Insurance

In the world of business, safeguarding your assets is essential to prevent unexpected losses. Many entities, particularly companies providing professional services or operating within financial sectors, are exposed to risks of deceitful activities carried out by employees or other third-party individuals. One essential protection against such activities is a third-party fidelity crime bond. In this article, we will explore what this bond entails and the types of businesses that would benefit most from obtaining one.

Fidelity Crime Bonds: A Brief Overview

A fidelity crime bond, also known as a fidelity bond or employee dishonesty bond, is a form of insurance designed to protect businesses against losses resulting from fraudulent acts committed by employees or third-party service providers. These bonds act as a financial guarantee, compensating businesses for direct losses due to acts of theft, forgery, embezzlement, or other dishonest conduct on the part of those entrusted with the organization’s resources.

If your business handles sensitive information or employs individuals with access to valuable assets, a fidelity crime bond can provide an additional layer of security against potential losses. You just need to make sure to choose a bond that suits your business needs and covers all potential risks. For instance, by choosing a reliable agency for fidelity and crime insurance in Atlanta, you can ensure comprehensive coverage against all forms of employee fraud.

Identifying the Businesses That Require a Third-Party Fidelity Crime Bond

Certain types of businesses are at a higher risk of encountering dishonest activities involving third parties. Institutions that require a third-party fidelity crime bond include:

1. Banking and Financial Institutions

Banks, investment firms, and various financial institutions manage large sums of money and sensitive client information on a daily basis. Given the nature of their operations, these organizations are more prone to being targeted by criminals seeking to take advantage of weaknesses in their security systems.

2. Payroll and Accounting Services

Organizations that provide payroll and accounting-related services handle essential financial documents and perform monetary transactions for their clients. As such, they may face risks of employee theft, fraud, and other dishonest actions that could lead to client losses.

3. Property Management Companies

These businesses oversee and maintain substantial asset portfolios, including real estate and tenant relations, on behalf of their clients. With various employees and vendors handling financial transactions and sensitive data, property management companies face increased exposure to deceitful activities and fraudulent behavior.

4. Non-Profit Organizations

 While it may come as a surprise to some, non-profit organizations are not exempt from the risks associated with dishonest activities. As these organizations often depend on donations and the goodwill of benefactors, they need to ensure the proper stewardship of funds and protection against employee theft or third-party fraud.

A Maryland Criminal Lawyer specializes in defending individuals facing a spectrum of legal challenges within the state’s criminal justice system. With expertise in navigating complex legal procedures and statutes, they provide dedicated advocacy to clients confronting crime charges. Whether it’s felony or misdemeanor offenses, their paramount goal is to safeguard the rights and interests of their clients, offering strategic counsel and vigorous representation throughout every stage of the legal process.

In Conclusion

Third-party fidelity crime bonds act as a crucial safeguard against the risks of financial losses resulting from fraudulent activities. Such bonds provide businesses with a sense of security and reassurance, knowing that they are financially protected in case of any deceitful acts committed by employees or third parties. It is essential for companies operating within high-risk industries to seriously consider obtaining a third-party fidelity crime bond to protect their assets and ensure the smooth operation of their business. So, it is always a wise decision for companies to invest in such bonds and safeguard themselves against any potential financial losses resulting from dishonest activities.

Weston Gutkowski

vitale-finances.com

auto insurance niles mi is an essential requirement for every driver, but do you know that there are different types of auto insurance policies available? Depending on the purpose of your vehicle and its uses, you may need a commercial auto insurance policy or a personal auto insurance policy. In this article, we’ll explain the differences between these two types of auto insurance niles mi so you can make an informed choice about the coverage that best meets your needs.

Understanding Personal Auto Insurance

Personal auto insurance is designed for individuals who use their cars for personal reasons such as commuting to work, running errands, or taking road trips. This type of policy provides coverage for damages or injuries that may occur in an accident involving your vehicle. It also typically covers damage to your vehicle from events such as theft, fire, or vandalism.

