An employee-employer relationship in every workplace must be one that should be devoid of any friction, for such conflict can deteriorate your business and can lead to right talent drifting away.

Here are the ten things every employer should do for their employees to ensure the business fruition into success.

1. Flexibility in working –  Keeping a strict 9-5 work hour policy can drastically affect the productivity of your employees. A lot of companies are understanding the importance of flexibility and are offering varied work timing and work from home facilities.

A survey showed that  84% of working parents prioritized flexible working hours as the most important factor in a job. Flexibility also reduces stress and increases the mental well being of the employee. It helps employees work during their optimum productive hours as opposed to general work time.

2. Commitment to the health and overall well being of the employee – A healthy employee is a happy employee. Providing a group mediclaim insurance policy for employees would help them worry less over their hospitalization and health-related expenses. Employers must also go above and beyond just the physical well being.

Mental wellness should also be part and parcel of the organisation. Wellness programs, stress relief activities can be often integrated into the working hours to help better workers cope with the demands of the organisation.

Read more: Seven reasons why health insurance is a must!

3. Supporting innovation – Employees do not just see their work as a means for sustenance. Their work should challenge them to pick their brains, ideate and come up with new solutions. This would take out the mundanity from doing the same type of work every day. It would also help them push their limits and work with a team to achieve a common goal.

Read more: Why do employees leave organizations?

4. Recognizing and rewarding your employees – Most companies fall short when it comes to recognizing the hard work put in by the employees, all the while handing out constructive criticism. While constructive criticism is important, the scale should also be balanced with recognition and rewards. You can either acknowledge them personally or through awards.

Read more: How to rightly manage your employees

5. Prioritizing work-life balance – Employers cannot expect employees to toll their life away in the office. Not enough time for a personal life can create discord in the office. Create a steady and reliable work environment where employees have a forehand idea of what their day-to-day work would be. Encourage vacation, short breaks through the day, and a safe space for mental rejuvenation. 

6. Promoting career pathway – Create training opportunities for employees to advance their learning skills. Expose them to different realms of work to better channel their aspirations. Do not limit them to one skill alone. Have career discussions and keep your employees aware of various other career paths within the company.

7. Transparency and honesty – If you receive feedback and surveys from your employees, be transparent and honest about how you have dealt with them. Choose to acknowledge the failings in your part as much as the successes. Be honest with your employees on the areas of improvement and how you intend to tackle them.

8. Positive work environment – Bad office politics can be the death of every company. Communicate clearly and offer a safe space for employees to tell you their feelings. Prioritize your employees and their concerns over business outcomes. Good talent can wither away if not offered the right soil to grow in.

9. Offer extra perks than the common basics – Rather than just an insurance policy, offer other perks like concert tickets, day outs, team lunches, team building activities to improve the total morale of the company. A once in a while break from daily office routines can do wonders to the employees.

10. Communicate the company statuses with employees – Schedule monthly meetings and communicate where the company stands with regards to business output and the rooms for improvement.

Keeping your employees in the dark will close the doors to their innovative solutions that could help you better the places where your business is lacking.

Term Life Insurance provides financial support and reduces uncertainties in business and human life. The policy provides safety and security against a particular event. There is always a fear of sudden loss. Insurance provides a cover against any sudden loss.

The life insurance coverage depends upon a few factors such as your current annual income, financial future liabilities, financial goals, your age at the time of purchase, and several other such responsibilities. However, before getting a term life insurance policy, you’ll have to figure out the right plan for you.

What is Term Insurance

Term Insurance is an agreement wherein an insurance company agrees to pay a specified amount after the death of an insured party as long as the premiums are paid and up to date. Policies give insured persons the assurance that their loved ones will be financially secured even after their death.

Choosing a Term Insurance Plan

• Family And Work Situation

Your insurance requirements will be influenced by your family situation, your age, your health situation and whether you are an owner or self-employed individual. Getting insurance is important, whether you are single or in a relationship. In the event of your death, your loved ones will have to pay off any financial liabilities you have.

In addition, they may also have to bear some of your shared responsibilities, such as your credit card fees, your car payment, mortgage payment, or any other payments. If you buy term insurance coverage, your debts will not be a burden for your family members and they can fulfil such financial obligations with ease.

