The life of an individual is circled by death and destruction, so are the assets, that’s why insurance is a must thing to save you from a loss by ensuring the money security. Though insurance is not limited to personal interest only, various business organizations are adopting group insurance singapore.
Group insurance covers a group of people who might belong to a professional association or a society. Employees are the core of the backbone of a company, and to ensure the security of their lives and jobs is under the responsibilities of the particular organization, that’s why buying group insurance will be a good trail. If you are an owner of the firm, then the tension of ensuring the security of the workers will be off-shoulder.
Several plans of group health insurance
- Group Health Insurance Plans
- Group Terms Life Insurance Plans
- Group Personal Accident Insurance Plans
- Workmen compensation insurance
- Group Travel Insurance plans
These different group schemes are adopted as per the need of the corporation. The credibility of the workers is directly proportional to the insurance plans.
This scheme applies to every country; if you are a resident of Singapore or came there for employment, then group insurance singapore has long-standing relationships with several companies, including health insurance, with wider plan selection opportunities.
Why is it a necessity to buy group insurance?
- Motivates the employee: It has some attractive deals to offer to the employees to keep them going on with the work and ensures the stability of the job and money.
- Low premiums: In comparison to other insurance plans, it provides relatively low premiums.
- Easy payments: It makes sure the hassle-free salary and the deduction of the installments of the insurance from the employer’s payroll.
- Employability security: Insurance also caters to the secure future of workers and their families against the mishappenings or accidents.
- Riders option: With the nominal option, an employee can apply for double accident benefits or critical illness. It is similar to personal health insurance.
After being aware of all these benefits of group insurance, the proposal is who can apply for this? Generally, it is the responsibility of the firm to avail of this offer to the workers, but a group of people can have access to this facility. Though, the eligibility criteria vary with the provider’s organization like the minimum criteria is to have at least fifty people group to be eligible for the insurance. However, quite a few plans, such as the corporate group term plans, allow coverage with just ten employees. The privileged minimum age is generally eighteen years, while the maximum age may vary.