GENERAL KNOWLEDGE

Detailed explanation-1: -Most employee-centric companies offer a Group Insurance Policy to their employees as a part of the job perquisites. For the employer, this Group Insurance Scheme is characterized as an employee benefit and is termed as ‘profit in lieu of salary’.

Detailed explanation-2: -Investopedia defines group life insurance as “Life insurance offered by an employer or large-scale entity (i.e. association or labor organization) to its workers or members. “ Group life insurance is typically offered as a piece of a larger employer or membership benefit package.

Detailed explanation-3: -Employee health insurance provides hospitalization coverage including pre and posts hospitalization expenses. Some employee health insurance policies can provide reimbursements of fees of specialists and other medical practitioners for after treatment checkups.