• Life Insurance

A Term Life Insurance Policy is an effective financial tool, it lets you ensure you and your loved ones’ providing financial security in bad times. An unfortunate event like a sudden death of the breadwinner of the family could have a major impact on the financial conditions of the family.

It is best to start thinking about it now and get a policy that will let you cover your needs as a self-employed person and will avoid future concerns for your family.

a. Life Goals – Your personal, family and professional goals will also determine your choice of life insurance plan. This will help you evaluate how much life insurance you need to take out to protect your loved ones in the event of death.

b. Type of Coverage Required – Whether you want an insurance coverage that generates liquidity and surrender value whenever you require or a long term lock-in period tenure. Once you make a decision, you will be well equipped to choose the term insurance plan that works best for you. You can also take the help of a financial security advisor to guide you based on your requirements and direct you to life insurance that meets your needs.

What is a Term Plan Calculator?

A term insurance calculator is an online calculator that helps in calculating the amount of premium payable under the term policy. You would have to mention your age, the coverage that you need, the term of the plan, for how long you want to pay the premium, the frequency in which the premiums would be paid based on your occupation, medical history, etc.

These details will directly affect the calculation of your insurance premium and give you the final premium payable.

How much term life insurance do I need?

A large part of selecting a life insurance plan is by determining how much money your dependents will require. One basic rule of thumb is that the death benefit on your insurance policy should be equal to seven to 15~20 times the amount of your annual salary. The reasonable amount suggested by insurance providers for an insurance policy is six to 10 times the amount of buyer’s annual salary.

Who doesn’t know what ULIP is? A Unit Linked Insurance Plan is a product provided by numerous insurance companies that, gives financiers benefits of both insurance and investment under a single integrated plan.

Despite knowing the basics of a ULIP plan, some of us have been read or informed about some myths. In this article, we will debunk those myths and clear your way to get a ULIP plan.

1. Myth – ULIPs are expensive than most investment products

Truth – ULIP policies were expensive way back in 2008. But times have changed and Fund management fees have reduced significantly, and so have the premium charges.

India’s insurance regulator [IRDAI] has capped costs of gross yield for policies with a duration of up to 10 years and 2.25 percent for those above ten years. Hence, charges and commission in ULIP plans have significantly decreased.

2. Myth – Market instability affects ULIP life cover

Truth – Life cover in ULIPs remain unaffected despite market fluctuations.

Since ULIPs are usually linked to the equity market, some policyholders believe that the sum assured would decrease if the market is down trending. This, however, is another misunderstanding.

Despite a bear market, the life cover remains unchanged even if the fund values hit an all-time low. In the case of the investor’s death, ULIPs reward the entire life cover or the fund value, whichever is higher in value.

3. Myth – ULIPs do not give good returns

Truth – ULIPs offer insurance cover and cannot be linked to pure investment options

Most people compare ULIP plans to pure investment vehicles and hence do not realise that this comparison cannot be valid. ULIPs offer insurance cover, something that no other pure financial investment product offers.

Given these advantages, you’d understand that the returns they provide are quite competitive. If you have an investment horizon for more than 5-7 years, then there is no better product then ULIPs.

4. Myth – ULIPs are risky as they are associated with equity markets

Truth – In the case of ULIPs, you can select your investment based on the level of your risk appetite and the amount of money you have.

ULIPs let you choose funds with different investment objectives while providing you with the option to select the kind and level of risk you are willing to take. Depending on your risk appetite and conditions, you can choose a conventional fund or a top-performing fund.

For example, an investor in his 20s with few financial responsibilities would be a more significant risk-taker and will choose fast-growing funds like equity. On the other hand, an investor nearing his retirement might choose a non-aggressive tactic such as a debt fund.

5. Myth – ULIPs cannot be yielded before maturity

Truth – ULIPs can be surrendered after a defined period.

This common myth surrounding ULIPs is false. As a policyholder, you have the option to surrender the policy after a determined period, which is usually five years from the start of the ULIP product.

People have preferred ULIPs for years. But, some misconceptions about them lead to the negativity around ULIP policies. Now that we have debunked some of them make sure you research, analyse and invest in the best ULIP plan that suits you.