All properties have the risk of loss or damage caused by fire, earthquake, cyclone, Riot and Strike, Malicious Damage etc & such property can be protected against such risks by Standard Fire and Special Perils Insurance. 14 Nos. of add-on covers like Earthquake, Terrorism, Removal of Debris, Terrorism cover etc are available.
It covers Loss or damage to the property by actual robbery, burglary etc. due to forcible and violent entry into the premises. It also pays for damage to the premises following upon such forcible entry or any attempt there at. Since there is remote possibility of entire items being stolen in one occurrence, Burglary cover can be taken on First Loss Basis to get adequate coverage at minimum premium cost.
What is Motor Insurance?
Motor insurance is a coverage bought for vehicles. The objective is to give complete protection against accidental physical damage and Thirdy Party personal injury / death / property damages. It gives coverage against accidental loss or damages to own vehicle or a third party. The premium would depend on the make & value of the vehicle, age and its claims history.
Types of Policies:
- Liability Only Policy: As per Motor Vehicles Act, this insurance is compulsory. This covers owner's liability to Third Party for bodily injury and / or death and Property Damage.
- Package Policy: This covers loss or damage to the vehicle insured in addition to coverage under Liability Only Policy.
Loss or Damage to the vehicle Insured:
The Insurer will indemnify the Insured against loss or damage to the vehicle insured hereunder and/or its accessories whilst thereon by:
- fire explosion self ignition or lightning
- burglary housebreaking or theft
- riot and strike
- earthquake (fire and shock damage)
- flood typhoon hurricane storm tempest inundation
- cyclone hailstorm frost
- accidental external means
- malicious act
- terrorist activity
- whilst in transit by road rail inland waterway lift elevator or air
Provided ALWAYS that the Insurer shall not be liable to make any payment in respect of:
- consequential loss, depreciation, wear and tear, mechanical or electrical breakdown, failures or breakage's nor for damage caused by overloading or strain nor for loss or damage to accessories by burglary, housebreaking or theft unless the vehicle insured is stolen at the same time.
- damage to tyres and tubes unless the vehicle insured is damaged at the same time in which case the liability of the Company is limited to 50% of the cost of the replacement.
- any accidental loss or damage suffered whilst the insured or any person driving the vehicle with the knowledge and consent of the insured is under the influence of intoxicating liquor or drugs.
This policy can be taken by any business who deal in large sums of money for their day to day transactions. It covers (i) Loss of money in transit by Robbery, theft or any other fortuitous cause and (ii) loss of money by burglary, housebreaking, robbery or hold up while money is retained at insured premises, in safe or strong room.
Direct pecuniary loss sustained by you as a result of any deliberate fraudulent or dishonest act of any Employee is covered by this policy. Apart from above, there are certain other liability insurances like specific event insurances, exhibitions / stalls, specialized Professional indemnity insurances , Banker’s Blanket bonds etc.
Safety of employees is more important to Employer. Extending benefit to the dependents of bereaved employee family enhances motivation in the Organization. This offers compensation in case of death or bodily injury to the insured person, directly and solely as a result of an accident, by external, visible and violent means. Coverage is available worldwide and round the clock irrespective of on duty or off duty. It is also ensured to extend the coverage not only in respect of road / rail accidents but also accidents like electric shock, drowning, snake bite etc.We design the most comprehensive coverage under this policy extending:
- Accidental Death (AD) – 100% Capital sum insured (CSI)
Permanent Total Disablement (PTD)
- Loss of two eyes or two limbs or one eye &one limb 100%
- Loss of one eye or one limb 50% of sum insured
- Total Disablement permanently due to accidental injury (eg. broken spine) 100% sum insured
- Permanent Partial Disablement (PPD) - Percentage of Capital sum insured ranging from 2% to 75%
- Temporary Total Disablement (TTD)/ Weekly benefits (1% of 24 months salary)
- Coverage to Terrorism
- The policy also provides additional Benefits like Children Education Benefit, Carriage of Dead Body and Funeral Expenses without additional premium.
