Life assurance
Help for those left behind if you die
Facing up to mortality is not easy, but at least you can look after those left behind. As part of your basic employment package, SAP offers a payment of 4x your annual basic salary at the time of your death. This is paid free of tax to your dependants.
If you want to provide more for your family you can, but you pay for the extra level of cover. The maximum level you can have is 8x your basic annual salary. You also have the option to reduce cover if you feel this is not needed by you.
In your first election period, you can increase your cover up to a maximum of 8x your annual basic salary, or reduce to a minimum of 1x your basic salary. In the following years, you can decrease your cover or increase it by one multiple at a time until you reach the maximum of 8x your annual basic salary.
At a glance
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Limited time benefit
Tax savings
The money you pay for some benefits (such as your pension) is taken from your salary before tax and National Insurance are deducted. This means you don’t pay any tax on the money you use to fund these benefits. For some other benefits (such as tax-free saving for childcare) the tax is added back on to your contribution when the benefit is provided.
Employee funded (EE)
A benefit which you choose to join at an additional cost to you.
Employer funded (EF)
A benefit that is funded by the Company, at no cost to you.
Limited time benefit
You can only sign up to limited time benefits during March, or within three weeks of joining SAP.
Flexible benefit
You can sign up for flexible benefits at any point during the year. Be aware that you can’t always make changes to these benefits at any time during the year, so check on the conditions when you sign up.
