Group insurance for employees is becoming a popular choice of company welfare policy to retain talented employees. Human resources experts predicted that the trend will increase sharply in the coming years because it brings many benefits to both employees and businesses.
Group insurance for employees has drawn the attention of many businesses as it contributes to increasing employee loyalty. In developed countries, group insurance plan is very popular, but in Vietnam it is only in the early stages.
With a group health insurance plan, employees will be protected by an effective financial plan, helping to eliminate worries about the cost of unexpected illness, accidents, and other crises which in turn allows them to fully concentrate on work.
|Group insurance plan helps enterprises to grow prosperous and strongly as well as bring many benefits to employees|
Such an insurance policy is especially meaningful for employees who are the bread winners of their families because its benefits are extended to their dependants. A group health insurance for employees also shows the business’ long-term commitment to its employees.
Many foreign businesses in Vietnam have adopted this policy to keep employees loyal. Sharing this mindset, Back Jong Kook, CEO cum chairman of the Council of Members of Hanwha Life Vietnam, shared that employees are the most precious assets of any enterprise. If enterprises want to develop strongly and steadily, they need to ensure that employees are always in good health and financial condition to ensure optimal performance.
In fact, purchasing group health insurance plan for employees not only benefits employees. According to the analysis of a CEO of a big foreign retailer, there are plentiful benefits for the business, too.
The CEO also shared that the Vietnamese retail industry is developing rapidly and the “thirst” for personnel has resulted in companies sniping talented personnel from each other.
In 2017, his company had to revamp its employee retention policy and added benefits to mid-level and above employees by purchasing them a group insurance plan as they are key staff for the company and are heavily targeted by competitors in the industry. After applying the above policy, job-hopping in the group dropped significantly.
In addition, businesses also enjoy a preferential rate of corporate income tax if they purchase health insurance for their employees, because this expense is included in the operating costs of the business.
Latest group insurance plan on the market
Currently, there is not much choice in group insurance products for businesses because insurance companies have not paid much attention to this segment. Foreseeing the increasing demand from businesses, Hanwha Life Vietnam – a member of Hanwha Life Insurance (Korea) – recently launched its group insurance plan Hanwha Life – An Khang Hung Nghiep for enterprises. The new product helps enterprises to grow prosperous and stronger as well as benefits employees.
Accordingly, Hanwha Life Vietnam offers a wide range of valuable group insurance policies, including Group Simplified Accidental Basic, Group Comprehensive Accidental Rider, and Group Hospitalisation Rider. The age of eligibility for employees is 18 to 65 years, while it is 30 days to 65 years for their dependents.
|Hanwha Life – An Khang Hung Nghiep will give financial support to cover the risk of illness, injury or death due to accident or non-accident for workers and dependants|
Accordingly, the main product of group Accident health insurance pays employees or their dependants up to 72 months of salary for Accidental Death; or up to 144 months of salary for Special Accidental Death.
Under other group Accident Insurance plans, employees will be paid up to 72 months salary for Accidental Death; or receive compensation for up to 144 months of salary for Special Accidental Death.
|Hanwha Life – An Khang Hung Nghiep for enterprises helps enterprises to grow prosperous and stronger as well as benefits employees.|
Under the Group Hospitalisation Rider policy, the employee is supported up to VND1 million ($43) for each day of hospitalisation due to illness/accident (up to VND90 million or $3,910 per contract per year); or a pay-out of up to VND1.5 million ($65) per day in the intensive care unit (up to VND22.5 million or $978 per contract per year).
In addition, An Khang Hung Nghiep also provides up to VND3 million ($130) per day for hospitalisation for cancer treatment (up to VND90 million or $3,910 per contract per year). This helps employees overcome financial difficulties when they are ill or suffer an accident.
“Not only protecting and taking care of your employees and their dependants, Hanwha Life – An Khang Hung Nghiẹp is also a crucial solution to attract and retain talented employees. Moreover, it helps enterprises to improve labour productivity and therefore your business will thrive,” the head of Hanwha Life Vietnam shared enthusiastically.
By Minh Hai
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