The right mix of a GHI, GPA and GTLI cover can become an extremely potent tool towards attracting and retaining employees. We can help you design your Employee Benefits policy.
Group Health Insurance or Group Mediclaim (GHI) – This is going to be one of your biggest investments both literally and figuratively. Understanding the needs of your employees can be the first step to designing a good policy for them. The freer an employee is, from distracting issues like how will i pay for the hospital bills, the more she/he can concentrate on the quality of their work related output.
Group Personal Accident (GPA) - GPA policies are cheap monetarily. The reason behind this is the low incidence rate of claims under a GPA policy. Understanding this aspect gives you leverage when bargaining for the GPA as well as the GHI premium.
Group Term Life Insurance (GTLI) - GTLI policies are also cheap. The complexity aspect that you need to understand here is you would not be able to buy a GTLI cover from a general insurer and would therefore be unable to bargain on the placement of the entire portfolio aspect with the GTLI provider. That said the low incidence rate ensures that the premium is on the lower side.
These three are the most common components of the Employee Benefit Insurance offered by most of the companies in the IT, ITeS and financial sectors.