Employee-Employer Insurance
In today’s competitive job market, retaining employees is more challenging than ever before. Employee-Employer Insurance is one of the best policies for keeping employees motivated and committed to their company. This insurance acts as a reward and an encouragement for employees to continue with their current employer. It is an agreement between the employee and the employer, based on the employer having an insurable interest in their employees. This policy benefits both parties significantly.
What is Employee-Employer Insurance?
Employee-Employer Insurance is a scheme that covers the following, provided there is a minimum of five employees:
- Individual entrepreneurship
- Partnership firms
- Legal firms
- Employees who are on the company payroll
Benefits for Employers
Reduces Employee Attrition Rate:
- By offering this insurance, employers can significantly reduce the rate at which employees leave the company.
Gains Allegiance of the Employees:
- Employees are more likely to stay loyal to a company that provides them with such benefits.
Tax Refunds on Premium Paid:
- Employers can enjoy tax refunds on the premiums paid for this insurance policy.
Financial Benefits:
- The tax refunds on premiums paid can lead to financial benefits for the company.
Benefits for Employees
Security Against Illness, Accident, and Premature Death:
- Employees receive security against unforeseen events such as illness, accidents, and premature death.
Alternate Source of Income for Family:
- In the unfortunate event of an employee’s death, the nominee will receive the claim, providing an alternate source of income for the employee’s family.
Tax-Free Monetary Benefits:
- All monetary benefits received from this policy are tax-free.
Employer-Paid Premiums:
- Employees get the benefit of this policy without having to pay the premiums, as the employer covers the cost.
Boosts Morale:
- Knowing they are protected and valued by their employer helps boost employees’ morale.