Smita Rastogi's presentation discusses voluntary employee benefits. It defines voluntary benefits as additional insurance products employees can purchase through their employer at lower group rates than individual plans. The presentation outlines key voluntary benefits like critical illness insurance, accident insurance, dental/vision plans, life insurance and disability insurance. It also discusses the benefits to both employers and employees of offering voluntary plans, such as attracting talent and satisfying different employee needs affordably.

1. Presented by: Smita Rastogi

2. Something that promotes or enhances well being; an
advantage.
A payment made or an entitlement available in
accordance with a wage agreement, an insurance
policy, or a public assistance program.
Presented by: Smita Rastogi

3. EMPLOYEE BENEFITS
Employee benefits are optional, non-wage compensation
provided to employees in addition to their normal
wages or salaries.
Mandated Employee Benefits:
 Social Security
 Workers Compensation
 Unemployment Benefits
Employer Provided Benefits:
 Health Insurance Plans
 Medical Plans
 Paid Vacation
Presented by: Smita Rastogi

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5. Voluntary benefits allow employees to purchase additional
insurance products through their company at rates that are
lower than if they bought them on their own.
Voluntary benefits are also a way for employers to offer an
added incentive to employees without having to pay
extra. Everybody wins when voluntary benefits are a part
of a company’s employee benefits package.
WHAT ARE VOLUNTARY EMPLOYEE
BENEFITS
Presented by: Smita Rastogi

6. Voluntary benefits have always been an important component of an employee benefits
portfolio. Certain key drivers have moved Voluntary benefits closer to the center of a
comprehensive benefits strategy:
• The continuing rise in medical and health insurance costs.
• The varied benefit needs of multi-generational employees.
Benefits to Employers: It shows that you CARE!
• The capacity of VEB to satisfy employee preference for more benefits choice without adding to a
company’s benefit budget.
• Thus its cost-effective and at the same time helps them to enhance their Employee Welfare portfolio
to attract and retain good talent in the company.
Benefits to Employees:
 Employees can take advantage of the company’s group buying power and obtain additional
insurance coverage at rates better than they could get on their own.
 It also helps employees to get some of the coverage without answering any health questions – again,
something they can’t get on their own.
 Premiums are paid from pre-tax dollars and deducted from the employee’s pay check, making
payment simple and convenient.
WHY VOLUNTARY EMPLOYEE
BENEFITS
Presented by: Smita Rastogi

7.  Offer voluntary benefits based on what you know about your
employees – based upon workforce demographics, gaps in
your core coverage .
 Offer voluntary benefits based on what you know about your
competitors – benchmark benefits provided by competitors,
try to provide benefits in line or even better than your
competitors.
 Management buy-in and commitment is critical – helping
your managers understand the value of such program and
then ask them to spread the word.
 Pre-rollout planning is essential – choosing the right carrier
partner, deciding what to offer and when to offer.
Presented by: Smita Rastogi

8.  Facilitate ease of enrollment with channel of choice options –
providing best enrolment platforms i.e. online through
websites or through call centre's, etc.
 Before you attempt to enroll employees, educate them – one
on one or group sessions with voluntary product counselors
 Repeat yourself – First Rule: Communicate often, Second
Rule: Keep it simple
 Conduct a post-enrollment follow-up – taking feedback from
employees to check what worked in the program and what
did not work and then accordingly plan for the future.
Presented by: Smita Rastogi

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12. The Voluntary Fixed Benefits Plan pays fixed cash payments for a wide range of
covered services – such as doctor visits, outpatient procedures, prescriptions and
more. Its benefits include:
1. Inpatient benefits: Paying fixed amounts for admission, each day you spend at
the hospital up to a set no. of days per year, physician services, surgery,
anaesthesia, etc.
2. Outpatient benefits: Paying fixed amount for office visits, x ray & lab services,
ambulance services, etc. up to a set number of services per year.
3. Wellness benefits: Paying fixed amounts for preventive services like annual
physical, gynaecological exam, etc. up to a set number of services per year.
4. Accident benefits: Paying fixed amounts for injuries from an off-the-job
accident.
5. Prescription drug benefits: Paying fixed amounts for prescription drugs, up to a
set number of monthly prescriptions per year.
Presented by: Smita Rastogi

