How much have you invested in the safety of your organization? Beyond crafting the terms and conditions, hiring a legal expert, and making sure all forms are filled out and submitted i.e?

The truth is: your organization needs more protection than these formal procedures and nitty-gritty.

How about redefining protection? How to increased the scope so it truly includes your organization? Say what?

Yes! How about actively including your employees and getting them insured and protected?

Why care more and why care better?

Think of it this way: an investment in your employees is an investment in your organization.

You can have the grandest, boldest, the most revolutionary idea on the planet. You can have a product that rivals and even redefines those of Apple. You can have the knowledge and practical expertise to execute the most profit-generating marketing strategies.

But, if as an organization, you don’t have the workforce to execute them to their fullest potential… then, the grand visions are for nothing. Your employees won’t have the emotional onus to put in their best effort for actualizing your lofty plans. Sure, you are paying them.

However, are you also showing up for them beyond your normal employer duties so that they are motivated to go beyond their normal employee badge? Taking care of your employees and their wellness also helps in retaining them. If you thought that retaining isn’t that crucial because there are lots of eligible candidates out there, then get this:

The average employee exit cost is 33% of their annual salary!

Recruitment fees, productivity, training, onboarding, transitioning… all of these cost your organization only. Here are other benefits that only come with an engaged workforce:

1. 21% more profitability.
2. Revenue that is double of other companies with an average headcount that is 24% smaller.
3. Outperforming the S&P 500 by 122%.
4. 20% increase in sales.
5. 10% increase in customer ratings.

All these juicy numbers come about because a workforce that feels taken care of works a lot better. They are:

• Less likely to quit
• Less likely to shirk responsibilities
• Less likely to get sick
• Able to think innovatively and present those ideas
• Feel appreciated and recognized

These positive feeling states ultimately benefit your organization and its working, as evidenced by the numbers above.

How to truly protect your organization

Through insurance. 

Insurance is the fool-proof, sustainable way of ensuring protection for all your employees. The good news is: Aviva offers a range of insurance plans all targeted towards organizations and their workforce. They protect not only the employees but provide benefits to their families as well.

Here are all the plans plus their relevant details:

Aviva Corporate Life Plus

This is a group insurance plan and provides life cover for the members of an organization. The following are included:

• Life cover for employees
• Protection through minimum medical formalitiesAdditional cover for permanent disability and accidental death.

The organization/ institution is the master policyholder. At least 50 employees- aged between 18 and 69- have to be included so as to benefit from the plan. If there are fewer than 50 members, then schemes can be reconsidered/ formulated based on the individual health of the employees. The minimum sum assured is 1 cr per scheme and there is no cap on the maximum sum assured. Premiums can be paid annually, half-yearly, quarterly, or monthly.

In case of the death of a member/ employee, the sum assured is given to the master policyholder. The master policyholder settles the account with the beneficiary of the employee. Extra provisions are available in case the master policyholder opts for a DAB (Double Accident Benefit) or PTD (Permanent Total Disability) rider.

The organization, in turn, gets tax benefits under the provisions of the Income Tax Act, 1961.

More information can be found here.

Aviva Group Term Life

This is a non-participating, non-linked, yearly renewable group term insurance plan. It is meant to provide protection to employer-employee and affinity groups. The employer is the master policyholder in the case of the employer-employee group.

The minimum sum assured:

• Per member- INR 5,000
• Per scheme- INR 20,00,000

They can be availed through any of the following options:

• Lump-sum benefit with Pure Term Cover (spouse cover for the primary member of the employer-employee group is available by paying an additional premium)
• Regular monthly income (RMI) benefit with Pure Term Cover
• Terminal illness benefit with Pure Term Cover

There is no cap on the maximum sum assured. The premiums to be paid depends on the total sum assured under the scheme. Since this is a pure protection plan, there is no payable maturity benefit available once the policy period ends.

Full information can be found here.

Conclusion

If you are aiming to be an organization that stands out, then choose to do something outstanding. Insurance can be the first step in that direction as it provides real benefits to your employees that they might not be enjoying before. Plus, the organization as a whole gets tax benefits, too.

What are you waiting for now?

It’s time to protect your organization beyond legal papers.

 

AN Feb 90/20

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