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Basket of benefits

Norwich Union has designed a cafeteria-style protection plan aimed at employers who have a Norwich Union pension plan in place for their employees.

Business Benefits@Norwich Union has four elements – group income protection, group life cover, group private medical insurance and ASU cover. Employers can choose one or all of the options at any time.

PMI covers hospital charges, specialists&#39 fees, the cost of diagnosis, radiotherapy and chemotherapy for day patients, inpatients and outpatients. Physiotherapy, chiropody and osteopathy are covered on an outpatient basis. A range of cash benefits is also included.

Income protection offers a maximum benefit of 30 per cent of salary a year and a choice of deferred periods from 13, 26, 52 or 104 weeks. The ASU element is designed to protect pension contributions if employees are unable to work but employees must pay for this themselves. Life cover aims to provide a lump sum on death or on diagnosis of a terminal illness.

Cafeteria-style benefits are all the rage as the 1 per cent charge of stakeholder pensions and many group personal pensions make it too expensive to offer life cover and waiver of premium options to protect pension contributions.

Scottish Equitable and Legal & General have similar products, but they offer different benefits, such as critical illness cover and ASU mortgage protection.


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