HRSINGAPORE Community Discussions
Term Life insurance Coverage
Hi HR professionals,
Does your company purchase insurance for employees' death? Currently if my employee passes on there is a payout of 36 times their monthly salary. I wonder if this is a common practice or is it above market?
Yes we do get term life coverage for employees. But we 2 plans, for management staff 36x, all other employees 24x.
Yes, we do have Term Life which is part of our Group Insurance for all our employees. Our payout is 12 times monthly salary.
We provide Term Life Insurance cover for all employees but cover 26 x basic salary.
Non mgr 24 mths.
Mgr & Above 36 mths.
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