Group life insurance is a sort of protection inclusion that gives monetary security to the employees and their families in the event of death or disability. It is offered by businesses to their employees as a component of their work benefits bundle. Group life insurance typically have lower premiums than individual policies because the risk is spread across a larger group of people.
Group life insurance is a crucial component of employee benefits packages in the UAE, GCC, and KSA. As a means of attracting and retaining talent, employers can offer group life insurance to their employees. Employees can feel more at ease knowing that they and their families are covered in the event of a tragedy, which can help boost morale and job satisfaction.
The amount and duration of coverage provided by group life insurance policies can vary, but they typically cover death or disability for any reason. Additional benefits like coverage for critical illness or accidental death may be included in some policies. Employers have the option of funding the policy entirely or requiring employees to pay the premium. Employees may also be able to purchase additional coverage for themselves or members of their family in some instances.