Group Death & Disability benefit | MIA Assurances

What is a group provident contract?

A group provident scheme is an agreement put in place by a company for the benefit of its employees, designed to protect them against the hazards of life, such as illness, disability, death or incapacity for work. This contract is generally taken out with an insurance company, and offers group coverage to all employees, or to a specific category of them.

Group insurance differs from individual insurance in that it is compulsory for the employees concerned, and is often financed in whole or in part by the employer. It supplements the benefits provided by Social Security and compulsory provident schemes, giving employees enhanced protection.

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What is it for?

The main aim of group provident schemes is to provide financial security for employees in the event of events affecting their ability to work and, consequently, their income. It plays a crucial role in the social protection of employees and contributes to their well-being within the company.

What benefits are covered?

A group provident insurance contract will supplement the coverage provided by your employees’ basic health insurance scheme with the following benefits:

Protection in the event of work stoppage: in the event of temporary incapacity for work due to illness or accident, the group provident contract enables the employee to receive daily allowances in addition to those paid by Social Security, in order to maintain his or her level of income.

Disability and Incapacity: if work stoppage is prolonged and leads to a situation of disability, the group provident scheme offers a disability annuity to help the employee compensate for the loss of income.

Death: in the event of the employee’s death, his or her next of kin benefit from a lump sum or annuity, helping to provide financial support at this difficult time.

Prevention and support: some group provident contracts also include assistance, prevention and support services, designed to help employees through the difficult times in their lives.

Is group provident insurance compulsory?

While mutual health insurance contracts are compulsory for all companies, provident insurance must be systematically offered only :
– For all managerial staff,
– Or when provided for in the national collective agreement.

Collective provident insurance is therefore not compulsory in all cases, but only for employees with managerial status, or for all employees when provided for in a branch agreement.

Make a difference for your employees!

When it comes to recruiting your next employees in France, don’t overlook the positive impact that a contract of this type can have on your employees: it provides real security for them and their families in the event of more or less serious health problems. The portion covered by the basic French health insurance scheme is far from adequate. If you take out a group provident insurance policy, you will have to pay at least 50% of the premiums.

So, how do you go about choosing a contract from among all the offers on the market? First of all, you need to be aware of your company’s collective bargaining agreement, which may set a minimum level of cover. Then, depending on the size of your company, you may opt for either a group contract or a customized contract. Finally, you can compare waiting periods, deductible days, exclusions and contribution levels.

Count on MIA Assurances to help you find the best offer on the market, meeting your criteria!

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