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CORPORATE INSURANCE

Employee Benefits Insurance

Employee is the most important asset of any company so does Employee benefit related offering & policies in company. Solid Employee Benefits helps to attract and retain talent in company. Among of all Employee benefit related policies, Employee Benefit Insurance policies take the significant place. Because it shows that company is investing not only their Health or current financial state but also on their future.

For employees, it is felt to be much needed support from their company because policy benefits that usually come in Corporate employee benefit insurance programs are something that employee cannot get at being individual customer to insurance companies which makes existence of such insurance program to be most important parameter after salary, for any new employee to join.
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Group Medical Insurance

Among all Employee Benefit Insurance, Group Medical Insurance is must demanded benefit for attracting & retaining great talent in company. It is due to rising cost of health care cost and thus its insurable cost in the country. Also, Benefits of Health insurance as Corporate employee are much vast & broad in comparison to health insurance as an individual customer.
What are the advantages of Group Medical Insurance over Personal Health Insurance?

Group Medical Insurance

  1. Choice to be choose benefits and exclusion while Policy Inception such as Pre-existing cover from day one, No waiting period, OPD Coverage etc
  2. No pre-policy medical check up
  3. Cost is comparatively much economical
  4. Self chosen exclusion
  5. Flexibility in Family Size
  6. Choice of TPA’s

Personal Health Insurance

  1. No such choice available. Customers have to choose product in which benefits are pre-defined.
  2. Medical Check up is necessary beyond age limit defined by insurance company
  3.  Fixed Costs
  4. Like wise, Benefit, Exclusions are also pre-defined
  5. Family size is pre-defined
  6. No such choice is provided
What are the customized benefits under this group?

Group Health Insurance operates like any other health insurance plans usually cover treatment costs for hospitalization where patient is required to be admitted for 24 hours including day care procedures. However, In Group Health Insurance, Corporate gets choice to include many other additional benefits as well by paying additional cost.

Some of the examples of customized benefits are:

  1. Hierarchy/Location/Work profile wise sum insured.
  2. No Medical Check up
  3. Choice to define Family size
  4. Top up Health Insurance voluntary chosen by employee
  5. Increase room rent limit
  6. Pre-existing ailments cover from day one
  7. No waiting period for any admissible ailment
  8. Maternity Benefits may be covered for up to a self chosen limit
  9. Pre/post hospitalization period may be extended from usual 30days/60days
  10. Additional Corporate buffer may be chosen.
  11. No Ailment wise capping
  12. No Co payment of any kind
  13. Coverage for Ayurvedic/Allopathic treatment as well.
  14. Choice of OPD Coverage for  self chosen limit
  15. Wider Dental or eye coverage
  16. Choice for removing any exclusion as per policy wording
  17. Choice for selecting Third party Administrator(TPA)
  18. Corporate Wellness Program
What is the minimum employee count for taking Group Medical Insurance?

Every Insurance Company has got criteria for minimum employee count. However, Keeping entire industry in mind, it is necessary to have at least 5 employees in group to initiate a Group Medical Insurance.

Are all Group Health Insurance are same?

No. Group Health insurance necessarily not to be same for every corporate. Every Corporate has their own financial & Human resource budget, Planning, Culture & policies,  which sets parameters for choosing benefits under Group Medical Insurance. Therefore, Every corporate Group Medical Insurance most likely differ from each other.

Is Cashless Facility available under Group Health Insurance?

Yes, Likewise any other health insurance policy, cashless facility is also covered under Group Health Insurance Policy.

Is TPA Facility Covered under Group Health Insurance?

Yes, TPA facility is covered under Group Health Insurance for those almost all insurance companies except few who has their own internal set up for processing health insurance claims such as HDFC ERGO, STAR HEALTH, RELIGARE, & some few more.

How is the premium cost worked out in Group Health Insurance?