Understanding Commercial Auto Insurance

Commercial auto insurance is designed for businesses that use vehicles for commercial purposes such as transporting goods or services, carrying passengers, or making deliveries. This type of policy provides coverage not only for damages or injuries that may occur in an accident involving your vehicle but also covers any liability arising from the commercial use of your vehicle. They may also include additional optional coverage, such as coverage for hired and non-owned vehicles or uninsured motorist protection.

Key Differences Between Commercial and Personal Auto Insurance

1. Coverage Limits

The coverage limits on a commercial auto insurance policy are typically higher than those on a personal auto insurance policy due to the increased risks involved with using vehicles for commercial purposes. A higher coverage limit ensures that your business is protected against any financial losses resulting from accidents involving your vehicles.

2. Liability Coverage

Commercial auto insurance policies provide more extensive liability coverage compared to personal auto insurance policies. Liability coverage protects your business from third-party claims arising from accidents caused by your employees while driving company-owned vehicles. You may also check out does auto insurance cover rental cars to get more details. Remember to always speak with your insurance company for complete details about the coverages available.

3. Cost

Commercial auto insurance policies are generally more expensive than personal auto insurance policies due to the increased risks associated with using vehicles for commercial purposes. The cost of a commercial policy will depend on factors such as the number of vehicles owned by the business, the driving records of employees, and the nature of the business itself.

Seeking Professional Advice

Determining whether you need personal or commercial car insurance can be confusing and complicated. It’s best to seek professional advice before purchasing any type of car insurance policy. An experienced agent can help you understand the different types of policies available and determine which one best suits your needs based on factors like how often you use your vehicle(s) commercially and what kind(s) they are. For example, if you are seeking personal auto insurance in Decatur, GA, you may want to speak with an agent at a local Decatur, GA, insurance company. This is because they will have the most current information on rates, coverages, and discounts available in your area. They can also provide guidance and advice on ways to save money and customize your policy to meet your specific needs.

To Sum Up

Whether you’re driving a vehicle for personal reasons or using it commercially, having adequate car insurance coverage is crucial. Understanding the difference between personal and commercial car insurance is important when selecting which one fits better with your situation. Ensure you seek professional advice if needed before making any decisions regarding which type would be best suited to meeting all necessary requirements!

Darren Medeiros

Construction insurance is a type of insurance that provides protection for property owners, builders, and contractors against financial losses that can occur as a result of construction. There are many different types of construction insurance, and each one provides coverage for different risks. Knowing these different types of coverage can help you choose the right policy for your project. So, without further ado, here are the three major types of construction insurance.

1. General Liability Insurance

General liability insurance is one of the most important types of construction insurance. It provides protection against claims of bodily injury or property damage that may occur as a result of your work. This coverage can help cover the costs of medical expenses, legal fees, and damages that may be awarded to the claimant. It further protects you in the event that one of your employees is injured while working on the job site. You may even check out what does general liability insurance coverage include for contractors so that you will be more knowledgeable about this type of insurance. Meanwhile, please note that this insurance will not cover any damage that is caused intentionally, or that is the result of gross negligence.

2. Builder’s Risk Insurance

Builder’s risk insurance is a type of property insurance that provides protection for buildings under construction. This coverage can help cover the costs of repairs or replacement if the property is damaged or destroyed by a covered peril. Perils can include fire, wind, hail, theft, and vandalism. This coverage can also help cover the costs of delays that are caused by a covered peril. Builder’s risk insurance is often required by lenders in order to get a construction loan and is typically written for the duration of the construction project.

3. Workers’ Compensation Insurance

Workers’ compensation insurance provides protection for employees who are injured while working on the job. The coverage includes medical expenses, income replacement, and death benefits. Workers’ compensation insurance is mandated in most states for businesses that have employees. This coverage aids in protecting the business from lawsuits that may arise from workplace injuries. Plus, it helps ensure that employees have the financial support they need if they are injured while working and are unable to work.

