Taking good care of your workers ranks high on the list to do things when you are a boss. If you have a registered company then you must have to file yearly returns. Did you know that by caring for your present employees you stand to save quite a lot on it? Yes that is indeed true. And maybe you have already taken out a relevant life insurance policy in the name of your employees. This is just a measure to tell your workers that you have got them covered and should anything happen; you and your company are here to take good care of their dependents.
Features of Zurich relevant life policy plan:
There are many benefits that Zurich relevant life policy holds. In the following lines, we list a few of them for your concern:
- The policies are quite flexible. This is in the sense that if your client or employee leaves your employment to work under someone else, they will be able to continue their policy in the name of their new employer without undergoing any hassles.
- For benefit in kind or otherwise, there will be no assessment of the premiums. It means that they will be paid just as they are and not on the basis of any end of the time period assessment.
- Once your next of kin gets the amount, they will be free to do what they wish to do with it. There will be no cap on the purpose or intent that it can be put into use for. Contribution to national insurance fund is not mandated and the whole amount is made available to the person eligible.
- No income tax needs to be paid on the amount in question. Once your next of kin gets hold of the amount you have left behind, not a single penny can be deducted from it in the name of income tax.
- Pension and other allowances are not included in this plan. This remains free from any sort of deduction for other payments that might have been or may be made.
- In most of the cases, even inheritance tax is not applicable on the amount that one stands to receive at the end of a policy.
- Even the employer stands to benefit from Zurich relevant life policy as they are liable to receive tax benefits on the premiums that they have paid.
So as you just saw, it is an all round win. Get in touch with your employer to know whether you carry such a cover.