Premium under Group Health Insurance is based on demography, coverage, Industry , exclusions as chosen by Corporate. Therefore Cost of Group Health Insurance is not always pre-fixed for any corporate or industry. Pricing gets worked out once member data & coverage is provided by Corporate.

How are new joinees and Leavers managed in Group Health Insurance?

Once Group Health Insurance is started in any corporate. On Monthly basis, Corporate may add new comers in company and also delete left employees, from their Group Health Insurance. New Addition Premium is usually charged on pro-rata basis and similarly, left employees premium is refunded to corporate on pro-rata basis subject to no claim is made by respective left employee. By keeping certain advance premium deposited with insurance company, a Corporate ensures that their new joinees in company should get covered from their joining date.

Why room rent is so significant factor during health insurance claim settlement and why dispute over claim amount due room rent?

Now a days, Every Hospital bill amount is basically depend upon category of room occupied by Patient. Higher the room rent, higher is going to be bill amount. For an example, If two patients for similar ailment & treatment are admitted in same hospital but in two different room rent then it is most likely that Hospital bill is going to be higher for the patient who has occupied costlier room category. Therefore, Insurance Company also pays all hospital bill for what patient room rent eligibility is as per insurance contract.

Taking another example, If an Employee room rent eligibility is Rs 3000/- per day as per his health insurance Plan and he/she occupies room costs Rs 6000/- per day during hospitalization then Insurance Company is only  going to pay for what his hospitalization bill could have been at category of Rs 3000/- per day in same hospital. If hospital does not have any category of Rs 3000/- per day then Insurance company is going to be deduct approximately 50% of over hospital bill since policy eligibility is 50% of what is being occupied.

Since customers are usually not aware of Hospital billing practice and their policy coverage over room rent difference therefore disputes over such areas occur very often.

What are pre-existing ailments/diseases?

Pre-Existing Disease means any condition, ailment or injury or related condition(s) for which there were signs or symptoms, and / or were diagnosed, and / or for which medical advice / treatment was received, prior to inception of policy.

What is Capping/Co payment in health insurance claims?

Capping/co payment are certain limitation imposed as per policy terms & condition on claim amount which is supposed to be borne by insured.

For Example:-

  1. If policy terms & condition says that there is Rs 24000 per eye limit for cataract then Insured is supposed to receive Rs 24000/- only for every cataract surgery for respective policy period
  2. If Policy terms & condition says that there is 10% co payment then 10% of every claim made by Insured is going to be borne by Insured thus Insurance company will deduct 10% of every claim amount while processing claim.
What are non payable expenses?

Every Insurance Company excludes some charges which are consisted of  mostly of hospital administration fees, and consumables & other charges. These charges are standardized by IRDAI and every insurance company is bound to deduct those charges only which are allowed by IRDAI to deduct. You may download list of Non Payable charges under Health Insurance as directed by IRDAI at this link.

What are tax benefits under Group Mediclaim Insurance?

In case of group mediclaim policy for employees, only employer can claim the premium paid for the group health insurance policy as a tax deduction. An employee is not entitled to income tax exemption under the group health insurance provided by an employer. Only under individual health insurance bought diretly by an employee will get a tax exemption under Section of 80 D of the income tax.

Group Personal Accidental Insurance

Group Personal Accidental Insurance usually covers insured against below mentioned circumstances which happens due to an accident. This Policy covers customer 24*7 and worldwide.
1. Death
2. Permanent Total Disablement such as Dismember of one leg or boths etc
3. Permanent Partial Disablement such as Dismemberment of one finer or one toe etc
4. Compensating Employee against loss of income during recovery period, such event is called as “Temporary Total Disablement” under insurance, also known as Leave Benefit.
5. Agreed coverage amount against medical expenses
6. Child Education Benefit in case of death or disablement
7. Additionally, there are few other additional coverage of minor quantum are available such Transportation of remain, Funeral expenses etc,
What are the exclusion under Personal Accidental Insurance?

These exclusion are common but policy wording & scope may vary from insurance company to insurance company.