The Bottom Line

These are just a few of the different types of construction insurance that are available. There are many other types of coverage that can be purchased depending on the specific needs of the construction project. It’s important to work with an experienced agent for general contractors insurance in Decatur, GA, to ensure you have the right coverage in place. The right insurance policy can help protect your business from financial losses that can occur as a result of construction.

James Simms

Corporate insurance aims to meet the unique demands of businesses and safeguard all their assets and interests. Just as people seek protection against common dangers, it is also crucial to protect organisations against certain risks inherent in commercial operations. The lack of business insurance can cost organisations in Singapore most substantial losses in the long run.

5 Types of Business Insurance Every Company Needs

Properly insuring your business allows you to focus on growing profitability and production. Starting on customised business insurance is the best investment you can make for your company if you are a business owner. The following are five main categories of business insurance covering every possible cost for companies in Singapore.

#1 Corporate Property

Mishaps can happen at any time. There is nothing you can do if a natural calamity happens. Furthermore, machines can suddenly malfunction and criminals can target your business at any time. For these reasons, four types of corporate or business property insurance cover the cost of damages for firms in Singapore.

1.A. Property

Property insurance protects your buildings, plant and machinery, equipment, stocks, renovations, furnishings, fixtures, fittings, etc. Businesses can set up this coverage as ‘All Risks’ or ‘Fire and Extraneous Perils’. The former is a more comprehensive coverage since it includes accidental loss or damage to covered company property unless expressly excluded in the policy.

1.B. Theft/Burglary

It is a type of business insurance that covers any cost businesses in Singapore incur due to theft or burglary. Properties included in this insurance policy are office equipment, machinery, stock-in-trade and business goods.

1.C. Business Interruption

The Firm Interruption coverage aims to help put businesses back in the same financial position if the covered property had not been lost or damaged. Companies can tailor their business interruption policy to provide coverage for rental or temporary facilities, fixed operating costs, employee wages, etc.

1.D. Fidelity Guarantee

Fidelity Guarantee is a type of business insurance that covers any cost a company in Singapore incur due to acts of fraud, dishonesty, forgery, or theft. It protects the firm against direct financial loss from crimes perpetrated by workers as long as they are under their employment contracts and obligations.

#2 Employee & Health

This business insurance covers two of the most crucial policies for employees: the WICA and health insurance coverages.

2.A. WICA

The Work Injury Compensation Act (WICA) in Singapore obliges all companies to obtain work injury compensation insurance for local or international employees conducting manual or non-manual labour. Employers that fail to comply may face a fine of up to S$10,000 or a 12-month prison sentence. There are times that a firm will face both punishments. WICA also includes insurance policies that can insulate companies from legal liabilities stemming from Common Law claims by workers.

2.B Basic Medical

Every business must get health insurance covering any cost for hospitalisation in Singapore. The Employment Act compels all employers to contribute to CPF for all Singaporeans and Singapore Permanent Residents (PR). A part of the payment goes to Medishield Life, which offers life insurance against significant healthcare expenditures.

Employers must also purchase and maintain Foreign Worker Medical Insurance for S-Pass and Work Permit holders for their employment. This insurance covers non-work-related inpatient hospitalisation and day surgery charges of $15,000 per year.

However, the Medishield Life and Foreign Worker Medical insurance policies do not protect workers who are Employment Pass (EP) holders. Their employers may acquire group medical insurance to protect their personnel. It often covers group hospital and surgery, personal accidents, outpatient clinical/specialist consultation, and dental coverage.

#3 Legal Liabilities

Liability insurance protects companies from claims stemming from injuries and property damage. This type of business insurance helps cover any cost for businesses in Singapore from legal defence expenses. It can also include compensation that can hold the insured party legally accountable if proven to be at fault.

The following are the five most common legal liability insurance policies.

