When employees are like family, their families need care too. Group Life cover is a valuable employee benefit. Group Life cover is a low cost-effective way to provide peace of mind for your employees, knowing that a provision has been made for their dependents’ financial protection were they to pass away.
It is also a valuable employee benefit for you. Employee retention and motivation are probably the key challenges that employers face in a competitive work environment. It is important to get the employees to focus on their job and remain committed to long term. Employees work with a lot of dedication when they believe their organization truly cares about their well-being. Group Term Takaful solution addresses employees’ needs of Takaful life insurance coverage by providing them with peace of mind while ensuring that their family’s wellbeing is ensured when they are no longer there to support them.
Our Group Life Plan can be offered as part of a benefits package to your employees. In the event of death, or total and permanent disability of one of your employees, the plan would pay out a lump sum as a multiple of the employee’s salary to the employee’s loved ones. Other benefits that can be added to the plan are Permanent Total Disability, Permanent Partial Disability, Temporary Total Disability, Terminal Illness, Critical Illness, Repatriation expense, Passive War Risk and others.
General Takaful’s Group Term Takaful Scheme provides employers the opportunity to structure tailored package offerings to its employees by choosing from a comprehensive range of additional/supplemental Takaful benefits. All covers are available on a 24-hour worldwide basis and covers both on-duty and off-duty risks.
The employer has complete control on the level of coverage and the type of benefits it wants to offer to its employees. In most cases, it is a multiple of salary which varies from as little as twice the annual salary to five times the annual salary. It can also offer various customized offering like different annual salary multiples or flat amounts across different categories of employees which may vary based upon position in the organization.