  1. Intentional self-injury, suicide or attempted suicide,
  2. whilst under the influence of intoxicating liquor or drugs
  3. whilst engaging in Aviation or Ballooning whilst mounting into, dismounting from or traveling in any balloon or aircraft other than as a passenger (fare paying or otherwise) in any duly licensed standard type of aircraft anywhere in the world,
  4. directly or indirectly caused by venereal diseases, AIDS or insanity,
  5. arising or resulting from the insured person committing any breach of law with criminal intent, by appropriate authority irrespective of whether such an aircraft is privately owned OR chartered OR operated by a regular airline OR whether such an aircraft has a single engine or multi engine.
What is the minimum employee count for taking Group Personal Accidental Insurance?

Every Insurance Company has got criteria for minimum employee count. However, Keeping entire industry in mind, it is necessary to have at least 5 employees in group to initiate a Group Personal Accidental Insurance.

What is the maximum coverage amount(Sum Insured) for an employee that could be provided by Insurance Company?

Insurance Company usually provides 5 times of Annual Gross Salary for respective employee as coverage amount. This may be extended for up to 10 times of Annual gross salary as well by few insurers.

Why premium cost is different for every corporate for Group personal accidental insurance?

Personal Accidental Insurance is mostly depends upon Industry of Corporate and work profile of employees. For example, Group Personal Accidental Insurance cost is more costlier for manufacturer, mining , drivers, related industries  than IT, BPO, consulting firms. It may also be considered that Blue Collar employees premium cost is always going to be higher than while collar employees.

What could be additional benefits available under Group Personal Accidental Insurance?

Group policies can always be customized thus a corporate user pays what they choose for their Group Personal Accidental Insurance. Apart from basic coverage, Corporate customer may have below additional coverage under their Group Personal Accidental Insurance program.

  1. Snake bite, Monkey bite or such other related incident may be covered
  2. Since many corporate organise certain sports activity, thus sports injury may also be allowed to cover
  3. Corporate may choose to remove any exclusion such as maternity
How are new joinees and Leavers managed in Group Personal Accidental Insurance?

Once Group Personal Accidental Insurance is started in any corporate. On Monthly basis, Corporate may add new comers in company and also delete left employees, from their Group Personal Accidental Insurance. New Addition Premium is usually charged on pro-rata basis and similarly, left employees premium is refunded to corporate on pro-rata basis subject to no claim is made by respective left employee. By keeping certain advance premium deposited with insurance company, a Corporate ensures that their new joinees in company should get covered from their joining date.

Is pre-policy medical check up is required in Group Personal Accidental Insurance?

No

Is accident occurred outside India is covered?

Yes, Personal accidental insurance occurs worldwide there accident occurred anywhere is covered.

Does any deduction happen under claim of Personal Accidental Insurance?

No, Personal accidental insurance are basically benefit based policy which has no claim excess/deductible. Thus, for whatsoever coverage amount, insured is assured for, is paid at event of claim.

What are tax benefits under Group Personal Accidental Insurance?

Premium of a group personal accident insurance plan is treated as an expense deductible from the profit and loss of a company. And so an employer can claim the premiums paid under this plan as a business expense and can claim tax deduction on such expense under Section 37. Employee cannot avail any separate deduction for the same.

What if deceased Employee had other personal accidental life insurances from his/her own?

Personal accidental insurance  is basically a benefit based insurance therefore, in case of accidental death, All personal accidental  insurance policies whether taken by employer or employee, will pay claim, if cause of accident is admissible in all policies.

Similarly if there are other term life insurances available, similarly above, all term life insurances will also pay claim along with all personal accidental insurances.

Group Life Insurance

Group Life insurance products offers benefits to group of people, often taken by Corporate, Institutional societies, co-operative societies etc. Group Life Insurance helps companies to secure not only their current financial state but also, builds strong financial foundation of Employee Family in case of unfortunate death of employee. Additionally with other products such as Group Gratuity, EDLI, Corporates are able to maintain their other employee benefit related compliances with tax saving & investment options.
Group Term Life Insurance. Coverage and Additional Benefits?

