EMPLOYEE LIFE & DISABILITY INCOME PROTECTION
Group Life and Personal Accident insurance Products are systematically made for your requirements, be it Small & Medium Enterprises (SMEs) or banks or for large corporationsPolicy is ideal for companies to ensure their employees to provide coverage for accidental bodily injury, death or disablement of the insured persons. During the period of employment, the coverage can be arranged on a 24 hours basis or only to cover occupational accident.
- Tailored policies for large organizations as well as SMEs
- Customized special policies for banks
- Additional Accidental Death Benefit
- Permanent Total Disability
- Permanent Partial Disability
- Temporary Total Disability
- Accidental Medical Expenses
- Repatriation Expenses
Group Income Protection plans provide an ‘umbrella’ income insurance to a large group of employees within the same organisation. Its main advantage is to allow each individual to purchase the insurance at a highly competitive rate. Also known as group salary continuance insurance, it works as a combined policy and can be a cost-effective way to attract and retain employees as well as differentiate your company from your competitors.
How does Group Income Protection work?
Group Income Protection plans provide the insured members with an income stream if they can no longer work as a result of illness or accident. It is normally paid as a monthly benefit of up to 75% or more of total income and is paid until the individual returns to work or the policy runs out.
Benefit periods can range from one to six years, and the policy is available to insured members up to the age of 70. Similar to group life insurance, it protects employers from having to pay salaries to sick or injured employees who are not able to contribute to company profitability for extended periods of time
What does the Group Income Protection offer?
Group Income Protection or salary continuance can provide:
- Up to 80% of salary if the employee is disabled, injured or sick
- Super contributions up to 10%
- Booster payments
- A choice of waiting periods
- An optional extra cover including trauma insurance and home care benefits
When should you choose Group Income Protection?
Income Protection provides 24-hour protection every day of the year regardless of the insured’s location. When you as an employer provide Group Income Protection to your employees, you gain the following benefits:
- Protection of your employees and their families, helping them continue to pay the bills if one of their main providers is injured or falls sick
- Protects the business and reduces financial risk by shielding it from having to pay extended sick leave
- Saves you from the decision as to whether to keep paying the absent employee’s salary
How do you qualify and what are the costs?
Group Income Insurance policies can range in size from just a few employees to 200 or more. As the policy is provided at near price, they can be extremely cost-effective and become a solid part of your company’s growth strategy.
Choosing a Group Income Protection broker?
A Group Income Protection policy can be one of the best ways to retain your best people while ensuring your business is protected from having to make large payouts to absent employees. At AOC Insurance Broker, we work hard to negotiate the best Group Income Protection underwriting terms from the leading providers, ensuring you get the best deal possible.
Ready to join us?
Read More: Corporate Benefit Presentation
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