EMPLOYEE BENEFIT VERTICAL

Worlwide Insurance Broker has a specialized vertical for the Employee Benefit related insurance policies. This vertical advises the employers, with expertise on managing their group Life Insurance policies.

Employees are the backbone of any organization. The success and the failure of the organization depend upon the productivity level of the employees. Organizations are putting extra efforts in having Proper schemes for the welfare of the employees. This helps the employees in feeling associated with the organization and thus improvement in their productivity. Many employers are going extra mile to innovate new schemes for their employees. As a part of "Compensation and Benefit package" such schemes have become equally important to the salary payment.

Our Insurance industry related with Employee Benefit policies has seen a huge transition during the last 5 years. Traditional schemes have given way to new innovative policies. Organisations are not only improving the minimum benefits in the mandatory policies but also getting new policies in place.

Products available

Gratuity Fund:
As per "Payment of Gratuity Fund 1972", it is a mandatory liability for the employers. The Act has laid down the eligibility criterion for the employees to get this benefit. It is a huge future liability, especially for the large employers. A Gratuity Fund Trust can be created to manage the fund to meet this future liability. It is always advisable to outsource the management of the fund to an insurance company rather managing it by self. Insurance companies offer variety of options of investment. It is always the Endeavour of the employer to maximize the returns while maintaining safety of the fund. 

Superannuation Fund:
It is an optional scheme for the employers. However many corporates take this policy in order to provide long term savings and old age security to the employees.

Group Term Life:
This is the most popular scheme amongst the corporates. This scheme provides life cover to the entire group with minimum of premium charges.

Group Term Life in lieu of EDLI:
As per "Provident Fund and Miscellaneous Provisions Act 1952", it is mandatory to provide life cover to all the PF a/c holders. The PF Commissioner provides life cover to the employees. The employer pays premium for this cover. The same Act allows the employers to substitute this mandatory policy with "GTL in lieu of EDLI" provided the later provides better benefits. Almost all the insurance companies have offered this policy with highly improved benefits.

Key Man Insurance policy:
Important executives are the key resources for the functioning of the organizations. In case of their unfortunate death, the organization will suffer financially. To protect the organization financially against such unforeseen circumstances, key Man Insurance policy is bought. It is bought on the life of the individual. The employer pays the premium.

Scope of our work
We at Worlwide Insurance advise our customers in restructuring the existing policies but also advise them in having new policies in place. The objective is to provide improved benefits to the employees and control the cost as far as possible.

In case of Gratuity and Superannuation Fund, it becomes very important to select the insurance company based on their fund management techniques. We do end to end analysis and comparison of different funds available in the market matching our requirement.

In case of Group Term Life and EDLI policies, we restructure the policies with adequate coverages supported by fine pricing.