Employee legal beneficiary receives coverage amount in case of death of employee.

Additional Benefits
1. Permanent Total Disability Rider
2. Permanent Partial Disability Rider
3. Accidental Death Benefit Rider
4. Critical Illness Rider

What are the exclusions under the Group Term Life Insurance?

These are general exclusions under term life insurance and may vary from insurer to insurer

1. Suicide. Usually Insurers now cover same but with waiting period of 12 months
2. Death while being involved in illegal activities
3. Death due to accident while driving under influence of alcohol or drugs.
4. Death while being involve in hazardous sport activities
5. Death due to Sexually transmitted ailment such as HIV, AIDS

What is the minimum employee count for taking Group Personal Term Life Insurance?

Every Insurance Company has got criteria for minimum employee count. However, Keeping entire industry in mind, it is necessary to have at least 30 employees in group to initiate a Group Term Life Insurance.

Why Group Term Life Insurance policy is beneficial for corporate?

Group Term Life insurance pays compensation to Employee family in case of Employee Death. If such death occurs while employee being on duty, then compensation given against this policy can also be assumed as replacement of Workmen Compensation Act Compensation. Also, Such Compensation out of this policy also builds trust & good credibility among employees towards their employer.

What is Free cover limit in Group Term Life Insurance?

A free cover limit is a sum insured limit, below which an insured is not required to submit any medical questionnaire and also need not to go through any medical underwriting/Medical check up.

Is there any medical check up required for any employee?

Yes, Medical check up may be asked by insurance companies for very few members of the group whose sum insured is more than free cover limit.

What are cost factors to decide premium cost of Group term Life insurance?

Age demography, Industry, Free cover limit, gender, Higher coverage amount are usually parameters on which premium cost is worked out.

How are new joinees and Leavers managed in Group term Life insurance?

Once Group term Life insurance is started in any corporate. On Monthly basis, Corporate may add new comers in company and also delete left employees, from their Group Personal Accidental Insurance. New Addition Premium is usually charged on pro-rata basis and similarly, left employees premium is refunded to corporate on pro-rata basis subject to no claim is made by respective left employee. By keeping certain advance premium deposited with insurance company, a Corporate ensures that their new joinees in company should get covered from their joining date.

How Tax Laws implies on Group term life insurance?

For Employer-Premium of a group term life  insurance plan is treated as an expense deductible from the profit and loss of a company. And so an employer can claim the premiums paid under this plan as a business expense and can claim tax deduction on such expense under Section 37. Employee cannot avail any separate deduction for the same.

For Employee-claim amount paid under this scheme is exempted from income tax under sec 10(10 D) of the Income Tax Act, 1962

What if deceased Employee had other term life insurances from his/her own?

Term life insurance is basically a benefit based insurance therefore, in case of death, All Term Life insurance policies whether taken by employer or employee, will pay claim, if death cause is admissible in all policies.

Similarly if there are other personal accidental insurances are available and cause of death was accident then, similarly above, all personal accidental insurances will also pay claim along with all term life insurances.

Employee Deposit Linked Insurance (EDLI)

Employees Deposit Linked Insurance Scheme or EDLI is an insurance cover provided by the EPFO(Employees Provident Fund Organisation) for private sector salaried employees. The registered nominee receives a lump-sum payment in the event of the death of the person insured, during the period of the service. EDLI applies to all organisations registered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952. All such organisations must subscribe to this scheme and offer life insurance benefits to its employees. This scheme works in combination with EPF and EPS. The extent of the benefit is decided by the last drawn salary of the employee.
Why a Corporate should take EDLI insurance from a life insurance company if it is already provided by EPFO?

