Group life insurance provides cover to group of people. Namely employees of a business organization, members of an association or any group under a single contract. Group Life Policy covers varied benefits on a worldwide & 24 hours basis. Life Insurance Policies usually issued to the Employers to cover their Employees/ Registered members under a wider policy than the statutory Workmen’s compensation Policy. Under the Group Life Insurance Policy, it is mandatory that all the employees are required to be covered. In order to cover members in a Group Life, there will be always a requirement of minimum number of members at 10 employees.
Members above 65 years up to 70 years can be covered subject to policy terms and conditions.
Group life insurance is a type of insurance policy that provides life insurance coverage to a group of people. This group is usually comprised of employees of a company, members of an organization, or members of a union. Group life insurance is typically offered as a benefit to employees by their employer.
The primary reason why a company should give group life insurance to its employees is to provide financial security to their loved ones in the event of their unexpected death. In the case of an employee's untimely demise, the group life insurance policy pays a death benefit to the designated beneficiary. This death benefit can help the employee's family cover their expenses, pay off any outstanding debts, and ensure that their loved ones are financially secure.
Another reason why companies should offer group life insurance is to attract and retain talent. Offering a comprehensive benefits package, including group life insurance, can help companies attract top talent and retain employees. Employees are more likely to stay with a company that provides a comprehensive benefits package that includes life insurance coverage.
Additionally, offering group life insurance to employees can be cost-effective for employers. Group life insurance policies are typically less expensive than individual life insurance policies. This is because the risk of death is spread out over a larger group of people, making the risk to the insurance company lower.
In summary, group life insurance is an important benefit that companies can provide to their employees. It offers financial security to employees' loved ones in the event of their unexpected death, helps attract and retain talent, and can be cost-effective for employers. By offering group life insurance, companies demonstrate that they care about the well-being of their employees and their families, which can lead to a more positive and productive work environment.
Al Buhaira National Insurance Company is a reputable insurance provider in the UAE and has been providing insurance solutions to individuals and businesses for over 40 years. Here are some reasons why you might choose Al Buhaira Insurance for your group life insurance requirements:
Overall, Al Buhaira Insurance is a reliable and trustworthy insurance provider that can provide customized group life insurance solutions to meet the specific needs of your business and employees.