3.A. Public Liability

This business insurance covers any cost a company in Singapore can incur due to third-party claims for personal injury or property damage caused by activities and facilities.

3.B. Product Liability

This insurance policy protects your company from claims of personal injury or property damage caused by the items it manufactures, sells, supplies, or distributes.

3.C. Directors & Officers Liability

The directors & officers, or D&O, liability insurance bought by companies in Singapore are for their board and officers. It protects them from personal liability if someone sues them while in their role for actual or suspected unlawful actions.

3.D. Professional Indemnity

Professional indemnity insurance is a coverage policy that protects a company against legal action. It provides coverage for losses due to inadequate professional service or advice claims.

3.E. Advertising Liability

It protects firms against allegations of defamation and violation of copyright and intellectual property rights stemming from the company’s advertising operations and collateral.

#4 Commercial Motor

The Motor Vehicles (Third-Party Risks and Compensation) Act requires firms that possess commercial vehicles, such as a truck or van, to get Commercial Vehicle Insurance. Companies must ensure their vehicles have at least third-party coverage before driving them out on public roads.

#5 Industry Specific

This business insurance policy covers any cost for risks firms in Singapore may face that are unique to their sector. A transportation business or freight forwarder is liable for the products they convey and can get Cargo Insurance to cover the cargo while in transit. Before project/contract work can begin, a construction or engineering firm must get Contractors’ All Risks or Erection All Risks coverage.

Get Your Business Insured Now

Are you looking for business insurance to help cover any cost your firm in Singapore can incur due to damages and liabilities? Come and consult with BLACAZ.

BLACAZ. is a Singapore-based insurance firm that aims to help CEOs, CFOs, Entrepreneurs, and HR professionals navigate the challenging insurance business. Their objective is to make getting cyber and business insurance online as simple as possible for SMEs and startups. They offer policies for D&O insurance to professional indemnity insurance coverage to clients. Explore their website for inquiries and more information.

Herbert McDermott

Many insurance brokers were hit by the pandemic and the aftermath of economic events that followed it. Insurers specializing in engineering insurance, workmen’s compensation insurance were badly hit because of the pandemic. Small businesses could not take the insurance due to the drop in revenues and on the other hand due to the lockdown the motor insurance business was dropped as people were not willing to renew their insurance policies. There was no movement of vehicles resulting in postponement of vehicle renewals. The insurance broking business was also hit due to the pandemic and forced them to reinvent themselves to adjust and increase their chance of survival in the market.

There are certain broking trends which are observed in 2022 after the pandemic subdued:-

• Embracing the technology completely: The insurance broking companies have embraced the technology completely and made the insurance buying process completely online without human involvement. Many insurance broking companies have developed their own online sites for the convenience of the customers where the customers can buy the insurance products online without the need for human intervention. Ethika insurance broking has developed a group health insurance software which can be synchronized with the HR portal of any organization.

Claim settlement has also been completely revolutionized with the help of Artificial intelligence where the customers can directly find the status of the claims. Even the claims can be reported on the mobile apps or websites of the insurance companies.

• Personalized and customized products: The insurance brokers have introduced personalized and customized insurance products. There has been a change in the preference of the customers with reference to the insurance products. Customers are no longer preferring the old model insurance products and are demanding the new insurance products which can be customized and personalized as per the needs of the customers. The group health insurance policies are customizable as per the needs and requirements of the customers. There are other insurance products such as pet insurance, super top health insurance plans which can be customized as per the needs of the customers.

Group super top up health insurance plans are offered as an add-on to the group health insurance customers where the sum insured, deductible and other elements can be customized in the super top up plans.

• Focus on compliance: Insurance industry in India is regulated by the Insurance Regulatory and Development Authority of India which oversees the insurance operations in India. There are very strict compliances to be followed by the insurance players in the market without which they would be fined heavily. In addition to this, the insurance intermediaries are the only form of intermediaries which are legally liable to the deficiency in the services rendered by them. IRDA levies hefty fines on insurance brokers that do not comply with the rules and regulations laid down by the authority.

