| Voluntary
Group Income Protection Plan |
Personal Group's Voluntary Group Income Protection Plan is underwritten by leading UK Insurance Companies and provides a regular monthly income benefit if an employee is sick or injured and unable to work for a continuous period of time.
Employees benefit from Group rates, and premiums are paid via salary sacrifice, leading to current tax and NI savings of between 31% and 41% for the Employee off the gross premium payable, and a saving of up to 12.8% for the Employer from its NI obligations.
VGIP provides 3 benefits for employees who are unable to work:
. A monthly benefit of up to 75% of salary, less an amount equivalent to the current state benefit. The employer can choose both the period after which the benefits will be paid (e.g.13 weeks) and how many years employees will receive benefit for;
. A lump sum benefit, equivalent to 12 times the monthly benefit, if, after all applicable monthly benefits have been paid, the employee is still unable to return to work;
. Encouraging an employee back to work is seen as crucial to their long term prospects, hence a proportional benefit is paid if the employee returns to work on a part-time basis, or in a different, less well-paid role due to their incapacity.
Please contact us for further information on 01908 605000.
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