Errors and Omissions Insurance Compensation protects organization from the threat of expensive lawsuits and large compensation pay-outs. The policy covers statutory liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the Insured's immediate service and arising out of and in the course of employment. It is compensation payable under a scheme set out in the Workmen's Compensation Act of India, monitored by the Ministry of Labour.
The insured is covered and indemnified against his legal liability for actual and physical loss of or damage to goods or merchandise directly caused by fire and or accident to the vehicle registered under the number stated in the schedule whilst such goods or merchandise are actually transported in the said vehicle on condition that
Fire or accident has arisen on account of negligence of the insured.
That the vehicle is damaged by fire or explosion or accident.
That a claim in respect of the motor vehicle thereof is admitted under motor comprehensive insurance policy covering the vehicle.
The cover will commence with the loading of cargo on the vehicle and will be in force until unloading of the cargo at the discharging point or expiry of seven days after the first arrival of the vehicle at the destination town which ever may occur first.
Note :
Gratuity is a statutory benefit paid to the employees under the Payment of Gratuity Act, 1972 who have rendered continuous service for at least five years. The employee is eligible for 15 days of salary (basic pay plus DA) for each completed year of service. The employer can also structure a gratuity benefit that is higher than statutory requirements.
The gratuity benefit of the policy is payable to the employee
- On Retirement/Resignation/Termination: Higher of accrued Gratuity benefits payable.
- On Death: Higher of accrued Gratuity benefits payable + Basic SA + Rider SA opted if any, in case of death due to accident.
- On occurrence of Total Permanent Disability (TPD): Higher of accrued Gratuity benefits + Rider SA if any, in case of TPD due to accident.
Gratuity payment liability tends to increase as the salaries and tenure of employment increase annually. An employer may pay out gratuity proceeds from his current revenue; however, to ascertain the gratuity liability of the employer and for more prudent financial planning, it is beneficial to set up a gratuity fund.
Special features offered by various companies:
- Assist the corporate to manage their gratuity liabilities.
- Option to enhance protection through riders
- Contributions and interest income earned are irreversible-thus safety & consistency of the Fund is ensured
- Liquidity is 100% as this being maintained as an exclusive & single account
- Competitive Yield
- No responsibility on the part of Trustees on investment decisions
- No hidden charges levied.
- Actuarial recommendations by the Company on the Fund management
- Provision of making Gratuity liability for the future services of employees, and payment of full Gratuity in case of death.
- No suicide exclusion for the basic SA
- IT Relief to both Employers & Employees
- Flexibility in terms of switching over of Fund options
Our assistance
Provide Comparative and Competitive Quotes from Insurance Companies
Documentation formalities
Assist in Policy Administration
Personalized Claims Assistance
Note :
Group health insurance plan is offered by the employer to the employee to form a group insurance. Group health insurance benefits both employee and employer who offered. Since it covers both employee and employer in a group, it is called as group health insurance plan. It is the affordable health insurance plan which can be obtained by the employer and employee on different insurance amount and premiums. The cost of premiums will differ from one insurance policy to another.
A group health insurance plan provides cover to all the members in a single policy. There are several advantages over buying an individual policy, which are:-
- Lower Premium Costs
- Customized Policy
- Cover for all members
- Cashless Claims across Network Hospitals
- Provides Incentive for having affiliation with the group.
- Cover From Day One of member joining the group.
Coverage:
- Hospitalization expenses due to Sickness or Accidents.
- Including Room,Boarding Expenses as provided by the Hospital / Nursing Home;
- Nursing Expenses;
- Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist Fees;
- Anesthesia, Blood, Oxygen, Operation theatre Charges, Surgical Appliances, Medicines and Drugs, Diagnostic
- Materials and X-Ray, Dialysis, Chemotherapy
- Pre Hospitalization Expenses
- Post Hospitalization Expenses
- Domiciliary Hospitalization Expenses
- Day Care Treatments
- Reimbursement of Ambulance Costs
- Optional Coverage
- Maternity Benefit
- Inclusion of Pre Existing Disease
- Reimbursement of Cost of Health Check Up
- Family Floater to covers member's immediate family viz. Spouse, Dependent Children, Dependent Parents etc.
- Dental Treatment
- Cost of Spectacles, Contact lenses
- Waiver of waiting period Waiver of First Second and Third Year Exclusions
Note :
Purchasing travel insurance for groups particularly for large groups (5 or more travelers), can result in substantial savings in many cases; this is especially true for groups of employees, students and senior citizens.
This could be an additional step towards your efforts towards cost reduction, cost management of travel related overheads.
We have plans where you would get a saving on Travel Insurance of more than 30% on your group/corporate be it an International Tour Operator, Event Management Company or a General Corporate with regular international travel.
We provide you with bulk per day rates. So you pay only for the number of days you/your employee travel. This provides you 3 things:
1.Per Day rate. You will be paying for the actual days of travel and NOT on fixed slab basis
2.Bulk per Day Rate for travel insurance, which is surprisingly lower than the normal travel insurance which has fixed slabs for particular no. of days. For e.g. an average policy for 10 days will cost you Rs. 900/- whereas per day rate for an average corporate would be Rs. 30 per day, so you pay only Rs. 300/- and save Rs. 600/-
3.Online Issuance, If you have more than 1000 travel days in a year, we would provide you an online Travel Insurance manager, where you could issue, extend, cancel policies yourself from the selected Insurance companies.