Insurance brokers have increased the focus on compliance to reduce the risk of payment of fines imposed by the authority. This way, malpractices could also be reduced to a certain extent.

• Hybrid Work models: The insurance broking companies have adopted the hybrid working model where the employees can work from office or from home depending on the need. This hybrid work model may continue for a few more days and the arrangement for this model is made by the broking companies keeping the factors such as data security, work efficiency in mind.

Herbert McDermott

If you’re in the green building industry, there are several types of insurance you can get. You may have to add extra expense coverage, such as renewable energy. Or you may have to purchase Coinsurance to cover the risk of an unexpected catastrophe. Here’s what to look for in a green building insurance policy. This article will cover the basics of Green upgrade insurance, Coinsurance, and Business interruption insurance. And it will discuss the advantages and disadvantages of each.

Business interruption insurance

Businesses in the green building industry should consider business interruption insurance as a way to protect their assets. Unlike property insurance, this type of policy covers the lost profits of a business even if it’s in an area prone to natural disasters. The insurance also includes expenses related to employee payroll, such as health and dental bills. While the policy doesn’t cover additional costs incurred to run a business, it provides a valuable way to ensure the continuation of a company.

The basis for a claim will depend on the terms of the policy, so it is important to consider how the loss is calculated. Many policies limit the amount you can claim to a certain percentage of turnover or output alternative, such as lost production income. However, some policies allow for an alternative basis, depending on the circumstances. In the green building industry, multiple events can cause problems with loss allocation, so it is vital to carefully choose the policy that provides you with the maximum coverage.

Green upgrade insurance

If you own a building that is environmentally friendly and/or is certified, there are now several green upgrade insurance options. Green upgrades are more expensive than standard construction, but you can get coverage to replace the damaged or destroyed property. These policies recognize that a greener building will save the environment in the long run, and therefore reduce construction defect claims. To learn more about green upgrade insurance options, read below.

Related expense coverage provides an additional limit on insurance for the cost of completing a green upgrade. Related expenses can include costs of reducing waste, recycling, and extraction, transportation, and professional fees for design and engineering of green upgrades. In addition, the coverage also covers equipment testing, certification fees, and air-out expenses related to green upgrades. For those businesses who are looking for greener insurance, this is the perfect policy to get.

Property insurance

Businesses in the green building industry have specific insurance needs and risks that must be addressed. To protect their assets, they must be able to purchase insurance that is specifically designed for green buildings. While green insurance policies are becoming more common, finding the right one can be challenging. Read on to learn more about the benefits of green insurance and how you can protect your green business. A green building is a building that uses less energy and reduces its carbon footprint. In addition, green buildings can be safer and more resilient to natural disasters.

Green buildings often use more renewable energy than traditional buildings. Architects are looking for ways to produce energy from renewable sources and tighten the energy efficiency of buildings. One commercial party that is taking steps to reduce energy costs is the insurance firm Applied Underwriters. Its new headquarters in Omaha, Nebraska, is constructed of environmentally friendly materials and features. The building will incorporate 80 acres of open space, eight miles of trails, thousands of trees, and thirteen iconic water basins. The insurance company will be able to cover natural disasters, as well as any unplanned events, that occur in the area.

Coinsurance

There are a variety of coinsurance insurance options for businesses in the green building profession. These policies provide an added level of protection to the insured and provide coverage for the costs associated with green consultants, green mobile equipment, and porous paving upgrades. However, there are certain limitations, and you should consider each policy carefully. Read on to learn more. For more information, visit the green building industry website. Here are a few of the most common types of policies.

If you own a green building, look for an endorsement that will protect you against unexpected expenses. For example, if you’ve installed a vegetative roof, you’ll have coverage for the additional cost of replacing the roof. Some policies also allow you to upgrade to green certification, so you’ll be covered if you have to reconstruct the building. Additionally, these policies typically cover costs related to green design and construction, such as fees for certification.

