Basic Features of Fire and Group Insurance

Group insurance is one such social security measure taken by organizations to safeguard the future of their employees. It is a type of insurance policy where the insured party is not an individual but a group of people like employees of the same organization, society members, labor unions, professionals of a single body, etc. The policy is normally taken by the employer or the head of the society for the benefit of its members. The policy generally covers accidents, health, disabilities, retirement liabilities, and death.

The policy is equally beneficial for the employer because it enables him to successfully manage gratuity and pension liabilities on time while keeping the investments of the company intact. Taking such policies at the earliest avoid cash flow problems, disruption in growth plans, and retain the company’s image.

Group insurance is cheaper compared to individual insurance. The presence of a large number of contributors reduces the cost per contributor to the minimum. In other words, the premium amount spreads across all the members. In many cases, the entire cost of the policy is borne by the employer. In other cases, there is a deduction from the salary of the employee. The deduction is proportionate to the size of the salary and reflects in the salary structure.

Group insurance plays a pivotal role in influencing the psychology of an employee. It makes him feel a part of the organization, which in turn, motivates him to perform better. It even reduces employee attrition rate and unrest in labor unions. Special policies where the employees’ families are also covered for the benefits make them content and faithful to their employer.

In India, almost all insurance companies provide group insurance policies that have a number of takers. All policies have diverse features and benefits suiting different security requirements. Even the premium amount is a competitive rate to minimize the insurance cost. One can refer to the websites of insurance companies to know about their policies in detail. One can also avail the services of an insurance broker to take the right policy.

Fire Insurance and Its Advantages

The future, as well as the beginning of the fire, can’t be predicted and in most of the cases can’t be prevented. Due to that it is an excellent idea to assure financial protection to you and your family if fire happens. In fact the latest researches over 80 percent of all of the deaths caused by a fire are in home. Actually from the world most common reasons for death, fires are the leading one. A domestic fire occurs every 1 minute and 12 seconds, consequently it is crucial to insure your home or your business from fire. This is the best way to be sure that even your home is totaled by the flames you and your family will not stay homeless.

To prevent any possible misunderstandings you must not forget to read the whole contract and not to stay disagreeably disappointed for the coverage you might receive. You must be familiar with the whole contract and with the cases in which there will be no compensation. In some of the property insurance policies fire insurance is included.

In the most commonly met fire insurance policies the expenses for repairing or replacing your home are paid. The coverage of the policy depends of the damage levels and the cost of the home. If you have made any changes, improvements, extensions, renovations or others that will raise the price of your property the compensation you will receive increases.

Some of the policies may also include the furniture for furnishing the replaced or repaired home and yours and your family’s personal belongings. There is an option to add jewelries as an addition to the fire insurance policy. On the other hand there are many insurance companies that offer also money for living allowance. This means that the insurance company will pay the cost for temporary home like hotel by the time your home is repaired or rebuild. The cost of this insurance policy is known to be higher than those that not include money for temporary home but if a fire is happen you might not have the financials for paying these additional expenses.

There are some ways to decrease the fire insurance cost such as sprinkler system or fire alarm installed in your home. These systems for fire protection are sometimes required from the insurer to take out the insurance. The place where your home is situated is another influential thing for the insurance price. If your home is located in place where there is bigger risk of domestic or wildfires the amount of money you need will be higher. If in the region you live it is more likely to happen floods instead of fires this will significantly reduce the cost of the insurance. All of the fire insurances can be extended and they can cover more than your home such as garage, sheds and even the landscape.