What are Group Benefits?
A group benefit is a part of a very active employee help program which benefits both the employee and the organization. Group benefit schemes are generally targeted towards employees as it provides a total financial cover towards losses due to injury, illness or death. The group benefit scheme has proved to be a winner as it has helped organizations in employee retaining.
The group benefits generally have a wide group of financial covers. One of the most commonly found group benefit scheme in Canada is Employee & Dependant term life insurance
. This cover generally provides life insurance covers for every insured family member. The general beneficiaries are the plan members, spouses and children. They generally provide funds for children's education, mortgage
, income replacement, etc. This plan practically helps in covering all the important needs and requirements of an average Canadian person. The beneficiaries are assured that they have a decent standard of living. These benefits have been widely appreciated by the Canadian community and have also given a ray of hope to Canadian organizations.
The organizations primarily marked out of Canada have realized that there has been a considerable rise in employee satisfaction records. On introducing benefits like the Accidental Death and Dismemberment insurance and health
care schemes, people have found an eye opener. Accidents are a common sight in any profession and this can vary from minor incidents to major accidents. The scheme provides the victim a complete financial security to the victim after a tragic accident. The benefits are generally paid directly to the victim or the beneficiary in cases of death. The benefit of this plan in Canada is irrespective of the plan principal amount that has to be covered at all times in event of an injury.
The benefits on health care, dental care and vision care have also proved to be a hit. These have found a large number of takers as these plans can cover medical costs for injury or treatment to any part of the human body. The covers are pretty lenient on employee's whose occupation involves a lot of hazards. Health care is a primary concern for any average Canadian employee and this has in turn been understood clearly by the organizations.
There are programs such as Short Term and Long Term Disability insurance
. This has also found a wide number of takers among the Canadian community. The insurance covers all short and long term disabilities which can cause hindrance to one's working condition. The period of cover is generally based on health reports and the insured will be entitled to all benefits according to his health plan.
The Canadian Government has always been strict about enforcing healthy and safe working environments. This in turn has shown a great change as organizations have resorted to lot of schemes to be provided for employees. The group benefit service is in fact one of the best services provided as it has given a wide level of confidence to major level of employee's. This scheme will directly influence satisfaction levels and in turn increase productivity. What are Group Benefits?