Environmental risk management

While green building practices are increasingly popular, there are some unique risks associated with this emerging industry. Insurers responding to these changes are providing new, vibrant coverage and risk management programs to help their customers maximize green economic opportunities and understand the risks that they face. Listed below are a few examples of environmental risk management insurance options for businesses in the green building industry. Listed below are some common risks associated with green building.

For green-upgrade projects, ISO form insurance may be the right option for your business. Green-upgrade insurance pays for the costs associated with upgrading an existing building to a higher LEED certification level. Some policies also cover the cost of green design, recycling, and certification fees. This coverage is useful when your business plans to upgrade to a LEED-certified building in the future. Taking the time to research these options can help you protect your business and ensure that your construction project will meet all green building standards.

Darren Medeiros

The 2008 financial crisis was a defining moment for millennials. Consequently, the pandemic has created a volatile and unpredictable job market, one impacted by lockdowns for Gen Z . As newcomers to the market, the younger generations will most likely suffer from these fluctuations.

In the present time, financial planning is something that most Gen Z practice for a successful future. As opposed to millennials, Gen Z is primarily concerned with owning their first home and aware of their spending, savings and investments. More importantly, Gen Z audiences are highly optimistic that the pandemic will change their priorities when it comes to improving their health, which will eventually factor into their ability to deal with future epidemics more effectively.

As a group, they are also the most proactive in seeking the best income protection insurance as per their needs. A generation that practices living in the present and takes life one step at a time, Gen Z is the next set of policyholders for insurance companies. Since they are looking for quick results and better returns, their life goals differ from their parents.

By one way or another, the young generation can adapt to the globalised world and take advantage of the diverse development opportunities it offers. For Zen Z having financial security and protecting one’s health is of utmost importance. Therefore, they are always eager to purchase various income protection insurance that aids their medical benefits and offers savings and guaranteed returns.

Generation Z’s focus on getting income protection as early as possible is one of the best ways of safeguarding their financial futures in a tumultuous economic environment. Furthermore, the younger generation is fully confident that their choice for acquiring income protection insurance will also allow them and their families to continue meeting financial obligations.

As the younger generation has widespread access to mobile tools and open banking, many make the most of it. Moreover, Gen Z is statistically most comfortable with digital financial services and managing their money online. Hence, the younger generation is purchasing income protection insurance with technology since it is no longer an arduous process and yields returns.

Generation Z’s desire to get on the property ladder as quickly as possible is one of the most distinctive differences between their financial aspirations and those of other demographics. Income protection enables the young generations to meet their financial obligations while saving for their future goals, such as owning a property or planning an early retirement.

Also, Gen Z is aware that premiums are charged based on the policyholder’s current age, so they opt for an income protection insurance policy at an early age to receive a lower premium rate.

Putting it all together,

Considering the serious financial impacts of the pandemic on Gen Z, many of them are aware that when they retire, social security may no longer be available to them in the same way it is now. Thus, income protection insurance for Gen Z can be an affordable way to lock in future insurance and develop a financial plan that protects and ensures financial security.

Kevin Fry

Medicare insurance plans richmond va online is not just about buying a plan for your family. As an insurer, you should be informed and updated on all the terminologies. You can find all the definitions that are commonly used in health insurance within this post.

Health Insurance

Health Insurance is a great way to distribute financial risks that are associated with a person’s health care expenditures by pooling out all the costs over a period of time.

Agent

An agent is usually appointed by the person who wants to buy an insurance policy in an insurance organization. They must also hold a valid license that has been issued by the IRDA i.e. Insurance Regulatory Development Authority. Make sure to opt for a trusted and reputed Insurance platform such as One Assure.

Claim

Claims are basically a process where the insurer will apply for reimbursement of any expenses which are incurred during filing claims for treatment. Usually, this process can be handled by someone who is an insurance representative. They are also called “Third Party Administrators”.