- Medical Expenses
- Accidental Hospitalization Expenses
- Emergency Medical Expenses
Health of employees is a major concern.Coverage under this policy can be extended under Standard or Tailor made policies as detailed below:
Standard Group Mediclaim Policy provides restricted cover with many an exclusion and without certain extended benefits. It covers Expenses incurred by the insured for hospitalization for illness/ diseases or injury sustained. These include Hospital charges (Room, Boarding & Operation theatre) fees for surgeon, Anesthetist Nursing, specialist etc., diagnostic tests, cost of medicines, blood, oxygen etc., cost of appliances like pacemaker, artificial limbs etc.
Exclusions under the policy: Policy excludes Pre-existing Diseases, All Diseases contracted during the first 30 days, certain specified diseases during first year/first two years and Maternity benefits.
New born baby is covered from 91st day after birth, up on payment of premium. New Born baby is not covered during first 90 days.
Tailor-made Group Mediclaim policy: The Group mediclaim policy can be extended to cover below exclusions (exclusions under Standard Mediclaim Policy), on payment of additional premium
- The coverage extends to include Pre-existing Diseases also. This is major Exclusion under normal Mediclaim policy.
- The coverage extends to All Diseases/injuries, contracted during the first 30 days from the commencement date of policy. This is also Exclusion under normal Mediclaim policy.
Under normal Mediclaim policies the following diseases are not covered during first/second/third/fourth year of the policy:
- Benign Prostatic Hypertrophy
- Hysterectomy for Menorrhagia or Fibromyoma
- Congenital Internal diseases
- Sinusitis and related disorders
- There are a few diseases not covered during first two years/first four years which vary from Insurer to insurer.
- The policy can be extended to cover above cited diseases also.
- Maternity Benefits with option of deleting 9 months waiting period and coverage to new born baby from day one. Here also, a few insurers cover new born baby within sum insured of Maternity benefits and a few other insurers cover within overall family floater limit.
Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people. Death due to any reason is covered (Suicide is covered from 2nd year onwards). Administration of the scheme is on group basis and cost is low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to insurability conditions without insisting upon any medicals. Scheme offers coverage to death only and there is no maturity value at the end of the term.
Group Travel - Helps to protect your employees’ world over from any accident, sickness, loss and even medical attention in an emergency (Maximum of 180 days). Offers a ‘Corporate Declaration’ policy wherein the policy is based on an annual declaration (man-days traveled) while the billing can be done on a monthly basis.
Customer has the convenience to print the policy in house instead of calling insurance company each and every time he wants to travel (web based policy generation). There is no restriction on the number of trips that an employee makes during the policy period. The maximum number of travel days for single trip under this policy can be opted at 180 days.
The policy is negotiated on the group and hence eligible group discounts will be passed on to customers.
It is a death cover offered by PF dept. in case of death of an employee during service. The death amount is linked to the balance in PF account of the deceased employee. The employer has to contribute/pay @ 0.5% of the salary of the employees to PF Dept. towards coverage under EDLI.
Life insurance companies offer uniform cover under EDLI scheme irrespective of whether the employee has balance in his/her PF account or not. The employer would get exemption for payment of EDLI amount to PF Dept. if the employer opts for an insurance policy for EDLI scheme. Under EDLI, death due to any cause is covered with uniform cover of Rs.6,02,000/-.
Gratuity is a statutory liability of an employer. All the employers have to evaluate the Gratuity liability for all their employees every year by an actuary and should make provision of the Gratuity liability in the books of accounts. Mere making provision in books of accounts, will not get any income tax benefit.
All life insurance companies offer Group Gratuity schemes, which have the following benefits:
- All contributions made to the Gratuity fund maintained by life insurer is allowed as business expenditure and will get income tax benefit.
- The interest earned on the Gratuity fund is exempt form income tax.
- It helps the employer in case of cash flow problems.