A group insurance cover is coverage offered by an employer to a group of employees, in some instances members of the same category are subjected to the same benefits while other companies may offer the same group insurance cover to all their employees. In both cases, group insurance has a wide coverage to the target group such as life insurance cover, health insurance, and retirement benefits among others.
Group insurance in Singapore has become a popular insurance package offered by most employers due to the many benefits for both the employer and the employees.
The features of group insurance in Singapore.
– The cover is for the principal member, their spouse, and the children.
– Covers all health issues including maternity and precursory health conditions.
– Charge-free hospitalization for all the beneficiaries.
– Other charges like the ambulance fee are also covered in the same package.
BENEFITS OF GROUP INSURANCE IN SINGAPORE
Cost-saving.
Every employer or a human resource manager should have group insurance for all employees, this is a better way of saving them a great amount of cash they would incur in times of emergencies like illness. The premium also saves money for the covered members as the premium is also affordable for an average income earner.
Good value of the cover.
Group insurance has a large number of contributors, hence a large amount of money is raised for the package which translates to quality medical services. Other than the quality services, the large number of contributors share the cost of the cover hence making it quite affordable and a wide range of coverage for every member.
Establishment of a healthy work environment.
Group insurance has worked as a bridge between the employer and the employees, this has led to a good relationship and teamwork in the workstation. This has been the foundation for the development of the company and the realization of good profit which is all to the benefit of the employer.
Members’ motivation.
A group insurance scheme is not only limited to employees only but also includes the employers, this has been a motivation to all members which makes them more effective in their duties and a stress-free life while at the workplace.
Can be converted into an individual insurance plan.
Group insurance can also be converted into an individual plan in a situation where a member ceases to be a group member either by retirement, resignation, or transfer to a different workstation.
Equal coverage.
Different personnel in a company hold different offices, with different income, different ages, and different gender. However, with group insurance in Singapore all members are treated with similar privileges which is a sign of the value of humanity and appreciation of every sector in a company. Group insurance has therefore made people with low wages in a company enjoy the same benefits as high-income earners under the same employer hence can value the position they hold in the company.
Group insurance in Singapore has created a good working environment in all the companies that have embraced it. The good relationship and cooperation within the company have led to better work output and hence great growth of the involved company.