Cashless Claims

Just like the term suggests, the person who has bought the insurance can make claim without paying the cash up front. The insurer will have tie-ups with their various hospital networks as well as nursing homes known as network hospitals across India. The insurer could also get admitted to in-network hospitals that are specified, take the right treatment for any contracted disease without taking cash payments from the hospital when they are getting discharged.

Coverage Amount

This is basically the maxim amount that is paid during the claim’s event. It is also called the sum assured or insured. The premiums of this health insurance plan will be dependent on the coverage you selected.

Health Insurance Fraud

This is basically an act where one conceals, deceives, or even misinterprets certain information that causes the benefits being paid in an illegitimate manner to any group or individual.

Group Insurance

An association or firm may require you to buy a policy that ensures group members. For instance, the company you have might require the policy to cover a bigger group of employees.

A Floater Policy

You could also consider having a floating policy which is basically a single sum insured that provides coverage for all your family members. It could also be used by your family member many times. For example: if you have four people in your family along with two kids and a spouse, you could purchase a policy of 500,000 which gives you treatment benefits of 2 lakhs and the rest can be used by your family and yourself.

Once you have a strong understanding of any insurance whether it is term insurance e or heath insurance and how it works, you will definitely be able to find yourself that matches your current budget. So, when you are shopping for health insurance, you will need a trade that’s off between coverage that is high and low in cost. These plans also come with lower deductibles and also provide you with enough flexibility. So, make sure you know these terms well before making the final choice.

Weston Gutkowski

vitale-finances.com

A robust life insurance policy is an integral part of the financial portfolio for most working-class Indians. And the majority of the people prefer buying a term plan. Over the years, term insurance has evolved significantly, and insurance companies nowadays offer different types of term plans.

But before we discuss the types of term insurance policies in India, let us understand what term insurance is?

Term insurance is one of the purest forms of life insurance. And as the name suggests, term insurance offers coverage for a limited period. In the event of your demise during the policy period, the insurer will pay the death benefit to the family member. However, if you survive the policy term, you don’t get any survival benefits, and the policy will cease to exist.

Types of term policies

Level Term Plan

It is one of the purest forms of term insurance. In this plan, you can choose the sum assured at the time of buying the policy, and the amount remains constant throughout the policy term. The earlier you buy the policy, the lower the premium will be.

Increasing Term Insurance

As the name suggests, this type of term insurance gives you flexibility to increase the sum assured at specific points during the policy term. The rate of the increase in sum assured is predetermined. It is an excellent choice of term plan that allows you to keep up with the rising prices and ensures that your family has sufficient funds to meet their regular expenses. Generally, the tenure of an increasing term plan is higher than other types of term insurance.

Decreasing Term Insurance

Unlike the increasing term insurance policy, in decreasing term insurance, the sum assured decreases at a predetermined rate as you grow older. This type of term plan works on the idea that as you grow older, your liabilities may also decrease, and you need not have a policy with a higher sum assured. As the sum assured decreases, your premium will also decrease proportionately.

Return of Premium Term Insurance

This is one of the most popular types of term plan. As the name suggests, in this plan, the insurance company pays back the premium at the end of the insurance tenure. Thus, it offers a survival benefit that other term insurance plans do not provide.

If you outlive the policy term, you will get back all the premiums you paid earlier. However, the only condition to get the premium back is that you must not have made claims during the policy period.

Convertible Term Insurance

Convertible term insurance gives you the flexibility to convert your plan into another type of insurance plan later as per your changing insurance needs. For example, if you want to get coverage for a higher term, you can convert your term plan into a whole life insurance plan.

Final Word

Now that you know the different types of term insurance plans, assess your needs, and choose the right plan accordingly.

Herbert McDermott

Two companies in the same industry. One believes in employee wellness 👨‍💼while the other is driven by profitability 💵. Which company, do you think, would be more profitable in the long run?

