Personal Group, the employee benefits provider, this month announces its new and exclusive agreement with Bupa to offer Group Income Protection on a voluntary basis (VGIP).
VGIP allows employers to provide their employees with an affordable income protection solution. The plan will be underwritten by Bupa but enrolment will be managed by Personal Group.
VGIP schemes are offered by employers but the premiums are funded by the employees through salary sacrifice, creating national insurance savings for employers. VGIP premium rates are on average 30 – 40% cheaper than if the employee looked to source income protection themselves. This means further savings are made as well as the added benefit of peace of mind should the individual be unable to work due to illness of injury being provided.
Caroline Jordan, Head of Voluntary Group Income Protection at Personal Group comments: “We have been marketing the salary sacrifice VGIP product with great success over the last two years and are delighted to be extending our offering by entering this new partnership with Bupa. VGIP is an incredibly beneficial product for both the employee and employer; with premiums that are significantly lower than those offered on the high street, employees can purchase a product which covers them should the worst case happen. For the employer, VGIP also acts as a great tool to recruit, retain and reward their employees as well as helping to fulfill their duty of care.
“We therefore look forward to working with Bupa to grow the voluntary benefits market and helping more people gain peace of mind when it comes to managing illness or injury.”