Under Sec.17(2A) of the Act, the employer may be exempted from contributing to this scheme, if he/she has provided for better insurance benefits through alternative scheme.

EDLI insurance through Life Insurance Companies instead of Employees Provident Fund Organisation, is considered to be a better alternative because of

  1. Lesser premium payable
  2. Quicker claim settlements
  3. Income tax Benefits
  4. Higher sum assured
What is the minimum employee count for taking Employee Deposit Linked Insurance ?

Since EDLI scheme under EPFO is applicable for Corporate having minimum count of 20 employees thus minimum 20 employees are required to EDLI insurance from any life insurance policy.

What is maximum sum insured under Employee Deposit linked insurance?

Maximum amount under EDLI scheme from EPFO is Rs 6 lakh. However, Corporate may take Rs 6 lakh or higher sum insured while EDLI policy directly from Life insurance companies.

Who is going to be claim beneficiary under this Policy ?

Employee legal heir is only going to be beneficiary of claim amount under this policy.

What are tax benefits for employer?

For Employer : Premium of a group term life  insurance plan is treated as an expense deductible from the profit and loss of a company. And so an employer can claim the premiums paid under this plan as a business expense and can claim tax deduction on such expense under Section 37. Employee cannot avail any separate deduction for the same.

For Employee : claim amount paid under this scheme is exempted from income tax under sec 10(10 D) of the Income Tax Act, 1962.

Group Gratuity Insurance

Gratuity Act: Gratuity is given by the employer to his/her employee for the services rendered by him during the period of employment. It is usually paid at the time of retirement but can be paid earlier, provided certain conditions are met. A person is eligible to receive gratuity only if he has completed minimum five years of service with an organisation. However, it can be paid before the completion of five years at the death of an employee or if he has become disabled due to accident or disease.
Who is covered under Gratuity act?

Under section 1 of the Payment of Gratuity Act, group gratuity insurance is applied to:

Every mine, factory, oilfield, port, plantation & railway corporation.
All establishments or shops that has more than 10 employees in the preceding twelve months.
The law shall continue to be applied to establishments or shops once the provisions of the Gratuity Act 1972 is applied, even if the strength of workers/employees falls below 10.

When an Employee is eligible for Gratuity Payment?
  1. Employee should be eligible for super annuanation
  2. Employee gets retired
  3. Employee resigns after working for 5 years or more in an organization.
  4. Employee dies due to illness, accident or suffers through a disability
How Gratuity amount is calculated?

Gratuity amount =.((Last drawn Monthly Basic Salary +D.A) *15.  * No. of years service)/26

How Group Gratuity Insurance works?

Group Gratuity Insurance can be considered as a fund which employer keeps with insurer, in order to pay their future Gratuity Liability to employees. Under this policy, Fund given to life insurers by employer, is kept invested in Market(Equity or Debt) by Insurers after duly discussion & Employer consent of Investment fund options. At any time, Insurer is liable to pay not more than what is available under fund.

Why Employer should take having Group Gratuity Insurance?
  1. Insurer actuarial advise over fund comes from great expertise and knowledge domain of all industries statistics. Thus, Employer could visualize their future liability under this act.
  2. If actuarial advise is ideally followed, it is most likely that fund itself would be sufficient enough for relieving employer from all Gratuity act obligations.
  3. Tax Benefits for Employer – The contributions / premiums paid by an employer in respect of an employee up to 8.33% of his / her salary, in a financial year, are treated as an expense for tax purposes in the year of payment. Income of investments is exempt from tax under section 10(25)(iv) of the Act.
  4. Tax Benefits for Employee –
    Gratuity benefits are tax free up to Rs. 20,00,000 in the hands of employee.
    The contribution made by the employer is not included in the value of taxable perquisites in the hands of the employee.
    Any death benefit under the Group Term Insurance is tax-exempt under section 10 (10D) of the Income Tax Act, 1961
What are the steps for taking Group Gratuity Insurance?
  1. Step 1 : Employer creates a trust for administration of fund under Gratuity scheme.
    Step 2 : Initial contribution based on actuarial advise
    Step 3 : Discuss investment preference & strategy with Insurance Broker & Insurance company
    Step 4 : Contribute into fund and review investment return & fund growth in periodic manner
    Step 5 : Inform insurance company in regular interval whenever Gratuity liability arises from employees.

