The happy and contented work force is the key factor for higher productivity and efficiency levels. Human Resource is the real strength and asset of the organization. Thus the responsible Employers try to keep the moral of their Employees very high by providing benefits such as Life Insurance Cover.
Group Life Scheme is an effective tool to strengthen the employer- employee relationship and fasten the loyalty of employees. Many Voluntary Organizations and Association are also getting attracted towards this scheme because of the economical rates offered under the scheme as compared to Individual Life Insurance.
The fundamental purpose of any type of insurance is to replace or compensate economic loss in contingencies. Group Insurance provides insurance protection to a number of individuals as a class or group under a single contract. Here in this part of the world, the insurance contract is negotiated between the employer and the insurance company.
Group Insurance prevents an employee's family from being abruptly cut off without funds. It provides sense of security, freedom from worry and anxiety to the employees. Group Insurance develops better morale and added loyalty of employees to the employer. Group Insurance provides satisfaction and peace of mind to the employer by discharging his obligation in a number of forms and businesslike manner.
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