The first one, of course! It’s rather a no-brainer, isn’t it?

Employee wellness has become an important part of employee compensation in the modern age. Why? It’s because millennials look beyond the pay packet when picking the right organisation for their skills. That is why companies go that extra mile to motivate and retain their employees. A group mediclaim policy is one such step in employee wellness.

The importance of a group mediclaim policy for employees

Employees are the lifeblood of an organisation. Without them, the company cannot run efficiently. While you might offer your employees the most competitive package, a group health plan goes that extra mile in ensuring their financial wellness🤌. It provides coverage against medical emergencies 🚑 and safeguards their savings.

The importance of a group health plan springs from the common concern that your employees face. While illnesses and diseases are becoming rampant, medical costs are also rising. In such cases, if they or any of their family members suffer from any medical contingency, the hospital bills might cause them a considerable financial loss.

A group, health insurance scheme helps your employees avoid this loss. The plan covers the medical bills 💶and gives them financial respite. Group plans are cost-effective, too, as the premiums are low compared to the coverage offered. Moreover, the compensation you pay for the policy also earns you tax benefits 🧾. Alternatively, if your employees pay the premium, they can enjoy tax benefits on their income.

One plan, multiple benefits!

Group health insurance – the concept

Group mediclaim insurance is a health insurance policy that covers individuals under the same plan. A single policy is issued, called the Master Policy, and it provides coverage ☂️to the whole group.

A group, health insurance policy, is available for recognised groups, employer-employee groups being one of them. So, if you are an employer, you can invest in a group health insurance policy for your employees.

The eligibility parameters ✅ for group mediclaim insurance

To buy a group health plan, there are two main eligibility requirements –

1. The group should not be formed only for availing of the group insurance policy
2. The group should have a minimum number of members

While the first requirement is fulfilled in an employer-employee group, it is the second parameter that might be a concern. You cannot buy the employee health insurance policy for one or two employees. You need a minimum employee strength. What exactly is the required strength?🤔

The minimum employee count criterion

There is no fixed rule when it comes to the minimum number of employees for the group policy. The minimum number depends on the insurance company. Every insurer has a different eligibility parameter in its group health plan. Some companies require a minimum employee strength of 10, while others might need a count of 25 or above.

However, Plum Insurance allows group mediclaim policies with only seven members. So, if you are looking for employee insurance for your start-up or small business 👔, Plum Insurance can offer customised and comprehensive options.

The family 👨‍👨‍👧‍👦 angle

Group health insurance plans require a minimum number of members to be insured under the policy. The term ‘members’ includes employees and their families as well. So, if you extend the coverage to your employees’ family members, like spouses, kids, and/or parents, the number of insured members increases. This aids in meeting the minimum member count, and you can buy the group health insurance policy.

For example, say your company has a total employee strength of 6. You are eyeing a group medical policy that requires a minimum member count of 10. In such cases, if you extend the coverage to your employees’ spouses, the members would double in the count. As such, you would successfully meet the minimum count criterion and buy the policy you want. Simple, isn’t it?

Buying the right group health insurance plan 🔎

There are different options of group insurance schemes available in the market. After all, there are more than a dozen health insurers!

So, when buying the policy, you need to shop around. Compare the different plans based on the following factors 👉–

• The inbuilt coverage benefits
• The optional coverage features
• The claim settlement process and the claim settlement ratio of the insurance company
• The premium charges v/s the coverage offered.
• And, of course, the minimum number of members required for coverage

If you have offers from multiple insurers and qualify on the minimum member count, compare the plans based on the other parameters listed above. Make sure to choose a policy that offers a comprehensive scope of protection at affordable premiums 💰.

So, opt for the most suitable group mediclaim policy and give your employees financial peace of mind. Do check the policy document for the minimum number of members required, though. After all, it is one of the most basic eligibility criteria that you cannot overlook!

Gino Johnson