Group Superannuation

Superannuation are retirement benefits offered by employer to their employees. It allows them to save a portion of their income during their employment at your organization. Offering such benefits through superannuation insurance to employees add another feather in Employee Benefit Policies.
What are the categories of Superannuation Policies?

Defined Benefit Scheme: In this scheme, Employer provides a specific retirement benefit based on salary and years of service. Plan in this scheme are funded by employer contribution only. It is also called Non Linked non participating annuation plans.

Defined Contribution Scheme: In this scheme, Employees & employer both, can contribute towards fund accumulation. Contribution to fund is in proportionate to salary.

What are the tax benefits under Superannuation Policies?

For Employer: Any amount received by Trust (Fund Administrator) on behalf of approved Superannuation fund is exempt under Sec 10(25)(iii). The amount of deduction available under any ordinary superannuation fund shall not exceed 27% (Including Provident fund contribution) of the employee basic salary for each year of his service under Section 36(1) (iv) of the Income tax Act 1961

For Employee: Employees’ contribution towards an approved superannuation fund is eligible for deduction under Section 80C. The payment received from the superannuation fund is tax-free subject to conditions under Section 10(13).

What are the steps for taking Group Superannuation Plan?

Step 1 : Employer creates a trust for administration of fund under Superannuation Plan.
Step 2 : Finalize whether to go with “Defined Benefit Scheme” OR “Defined Benefit Scheme”
Step 3 : Discuss investment preference & strategy with Insurance Broker & Insurance company
Step 4 : Contribute into fund and review investment return & fund growth in periodic manner.

Is legally compulsory for employer to take Superannuation Plan?

It is not mandatory under law. Corporate provides these benefits to their employee only to attract and retain talent in their company.

What if an employee exits organization having Defined Contribution scheme based Superannuation plans?

In such case, Employee may either transfer his scheme to organization if similar scheme is available under new organization. Else Employee may withdraw from fund. However, tax provisions may change in this case.

What if an employee dies retirement under Defined Contribution scheme based Superanuation Plans?

Accumulated fund will be released to legal heir of demised employee.

Keyman Insurance

Keyman Insurance is purchased by employer to safeguard their company against financial losses due to death of their Company key employees. Keyman Insurance can be assumed a simple term life insurance which covers the life of key persons of company however Insurance proceeds goes to the employer.
Why keyman Insurance is required by Corporate?

Needless to mention that Management of any company is utmost important human resource capital for any organization and their sudden absence of services could give a huge financial strain to company which may occur due to immediate reduction in profits/revenue or towards expenses to be incurred for replacement of such keyman employees.

Insurance cannot cover their voluntary choice of leaving organization but however, Insurance can cover such financial strain if absence of services of keyman employees arise due to their death.

Therefore, Need of keyman insurance arises to cover such financial losses due to un timely death of key employees of the company.

Who can be considered key employee of company for keyman Insurance?

Anybody with specialized skills, whose loss can cause a financial strain to the company, is eligible for Keyman Insurance. For example, they could be: Directors of a Company, key sales people, key project managers, people with specific skills etc.

How Coverage amount is decided under Keyman Insurance?

Sum Insured(Coverage amount) is restricted to either of three condition as below:-

  1. 10 times of annual gross salary of keyman employee
  2. 3 times of average annual gross profit of company for last three years
  3. 5 times of average annual net profit of company for last three years
What are the tax Provisions under Keyman Insurance?

For Employer : Premium paid by company for a keyman insurance is an allowable business expenditure and enjoys tax benefits under Section 37(1) of the Income tax Act. However, Claim proceedings are taxable as business income.

