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While it is common for corporate employers to provide health insurance policies to their employees, a few employers provide life insurance plans too. Certain organisations or groups provide a life insurance cover to their members. Insurance companies, like Aviva Life Insurance, offer group life insurance plans for the benefit of such employers or heads of groups. The plans come with additional add-ons such as accidental death benefit cover or permanent disability cover that will enhance the base policy. Such policies, in most, cases will have a single large sum insured from which benefits are paid.
Apart from corporate employers, certain factory owners are expected to provide life insurance under the Employees’ State Insurance Scheme (ESIC). Individuals who receive monthly wages below Rs.21,000 can avail coverage under ESIC. Also, the government, too, offers life insurance plans to its employees such as the Postal Life Insurance scheme.
Employers, heads of organisations, or the government may offer life insurance plans but it is best to purchase another separate life insurance policy to ensure complete coverage of one’s risk. Here’s why you should buy a separate life insurance plan along with your work life insurance plan:
Once a person avails sufficient life insurance coverage, he/she will have peace of mind as the policy is an assurance that the family will have enough financial aid when he/she is not around. It is, hence, imperative for every individual who has dependents to purchase a life insurance policy.
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