability - Accident – Nil Day waiting / 52 weeks / 100% actual weekly basic salary
• Temporary Total Disability - Sickness – 7 Days waiting / 52 weeks / 100% actual weekly basic salary
Regards
Sriram
From Bahrain, Manama
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You can cover both also, Insurance company call it as GLPA (Group Life Personal Accident cover) with that exployee protected totally. Please check with them, generally it covers below benefits;
• Death due to any cause
• Additional Accidental Death Benefit
• Permanent Total Disability Accident & Sickness Own or Similar Occ.Def.12 months
• Permanent Partial Disability Accident & Sickness as per continental scale of benefits
• Temporary Total Disability - Accident – Nil Day waiting / 52 weeks / 100% actual weekly basic salary
• Temporary Total Disability - Sickness – 7 Days waiting / 52 weeks / 100% actual weekly basic salary
Regards
Sriram
From Bahrain, Manama
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Whether the company covers the employee for insurance or not, I would suggest individuals to get their life insured for the future of their kith and kin. Term plans are available at attractive prices, starting from a premium of 6700/- per annum for coverage of up to 100 Lacs.
From India, Lucknow
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From India, Lucknow
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Hi,
I agree with you, Pon. In fact, as the Factory Medical Officer, this is exactly what I keep suggesting to my internal clients within the plant with a little difference.
Our company has covered all of us under Group Mediclaim with a variation according to position. However, with the rising cost of treatments and an increase in "Lifestyle Diseases" such as High BP, heart ailments, diabetes, and cancers, the coverage provided by companies may not be sufficient. Therefore, I always advise my employees and others that if possible, they should first opt for a personal Mediclaim and gradually increase it with age. This helps in ensuring one's well-being while alive. Subsequently, I recommend opting for Life Insurance, which provides for the family in case of death. It's important to note that many people are often presented with "Money back" policies or investment plans combined with a small amount of Life insurance, which may seem preferable. However, it's crucial to understand that "Insurance is not an Investment Portfolio." There are better investment options available in the market. "Insurance" should be viewed as Life Coverage, which offers higher payouts after death, even if it doesn't yield returns while alive.
I hope I'm clear.
From India
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I agree with you, Pon. In fact, as the Factory Medical Officer, this is exactly what I keep suggesting to my internal clients within the plant with a little difference.
Our company has covered all of us under Group Mediclaim with a variation according to position. However, with the rising cost of treatments and an increase in "Lifestyle Diseases" such as High BP, heart ailments, diabetes, and cancers, the coverage provided by companies may not be sufficient. Therefore, I always advise my employees and others that if possible, they should first opt for a personal Mediclaim and gradually increase it with age. This helps in ensuring one's well-being while alive. Subsequently, I recommend opting for Life Insurance, which provides for the family in case of death. It's important to note that many people are often presented with "Money back" policies or investment plans combined with a small amount of Life insurance, which may seem preferable. However, it's crucial to understand that "Insurance is not an Investment Portfolio." There are better investment options available in the market. "Insurance" should be viewed as Life Coverage, which offers higher payouts after death, even if it doesn't yield returns while alive.
I hope I'm clear.
From India
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Hi,
You can view our website for further details - Indian Health Organisation, preventive health check-up, health check-up packages, healthcare India, www Indian Health Organisation, healthcare services in India, health check-up packages in Mumbai, preventive health check, health check-up packages.
Rgds,
Mihir
From India, Mumbai
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You can view our website for further details - Indian Health Organisation, preventive health check-up, health check-up packages, healthcare India, www Indian Health Organisation, healthcare services in India, health check-up packages in Mumbai, preventive health check, health check-up packages.
Rgds,
Mihir
From India, Mumbai
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Most people follow GPA as compared to others since the premiums are lower and the benefits are greater. You need to decide what suits you best. I would suggest speaking to an unbiased financial adviser for the best advice. Personally, I have had a very good experience with Bharti AXA Life. Their premiums are reasonable, and they offer a host of plans that cater to individual needs. For more information, you can check here - https://www.bharti-axalife.com/
From India, Bombay
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From India, Bombay
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