Employee Benefit
Are dependents covered in Employee Benefit’s Insurance?
Yes, the spouse and children of the insured individual are covered under Employee Benefit Insurance provided by employers.
What is the minimum number of employees an organization should have to buy Employee Benefit Insurance?
As per IRDAI regulations, there should be a minimum of 20 employees to be eligible for Employee Benefit Insurance policy.
Do Employee Benefits have to start on an Employee’s first day?
No, not every benefit has to begin on an employee’s first day. However, there are some benefits that are required by law to begin right away. For instance, Medical insurance and Social Security contributions begin immediately.
What is a 'health check' facility?
Normally a ‘health check’ facility is offered once in four years as a value addition for corporate customers.
Is abortion covered under Employee Benefits Insurance policy?
Self-inflicted or voluntary abortions are not covered under the Employee Benefits Insurance policy. However, in the case of an emergency abortion for a life-saving purpose, coverage is provided by most insurance companies.
Group Mediclaim Policy
Are dependents covered under Group Medical Insurance?
Yes, spouses, children, and even parents of the insured individual are covered under group medical insurance.
Are Group Insurance premiums tax-deductible?
Yes, As per section 80D of the Income Tax Act, the premium paid towards group health insurance is eligible for tax exemption.
Does group insurance cover pregnancy?
Generally, pregnancy is not covered under a group health insurance policy, however it can be taken as an add-on cover.
Is group health insurance mandatory?
Yes, Medical insurance for employees is now mandatory as per government regulations post the onset of the COVID-19 pandemic in 2020
What are the waiting periods in Group Health Insurance?
A standard individual policy has several waiting periods for specified diseases and reasons. The major advantage of having a GMC is that the waiting periods can be waived off.
How does one qualify for Group Health Insurance?
These are two basic requirements:
- The company must be registered as a legal business entity.
- You must have at least 15 full-time employees.
In addition to the above, different insurance companies have other criterias as well.
Machinery Brekdown
Why should one take a Machinery Breakdown Insurance Policy?
Machinery and equipment used in various industries face risks of unforeseen and sudden mechanical or electrical breakdown, which can result in damage or loss. Such incidents may require repairs or, in some cases, replacements. A Machinery Breakdown Insurance Policy helps cover these unexpected costs, ensuring your business operations can continue smoothly.
Who should take a Machinery Breakdown Insurance Policy?
If your business relies heavily on machinery for its operations, such as in manufacturing, industrial, printing, or engineering sectors, a Machinery Breakdown Insurance Policy is crucial. It protects your investment in machinery and minimizes downtime due to breakdowns.
What machines can be covered under the Machinery Breakdown Insurance policy?
Any machine that has been successfully tested and commissioned for normal production or use can be covered under this policy. It provides coverage for a wide range of machinery used in various industries.
Can I prefer to insure only a few critical machines?
Yes, you can choose to insure only a few critical machines. However, each machine should be insured as a whole to ensure comprehensive coverage.
Can I change the Value of Insurance during the currency of the policy?
Yes, the policy allows you to adjust the value of the insured machine (Sum Insured) during its term. This flexibility ensures your coverage remains adequate as the value of your machinery changes.
Should I inform the company if my old machine is replaced by a new identical machine of the same type & model?
Yes, you should inform your insurer immediately if you replace an old machine with a new one of the same type and model. The insurance is issued on an individual machine basis, incorporating the serial number of the machines.
Workmen's Compensation Insurance (WC)
Is it compulsory to have a Employee's Compensation policy in India ?
Yes, It is mandatory for all employers(and manufacturing units) that have more than 20 employees, to have a Employee’s Compensation Insurance so that they can get insurance benefits for workers / employees as per the Employees State Insurance Act, 1948.
Who is covered under the Employee's Compensation insurance?
The policy covers employees engaged in any commercial business against injuries caused by accidents during employment or certain occupational diseases. It provides financial support for medical expenses and lost wages.
Can contract workers be covered in a Employee's Compensation Insurance Policy?
Yes, Contract workers can be covered under the Employee’s compensation policy as an extension if they are specifically covered under the policy.
What coverage is offered under the Employee's Compensation insurance policy?
The policy covers temporary or permanent disability, fatality, legal expenses, injuries worsened by work conditions, and bodily harm caused by accidents during employment. It provides comprehensive support for workers’ safety and well-being.
Is it advisable to purchase a Employee's Compensation Insurance Policy online?
Yes, purchasing the policy online is convenient and allows you to compare different aspects of the policies side by side. Online platforms make it easy to find the best coverage for your needs.
Fire Insurance
Why does one need to insure their building?
A building can be damaged due to other perils or fire, and these losses cannot be covered by a general insurance policy. For that, one needs a Fire Insurance policy that can cover the damages sustained by the building.
Can the sum insured be changed during the policy period?
Yes, you can enhance or reduce the sum insured during the tenure of the policy.
What are policy extensions?
Policy extensions are additional coverage options that one can choose by paying an additional premium. These extensions can increase the scope of coverage of the policy.
Does burglary insurance offer any policy extensions?
Yes, burglary insurance plans can offer policy extensions that allow you coverage against losses that you face due to riots, strikes, rebellion, etc.
Public Liability
Is there a legal requirement to have a Liability Insurance policy?
No, there is no legal requirement to have a Liability Insurance policy, however, having this policy in place can offer business protection against numerous unforeseen eventualities
How much does a Liability Insurance policy cost?
The cost of a Liability Insurance policy is determined by multiple factors, such as the nature and size of business, along with the level of risk and any prior history of claims raised.
Is staff covered under a Liability Insurance policy?
Yes. As the business grows one can enhance the insurance coverage in order to provide cover for the employees of the company
