The concept of Group Life Insurance is more so applicable for businesses and corporate organizations in an attempt to reward or more appropriately, safeguard employees against unexpected and undesired casualties. Employees of certain organization by default comes under these insurance schemes which promises to provide a lump sum amount or an income replacement in case of any medical casualties, permanent disability of death of the employee. The Group Life Insurance based out of Dubai, UAE provides the most cost effective group insurances among all others.
Most of the employees do understand and acknowledge the important of having an insured life but more often than not, they tend to procrastinate such engagements. Therefore inclusion of such insurance or pension arrangements in the reward or compensation programme of a company proves to be a book both for the company as well as for the employees. These Group life policies – be it in terms of retirement benefits, medical insurance, life insurance etc enhances employee engagement to a large extent and reduces attrition to a considerable margin. Employees feel that their future is in safe hands and therefore, focus more on the job.
The basic coverage of the Group Life Insurance which is provided in Dubai, UAE is death due to accident or natural death which may occur to the person anywhere across the globe. However, apart from the basic cover, there are Group Life Insurance Advisers who help create tailor made customized solutions for all sizes of organizations – be it a start-up, or a small & medium scale industry or a multi-national corporate having presence across the globe.
The Group Life insurance can also be extended to disabilities – both permanent and temporary due to serious accidents both at work and out of work. Apart from that, this can also encompass workmen compensation insurance which would cover all employees in case of all industrial injuries and death caused to the insured person at work. This does not include natural death caused to the person. The company can also customize the limit of the benefits provided to the employees based on their designation or any appropriate parameters. These policies can also be taken as a standalone cover as well.
Therefore, on the whole, having a Group Life insurance for employees is not only a responsibility for all employers but also it helps build the brand image as a caring employer and creates a feeling of camaraderie amongst its employees.