For Key Employees Insured : Since neither premium is paid by employees nor proceeding are coming to them thus there is no tax implication for these members under this insurance.

Do Company need to proof of losses or expenses if claim occurs in this policy?

No, Company does not need to provide any evidence of losses of expenses after death of key employee insured. After death, Coverage amount will straight away be paid to company.

What if Key employees leaves the organization?
  1. Company may choose to stop paying premium and let policy lapse
  2. Policy may be transferred to new employer on terms mutually agreed upon.
  3. Policy may be assigned to key employee on mutual consent.

Group Travel Insurance

Group travel Insurance basically is more useful for corporates/Institutions whose members/employees travel very frequently. So, With help of this product, they may release themselves with inconvenience of issuing travel insurance policy in much more cost effective manner.
How Does Group Travel Insurance work?

Corporate can have a customizable travel insurance with self chosen benefits. Once Benefits are decided, Corporate deposits premium to insurer on a fixed rate of travel per day. Before beginning of journey, Every employee/employer may issue travel policy certificate through multiple convenient modes. Since premium is already paid in lump sum by employer, thus no need of payment of premium at every policy certificate issuance. At end of policy year, Corporate gets refund of premium from insurance company on balance of travel days.

What are the benefits under Travel Insurance?

Travel Insurance covers customer against certain financial losses which occurs during travel. Risk, which are covered travel insurance are majorly which are covered under General Health Insurance, Personal Accidental along with bouquet of additional coverage against  travel related risks such as Baggage loss, fight delay etc.

Key Benefits under Travel Insurance:-

  1. Emergency medical expenses
  2. Emergency dental expenses
  3. Medical evacuation
  4. Hospital Daily Cash allowance
  5. Medical & Body repatriation
  6. Accidental Death & disablement
  7. Loss of baggage
  8. Delay in Checked in baggage
  9. Loss of passport
  10. Hijacking
  11. Trip curtailment
  12. Trip Cancellation
  13. Missed connection/departure
  14. Bounced bookings of hotels & flights
  15. Fraudulent charges on payment card
  16. Delay in flight
  17. Personal Liability
  18. International Assistance provider
What are the general Travel Insurance exclusions?
  1. War, Civil war, invasion related circumstances
  2. Injury due to breah of law
  3. Self inflicted injuries, self intoxication
  4. Pre-existing ailments
  5. Cosmetic treatment
  6. Obesity treatment
  7. Adventure sports
  8. Travel against medical advise
  9. Influence of drugs, alcohol, or other such substances except advised by medical doctor
  10. Pregnancy and Infertility
What are the tax Provisions under Keyman Insurance?

For Employer : Premium paid by company for a keyman insurance is an allowable business expenditure and enjoys tax benefits under Section 37(1) of the Income tax Act. However, Claim proceedings are taxable as business income.

For Key Employees Insured : Since neither premium is paid by employees nor proceeding are coming to them thus there is no tax implication for these members under this insurance.

Do Company need to proof of losses or expenses if claim occurs in this policy?

No, Company does not need to provide any evidence of losses of expenses after death of key employee insured. After death, Coverage amount will straight away be paid to company.

What if Key employees leaves the organization?
  1. Company may choose to stop paying premium and let policy lapse
  2. Policy may be transferred to new employer on terms mutually agreed upon.
  3. Policy may be assigned to key employee on mutual consent.
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OUR LOCATIONSWhere to find us
GET IN TOUCHOrange Capital Social Links
Feel our social presence that seamlessly covers key insurance indicators.

IRDA Registration Number : 704 | CIN : U66000HR2019PTC082383 | Category : Direct Broker (Life & General including Health) | License Period : 17-04-2020 to 16-04-2023

IRDA Registration Number : 704
CIN : U66000HR2019PTC082383
Category : Direct Broker (Life, General, Health)
License Period : 17-04-2020 to 16-04-2023

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