When it comes to risk management, the first step is to identify the risks. You first need to investigate the risks that can have an effect on your business. Once you identify, you need to determine the likelihood and consequence of these risks. A clear analysis will help you measure the impact it may have on your business. As you move on, you will see that there are certain risks that you can control or even prevent. For example, if theft of resources is a risk, you can install anti-theft devices to mitigate the risk. However, there will be certain risks that cannot be avoided or averted.

Natural causalities or the inherent risk of life is the first inherent risk. It is something you might not be able to predict or avert. What will your initial plan to manage the loss that has occurred? What will be your Plan B? This is where insurance comes in.

The right insurance is more than just a safety net. On the one hand, it helps you minimise your operating costs; on the other, it protects you and your business against loss and damage. Whether you have a well-established business or your business is still growing, surprising events can bring huge losses. This includes the diverse types of risks that are related to your employers. Injury or death of an employee can affect your business operations. By covering the loss of the life of an employee, you not only manage operational risks but also safeguard your employees.

Whether you have 20 employees or 2000, the right group life insurance plan can offer them more support than most other incentives you offer. Not to mention, this incentive offers a long list of benefits to you, too. The world is a competitive place, you need to set yourself apart. And so, when you are looking to recruit or retain talent, you need to offer your employees the right benefits. As an employer, one of the best things you can do is make your employees feel safe. Group-term insurance can be regarded as a foundation employee benefit.

Here are some of the benefits that you can expect from your group term life insurance.
● It covers multiple lives under a single policy.
● It is relatively cheaper than any individual life insurance plan
● MThe employees can be worry-free as the sum insured is directly payable to their family members in case of an uncertain death.
● The process of enrolling into the policy is simple and hassle-free
● Add-on features can be opted for at a bare minimum cost.

As a workplace, beyond professional connections, relationships often foster strong personal bonds and friendships among colleagues. As employers or business owners, it becomes crucial to contemplate how to handle the unfortunate event of an employee’s passing and determine the support you wish to extend to the bereaved family. Being a source of support for employees and their families during their challenging times is an ethical obligation.

When you invest in a term insurance plan like the SUD Term Insurance Plus, you ensure both financial and emotional assistance for employees, providing the care and assurance that they need. Let us explore how:

1. Affordable coverage
When you buy term insurance, you will realise that it is one of the most affordable ways to get life coverage. The Term Insurance Plus by SUD works like a wholesale product, where you buy insurance for several employees. The cost per employee is generally much lower than what they would have to pay if they were buying individual life insurance plans for themselves.

2. No medical questions
With SUD Life Group Term Insurance Plus, you typically cover all the members of your company/ business/organisation/ team or probably within a clearly defined group. In most cases, there will be no medical screening required for the employees. This makes group-term insurance very easy and convenient to get.

3. You can save on taxes
The premiums that the employer pays towards the premium of the group term insurance are taken as a business expense. These expenses can be claimed as tax deductions under Section 37 of, the Income Tax Act.

In case the employees are paying a part of the premium, they too can get tax benefits of up to INR 1,50,000 under Section 80C.

As per Section 10(10D), the death benefit received by the insured’s nominee is completely tax-free.

4. Retaining employees becomes easier
When you offer a benefit like life insurance to your employees, it is more than just a financial incentive. You assure the employee that tomorrow, even if something happens to them, their family will not be under financial stress. While emotional and social support is important, with the right financial help, the bereaved family will be in a position to maintain a decent lifestyle.

Offering such an employee wellness programme, looking after their mental and physical health, can help attract and retain talent. It also puts you, the employer, in good standing and builds a solid reputation in the business landscape.

Every kind of business exposes you, the business owner or manager, to certain inherent risks. This greatly necessitates proper protection against potential uncertainties. While you may not be able to evade these challenges entirely, you can certainly mitigate them by taking precise precautions. Securing comprehensive insurance coverage for your employees can be possible when you decide to buy SUD Life Group Term Insurance Plus for your team/ employees. You can protect your workforce and contribute to long-term business sustainability.

Reference: SUD Life Group Term Insurance Plus (UIN: 142N046V04)

Star Union Dai-ichi Life Insurance Company Limited is the name of the Insurance Company and “SUD Life Group Term Insurance Plus ” is the name of the plan. Neither the name of the insurance company nor the name of the plan in anyway indicates the quality of the plan, its future prospects or returns. SUD Life Group Term Insurance Plus (UIN: 142N046V04)

Star Union Dai-ichi Life Insurance Company Limited IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472

Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.

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