Employees are valuable assets of almost every business. Hence, it is essential to choose the right kind of insurance plan for your workers. There are lots of income protection choices available now for employees. They are designed in a way that they bring lots of benefits to staffs. The primary purpose of choosing the insurance plan is to retain, protect and attract lots of employees. The employee benefits, also called fringe benefits or perks, are given to staffs above and over the wages and salaries. These benefit packages may contains several benefits.
What makes employee benefits essential?
Providing benefit to the staffs is essential because it demonstrates them businesses are not only invested in their health but also their future. The best kinds of employee benefit option can aids in retaining and attracting talents. These benefits can help you in differentiating your overall businesses from others.
It can improve the bottom line of your company by engaging staffs to join the beneficial programs. If businesses have healthier employees, it will reduce the healthcare cost for the organization. The employees with minimal health risks take less number of trips to health care professionals, minimum sick days and spend enough time working in the organization. All of them are combined to bring them enough selves for working daily in an effective manner.
Types of employee benefits
Based on the kind of job and organization, the employee benefits will differ. Even there are many plans available, but it is essential to pick the right one. It is because the smart pick will bring a unique benefit in competitive recruiting cases.
Group life insurance
The group life insurance options are available in the voluntary, basic and supplemental programs for meeting an array of requirements. It can protect the family when the employee dies. It is standard for all kinds of workers.
It covers the amounts of surgeon and physician fees, prescription drugs and hospital rooms. Both optical and dental care is given as part of a complete benefits package. This kind of coverage can include the family of employees. The staffs pay the part or all of the premium for their employee medical insurance. Frequently, staffs pay the percentage of monthly cost.
Pension benefits are amounts set aside for offering people with an income when they complete their careers. There are two kinds of retirement benefit plans available that includes define and defined contribution plans.
Keyman/Share Holder protection
Keyman insurance is a type of life cover which protect the business against the complete loss of a vital staff member. It is simply defined as a person who is essential for the financial achievement of the company.
It is the publicly sponsored benefit, which pays monetary advantages to staffs who become disabled or injured during employment. This kind of insurance provides employees with compensation for disabilities or injuries sustained due to work.
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I am in Dubai for past 30 years and into a business with my partner. I met my adviser about eight years ago when he advised me to take life cover with critical illness benefit to cover my mortgage liability. I decided to go with the plan. Everything was going fine until last year when I had a major heart attack. I went through the surgery and survived.
In my review meeting I informed my advisor about the incident and he reminded me of my plan with critical illness benefit which I had taken to cover my mortgage. I had cleared my mortgage about two years ago and wanted to cancel the plan but On his advice I decided to continued with my plan as he said at my current age I may not get Critical Illness benefits or the cost will be very high. We immediately filled up the claim application for critical illness benefit and give it to the insurance provider.
I had received the full cash amount within two weeks which is actually helped me in my business a lot. I thought about the time when I had listened to his advise and today me and my partner is running a cash rich business which is very helpful in these challenging time.
I came to Dubai when I was 30. After a few years I met my advisor who advised me to have a life cover for me and my wife. After having a discussion we also realized that I should save for my sons education. I decided to go with both the options and worked out a plan to achieve goal amount for my kids education which I will require after 12 years.
This year my plan was matured and I got the maturity amount which helped me to select the best university for my only son.The amount which we had received was a little less than what we had projected because of market fluctuations but when i think if I had not taken this plan on the advice of my consultant then today I had zero amount saved for my kids education. This forceful saving has really helped me today and now I started a retirement plan with him.