Personal Group has made changes to its Voluntary Group Income Protection (VGIP) plan, increasing the maximum benefit and improving its occupation definition to Own Occupation.
The comprehensive plan now pays out up to 75% of an individual's salary, less Employment and Support Allowance up to a maximum of £75,000 benefit p.a., aimed at giving it a wider appeal as it can cover higher earners therefore allowing a broader range to staff to sign up.
Personal Group said: "As it operates through salary sacrifice, the new limit will allow increased savings for both the Employer and Employee. Savings are made on Income Tax and National Insurance for Employees and up to 13.8% savings on National Insurance for the Employer, making the changes beneficial to both parties."
These changes will initially apply to new schemes but all existing schemes will be gradually moved over.
