Employee's Benefit


Employees are most valuable and complex assets for any business entity thus required to be taken care specially when they are in crises following an adverse event. With this in mind most of the businesses offer their employees insurance benefits to stay them comfortable. This also works as a talent retention strategy and needs to be in line with the competition. Followings are the most common form of employees benefit insurance policies being offered by insurers in India:


Group Health / Medical Insurance (GMC) Policies are granted to homogeneous Group of individual having some common relationship like employer-employee, members of clubs/associations/societies, depositors or borrowers of Banks/NBFC etc. Policy covers expenses for Hospitalization and Domiciliary Hospitalization incurred for treatment of physical disease or injury sustained/incepted during the Policy Period Domiciliary Hospitalization expenses relates to costs of medical treatment which would normally require hospital admission, but is actually taken at home for specified reasons.

Group Personal Accident Insurance provides cover to the employee / employee’s family in the event of death or defined disablement due to an accident occurring during the course of employment. Benefits payable under the Policy are a lump-sum capital benefit for Death, Loss of Limbs, Permanent and weekly benefit for Temporary Disabilities following an accident occurrence.

Group Term Insurance Policy is meant to provide financial protection to the employee’s family in the event of his/ her death. This policy requires only one master policy to employer covering multiple individual employees as beneficiaries with option of varied Sum Insured. In group term insurance risk assessment is done on whole of the group rather than for the risk factors on an individual basis.

Gratuity is a defined benefit plan and is one of the many retirement benefits offered by the employer to the employee upon leaving his job when an employee completes 5 or more years of full time service with the employer.
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