More Types of Employee Benefits
Voluntary Schemes
1. Group Comprehensive Scheme
This scheme offers a comprehensive employee benefits programme which covers life and
accidental protection. It is combined with an attractive savings scheme to provide retirement
benefits, contributed fully by the employer, or on a voluntary basis by the employee.
Contributions are normally made easy through monthly salary deductions. There is however, a
minimum participation requirement if the scheme is taken on an optional or voluntary basis.
Loan Protection Schemes
1. Group Mortgage Decreasing Term Assurance
Protection is provided on housing loans, on a group basis, where in the event of death or total and
permanent disability of the borrower, the outstanding loan is assured and paid to the financier. The
premium is normally paid by the borrower only once under a single premium payment basis.
2. Group Credit Life Assurance
Protection is provided on a personal loans, on a group basis, where in the event of death or total
and permanent disability of the borrower, the outstanding loan is assured and paid to the financier.
The premiums are usually paid by the financier as a benefit to the customer, and taken up on a
compulsory basis for the loan portfolio which is required to be protected.
Deposit Protection Schemes
1. Group Deposit Life Assurance
Benefits are paid on death or permanent disability of the deposit or savings account holder. The
premiums here are also normally paid for by the financier as a benefit to the customer, and again
taken up on a compulsory basis for the savings scheme where it is required to be assured.
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