Claim Settlement Ratio of 99.02%~

Notifications11

  • World's First Music Video Created Retired Senior Citizens

    WATCH VIDEO
  • Apne life goals ki guaranteed1 hona Ye Bhi Sahi Hai

    WATCH VIDEO
  • Fulfill your Life Goals with Bajaj Allianz Life Goal Assure

    KNOW MORE
  • Here's a Comprehensive Tool To Plan Your Child's Future

    START NOW
  • There is lot to remember in Life, Set renewal premium payments to Auto Pay

    WATCH VIDEO
  • Get Life Cover worth Rs.1 Crore at Rs.20 per day2 – Bajaj Allianz Life Smart Protect Goal

    CALCULATE NOW
  • Get your Life Goals Done with Bajaj Allianz Life Smart Assist – BINA MILEY MIL-KAR

    KNOW MORE
  • Paying your Renewal Premium is Quick and Easy!

    PAY NOW
  • Know the right amount of Insurance you need in just a few steps!

    START NOW
  • Avail Term Insurance Tax Benefits under Section 80D

    READ MORE
  • Know how to invest money during the covid-19 pandemic!

    READ MORE

Thanks for sharing your details, A Sales representative from
Bajaj Allianz Life will contact you shortly.

Dear Customer, we request you to connect with us in our next business working hours, (Monday to Saturday 24*6) Thank you, Have a great day ahead

X

Terms & Conditions

I hereby authorize Bajaj Allianz Life Insurance Co. Ltd. to call me on the contact number made available by me on the website with a specific request to call back. I further declare that, irrespective of my contact number being registered on National Customer Preference Register (NCPR) or on National Do Not Call Registry (NDNC), any call made, SMS or WhatsApp sent in response to my request shall not be construed as an Unsolicited Commercial Communication even though the content of the call may be for the purposes of explaining various insurance products and services or solicitation and procurement of insurance business

 

Please refer to BALIC Privacy Policy

Get 1 Crore Life Cover@ Rs.20 Per Day2

Covers COVID-19 Claims##

How can an Employer Design a Benefit Plan for His Employees | Bajaj Allianz Life

Pay lower premium3 on online term plans

Please enter a Name
Please enter a Mobile No.
Please check the box to proceed
WS_LIGuideHome_Banner_EN 307 38983691 WS_LIGuideHome_Banner_HI 307 38983695
WS_LIGuideHome_Banner_Mob_EN 307 38983693 WS_LIGuideHome_Banner_Mob_HI 307 38983677
Please Select Language

2,3,##T& C Apply | BJAZ-BN-EC-03414/22

2,3,##T& C Apply | BJAZ-BN-EC-03414/22

Learn How To Design Employee Benefit Plan – Group Life Insurance


calender-blue

July 15, 2022

By : Bajaj Allianz Life

Just as much as employees of any organisation work hard to maintain their employment status and possible rise in their career, employers also wish to attract talent and make sure that good employees are happy. Once the employee joins the organisation, the employer offers certain benefits so that the employee feels appreciated and is loyal to the organisation.

Employee benefits may be offered as plans to employees when they join any organisation. Apart from other aspects of the employment, an employee may view an employee benefit plan as being one of the reasons to join any particular organisation.

A well-designed employee benefit plan is critical to attracting and retaining outstanding employees in any organisation. To create a benefits package, an employer must initially set goals, assess employees, and consider a budget. Although most employee benefits are mandatory, employee’s insurance compensation, etc. other benefits may be voluntary.

Employee benefits make up the non-fiscal benefits that employers offer, and, in some cases, these are mandated by law. However, benefit plans vary from one company to another, but they characteristically include life, medical, and disability insurance, retirement plans, benefits for paid leave, and the like. Since each organisation is different and each employee is unique, an employer has to design plans in such a way so that employees feel financially secure. So, how do employers formulate plans?

 

The Facets of Preparing a Design for an Optimum Employees Benefit Program

 

There are many facets that employers consider while designing a plan that covers employee benefits. For an optimum benefits program, the factors mentioned below are considered:

● Employee Benefits and Company Goals –

Any employee benefit plan must be aligned with the overall work objectives of the organisation.

● The Provision of Security and Choice –

Providing a basic level of security at the core of any benefits plan with leeway for employees to make choices, is the key to a good benefits program. Pension income, life insurance, and health insurance are some of the benefits that can be made available to all employees with the aim of financial security. Once these perks are positioned, employers are free to offer any additional benefits according to the employees’ status in the organisation.

● Employee Education –

For an optimum employee benefit program to take shape, it is important for an employee to be educated about the same. Employers must easily convey how a specific benefit program fits with an organisation’s unique objectives as well as its policy of rewards.

If employees are educated enough, they will appreciate the benefit program, and this will ensure their solid relationship with any given company.

● The Delivery of High-Performance Programs –

Employers can deliver optimum and high-performance benefit programs for employees by employing the following methods:

  • Include a model of best practices, based largely on research into behaviour patterns of employees
  • Make use of technology as a cost-effective way to garner a richer worker experience in delivery of the benefit plan.
  • Use data analytics in order to enhance the decision-making process and tracking performance

● Budget Awareness -

Before employers can even begin to design a plan for employee benefits, it is crucial to be aware of the budget that is available. There are times when financial constraints prevent employers from offering specific benefits to employees. However, knowing about the financial status of a company aids in ensuring an effective plan. If there is already a benefit plan in action, it's a good idea to assess the overall benefit cost relevant to the estimated cost. A benefit plan in existence may be affected by rising costs. For instance, if health insurance costs rise, the total benefit plan cost can increase. In case there is no plan in existence, employers can make use of benefit quotes available from various providers to make their projections.

 

Conclusion

 

As you can tell, a lot of work goes into designing an employee benefit package that works optimally for any given employee of an organisation. However, once fundamental employee benefits are in place and part of an employee’s package, they can be enhanced and altered according to any variations in company policy or the status of the employee within a specific organisation. A plan which is designed well meets the objectives of the employer and the requirements of the employee.

BJAZ-WEB-EC-00722/22

Sources:

1. https://securenow.in/insuropedia/how-can-an-employer-differentiate-its-overall-employees-benefits-design/

2. https://www.shrm.org/resourcesandtools/tools-and-samples/how-to-guides/pages/howtodesignanemployeebenefitsprogram.aspx

3. https://ca.indeed.com/career-advice/pay-salary/benefit-plans-for-employees

Bajaj Allianz Life Videos

Play

Bajaj Allianz Life | Children's Day

Contact Us

Bajaj Allianz Life Insurance Company Ltd.

Bajaj Allianz House, Airport Road, Yerawada, Pune - 411 006, Maharashtra

Tel No: 020-66026773

Fax No: 020-66026789

Branch Visit Timings:

Monday to Friday - 9:00 AM to 3:30 PM

Saturday - 9:00 AM to 1:00 PM

Customer Care Helpline:

1800-209-7272

Monday to Sunday: 9:00 AM to 7:00 PM (IST)

NRI Services Helpline

24/7 (All week days)

Sales Enquiry Helpline:

1800-209-4040

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

For NRI: +91-20-35125850 (Call charges apply)

Monday to Saturday: 9:00 AM to 7:00 PM (IST)

Find Us Online

##Our policy covers COVID 19 claims subject to policy terms and conditions being met

3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

In this policy, the investment risk in investment portfolio is borne by the policyholder. Investment in ULIPs is subject to risks associated with the capital markets. The policy holder is solely responsible for his/her decisions while investing in ULIPs.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.