Insurers said that manufacturing firms and FMCG companies are now buying covers on a group platform only for employees above a certain pay-scale.
Just two weeks before the actual purchase of a group life insurance cover, a mid-size infrastructure firm decided against buying a cover for the employees. The annual premium of Rs 7,500 per employee for the Rs 50 lakh crore was turning out to be an additional cost for the 500 member organisation.
The rising cost pressures amidst a slowdown-like situation in the economy has led to a drop in sales of group life insurance covers. Used ...
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