13. “Being in the hospital can be stressful, and worrying about out-of-pocket
costs can make it even worse.”
The Hospital plan pays a cash benefit if you or covered members of your
family are admitted for a hospital stay. The coverage plan includes two parts:
1. Lump sum benefit: A lump sum amount for one inpatient hospital stay
per coverage year, plus
2. Daily benefit: An amount per day up to 10 – 100 days per coverage year
as a hospital inpatient.
Presented by: Smita Rastogi

14. When you’re sick, the last thing you want to think about is your finances. The Group
Critical Illness plan can help protect your finances so you can concentrate on getting
well.
The plan pays a lump-sum cash benefit directly to you if you are diagnosed with a
specified major illness, such as a stroke, heart attack or cancer. You can use the
money to pay for everyday expenses like mortgage payments, utility bills, or child
care.
It covers a range of situations like:
1. Heart Attack
2. Stroke
3. Major Organ Transplant
4. End stage renal failure
5. Invasive Cancer Presented by: Smita Rastogi

15. Protecting your Family: The Group Critical Illness plan extends coverage to your
family, as well. They can receive 50 percent of your plan benefits if they experience
a covered major illness. And they are eligible for 100 percent of the plan’s wellness
benefits.
Annual Wellness Benefit: The Group Critical Illness plan also has an annual
wellness benefit that will help you pay for a variety of tests, screenings and exams,
including:
1. Chest X-ray
2. Bone marrow testing
3. Stress test
4. Colonoscopy
5. Lipid panel
6. Thermography
7. Other tests Presented by: Smita Rastogi

16. “Accidents happen – but you can be prepared. No one likes to think about having a
serious accident. But being prepared for the unexpected can be the best protection.”
The Group Accident plan helps protect your finances when you get hurt.
Health insurance typically covers your medical expenses. But what about your other
expenses? Things like day care, utility bills or even groceries? The Group Accident
plan can help you cover the unexpected costs that often come with an injury. And
perhaps best of all, the plan provides a cash payment directly to you to pay for
whatever you choose.
1. Accidental death
2. Dismemberment
3. Dislocation/fracture
4. Hospitalization confinement
5. Intensive care
6. Ambulance service, etc. Presented by: Smita Rastogi

17. Protect your smile - and your health with the Dental Plan.
• Dental coverage can help you pay for check ups, cleanings and common procedures
for not just you but your children and spouse.
• The plan pays up to a certain amount per year for certain procedures and services
for each covered person.
Protect your eyesight – and your health with the Vision Plan.
• The vision coverage provides a certain amount of annual vision care insurance
benefit for each covered family member.
• The program also includes coverage for routine eye exams, eye glasses and contact
lenses.
Presented by: Smita Rastogi

18. Voluntary Term Life Plan
• It protects those who depend on you and your pay check.
• If you die unexpectedly, it provides your family with income to be used to pay for
medical and funeral costs or everyday living expenses.
• It also pays an additional amount if your death is the result of an accident.
Voluntary Short Term Disability Plan
• This insurance coverage pays a portion of your income for up to 6 months if you
can’t work.
• The money comes to you directly thus you can spend the benefit payments on
anything you need – housing, food, child care, etc.
Presented by: Smita Rastogi

19. Auto & Home Plans
• It provides competitive group discounts for purchasing both auto and home policies.
• Discounts for bundling auto & home policies.
• Phone or online purchasing ability & claims service.
• Discounts for alarms and smoke detectors.
Legal Plans
• There are legal plans as well at low cost premium for legal services for financial issues.
• Coverage for spouse/civil union partner and dependents.
• Predictable cost and affordable premiums.
Presented by: Smita Rastogi

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