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Employee benefits

Comprehensive insurance solutions designed to protect employees and help employers attract, retain, and motivate talent while fulfilling statutory obligations. Our employee benefit plans are customizable to meet your organization’s specific needs and budget, providing financial security and peace of mind for your workforce.

1. Group Health Insurance

Comprehensive medical insurance coverage provided by employers to employees and their dependents, covering hospitalization expenses, surgeries, daycare procedures, and medical treatments.

Coverage Options:

  • Employee only coverage
  • Employee + Spouse
  • Employee + Spouse + Children
  • Employee + Parents
  • Family floater (covering all family members)

Sum Insured Options:

Typically ₹2 lakhs to ₹10 lakhs per employee, with options for higher coverage. Top-Up/Super Top-Up: Additional coverage beyond base sum insured at lower premium. Cashless treatment at network hospitals across India.

Who Should Provide:

  • All employers wanting to provide healthcare benefits
  • Mandatory for many companies as part of employee welfare
  • Critical for attracting and retaining talent
  • Tax benefits for employers and employees

  • No medical check-up required for group enrollment (below certain age/sum insured)
  • Lower premiums compared to individual health insurance
  • Coverage from day one of employment
  • Portability on job change (if individual top-up purchased)
  • Tax benefits under Section 80D for employees

2. Group Term Life Insurance

Pure life insurance coverage provided to employees as a multiple of their annual salary, offering financial protection to the employee’s family in case of death during employment. Provides lump sum payout to nominees.

Who is covered:

  • All permanent employees
  • Contract employees (if opted by employer)
  • Directors and key management personnel
  • Can be customized based on designation/grade

Premium Calculation:

  • Based on total sum assured for all employees
  • Age and occupation of employees
  • Medical history (for high sum assured)
  • Group size (larger groups get better rates
  • Nomination: Employee nominates family members as beneficiaries

Tax Benefits

Premium paid by employer is tax-deductible business expense • Sum assured received by nominee is tax-free under Section 10(10D).

Why Essential:

  • Provides financial security to employee families
  • Low-cost life coverage benefit
  • Helps attract and retain employees
  • Demonstrates employer’s care for employee welfare
  • Standard component of employee benefit packages

  • Sum Assured: Typically 2-3 times annual CTC (can go up to 5-10x for senior management)
  • Death benefit paid to nominee as lump sum
  • Coverage during active employment period
  • Accidental death benefit (double coverage in some policies)
  • Terminal illness coverage (advance payout in some policies)
  • No surrender value (pure term insurance

3. Group Personal Accident Insurance

Coverage for accidental death, permanent or temporary disability, and medical expenses arising from accidents occurring during employment, travel, or personal time (24×7 coverage).

Coverage Territory & Sum Insured

  • Worldwide 24×7 coverage (accidents during work, travel, or personal time)
  • Sum Insured Options: ₹5 lakhs to ₹50 lakhs per employee, can be graded by designation

Who Should Provide:

  • Companies with field employees, sales teams, site workers
  • Organizations with frequent employee travel
  • Manufacturing and industrial companies
  • Construction and infrastructure firms
  • Essential for employee welfare programs

Why Essential:

  • Protects employees and families from accident-related financial burden
  • Coverage 24×7, not just during work hours
  • Affordable premium compared to individual policies
  • Demonstrates employer commitment to safety

Key Exclusions:

  • Suicide or self-inflicted injuries
  • Accidents under influence of alcohol/drugs
  • War, terrorism (unless covered by add-on)
  • Pre-existing illness complications
  • Adventure sports (unless specifically covered)

  • Accidental Death (AD): 100% of sum insured paid to nominee
  • Permanent Total Disability (PTD): 100% of sum insured for total loss of function (e.g., loss of both eyes, both limbs, complete paralysis)
  • Permanent Partial Disability (PPD): Percentage of sum insured based on % of disability (loss of one eye, one limb, fingers, etc. – as per scale)
  • Temporary Total Disability (TTD): Weekly compensation (e.g., 1% of sum insured per week) for period unable to work, up to 100 weeks
  • Medical Expenses Reimbursement: Hospitalization, surgeries, doctor fees, ambulance due to accident (typically up to ₹50,000-₹2 lakhs)
  • Child Education Benefit: Annual scholarship for dependent children in case of AD/PTD of insured (e.g., ₹10,000-₹50,000 per year for 5-10 years)
  • Funeral/Cremation Expenses: ₹5,000-₹10,000
  • Transportation of Mortal Remains: Repatriation costs in case of death during travel
  • Modification Expenses: Home/vehicle modification costs for disabled insured
  • Coma Benefit: Lump sum if insured remains in coma for specified period

4. Gratuity Insurance

Insurance solution to fund employer’s statutory gratuity liability towards employees who complete 5 or more years of continuous service. Helps employers manage gratuity corpus and ensure compliance with Payment of Gratuity Act, 1972.

Statutory Requirement

  • Mandatory for establishments with 10 or more employees
  • Payment of Gratuity Act, 1972
  • Gratuity = (Last drawn salary × 15/26 × number of years of service)
  • Maximum gratuity: ₹20 lakhs (as of current rules)

Coverage Options:

  • Cash Accumulation Policy: Premiums invested, corpus builds up, withdrawals made on employee separation
  • Deposit Administration Policy: Premiums deposited with insurer, interest earned, gratuity paid on retirement/resignation
  • Immediate Annuity: For past service liability funding

Benefits for Employer:

  • Helps fund future gratuity liabilities in a planned and systematic manner
  • Reduces the financial burden of large one-time gratuity payouts
  • Ensures compliance with the Payment of Gratuity Act, 1972
  • Provides tax benefits on eligible contributions, subject to applicable tax laws
  • Protects business cash flow by spreading gratuity costs over time
  • Offers professional fund management by the insurance company
  • Reduces administrative effort in managing gratuity obligations
  • Provides financial security to employees, improving trust and retention
  • Supports long-term employee welfare and strengthens employer branding
  • Flexible funding options based on the organization’s workforce and liability

  • Employer takes group gratuity policy
  • Premium paid to insurance company annually
  • Insurer manages gratuity fund and investments
  • On employee exit after 5+ years, insurer pays gratuity amount
  • Employer relieved from maintaining separate gratuity fund

Trusted Advice. Tailored Solutions. Lasting Protection.

what people are saying

Hear what our valued clients have to say about their experience with BP Risk.

Quotes Dark

BP Risk Advisors helped us consolidate our entire insurance portfolio and saved us significant costs. Their 20 years of experience shows in their professional approach.

Rajesh Kumar – Corporate Client

Quotes Dark

Their expertise in marine insurance is outstanding. Been with them for 15 years and never disappointed.

Anil Mehta – Corporate Client – Mumbai