ekta zatakia
Ekta Zatakia
hey guys pls help me out on my project on GROUP INSURANCE.....
ANY KIND OF HELP VIL DO..........PLS I HVE TO SUBMIT AS ERLY AS POSSIBLE
ANY KIND OF HELP VIL DO..........PLS I HVE TO SUBMIT AS ERLY AS POSSIBLE
project on group insurance
- Thread starter ekta zatakia
- Start date
ROHAN KACHALIA
Par 100 posts (V.I.P)
Hi this is the LIC's group insurance scheme in lieu of ELDI
Features:
All employees to whom the Employee's Provident Fund and Miscellaneous Provision Act, 1952 applies, have a Statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme, 1976 to provide for the benefit of Life insurance to all their employees.
Special Features:
Under the scheme as amended with effect from 24th June, 2000 the insurance benefit is equal to the average balance to the credit of the deceased employee in the Provident Fund during the last 12 months, provided that where such balance exceeds Rs.35,000, insurance cover would be equal to Rs.35,000 plus 25% of the amount in excess of Rs.35,000 subject to a maximum of Rs.60,000. Thus if the length of service is not adequate and/ or the salary is low the average balance may be substantially less and such the benefit to the employee's family is either inadequate or non-existent.
It may be noted that an employer may be exempted from consulting to this scheme, if he/she has provided for better insurance benefits through alternative scheme. LIC's Group Insurance Scheme in lieu of EDLI has been accepted as one such better alternative.
Benefits:
To The Employer:
* The premium payable by the employer is usually less than the total contribution being paid by the employer to R.P.F.C; particularly when the salary level is high and average age of the group is low.
* Settlement of claim is quicker, LIC requires only the death certificate and the Claim Form from the employer.
* Premium paid by the employer is treated as normal business expenses for Income-Tax purpose. The contribution @ 0.50% of each employee's salary is payable by the Employer to the Provident Fund Authorities.
To The Employee:
Each employee is covered for a sum assured ranging between 5,000 to 62,000 depending upon the current salary and service put in from day one irrespective of the actual balance in the Provident Fund. Alternatively every employee/ worker can be covered for a uniform sum assured of Rs.62,000.
Accident Benefit:
Double accident benefit can be allowed to the extent of the Sum Assured for an extra Premium @ Rs.0.75 per thousand Sum Assured per annum. Double accident cover under all group Schemes taken together should not exceed Rs.4.5 lacs.
Policy Parameters:
Minimum
Membership Max.Sum Assured Graded
20 Flat-62,000 **(5,000 - 62,000)
** Sum Assured depends on 'notional balance' in P.F., calculated on the basis of the salary and Past Service
Features:
All employees to whom the Employee's Provident Fund and Miscellaneous Provision Act, 1952 applies, have a Statutory liability to subscribe to Employee's Deposit Linked Insurance Scheme, 1976 to provide for the benefit of Life insurance to all their employees.
Special Features:
Under the scheme as amended with effect from 24th June, 2000 the insurance benefit is equal to the average balance to the credit of the deceased employee in the Provident Fund during the last 12 months, provided that where such balance exceeds Rs.35,000, insurance cover would be equal to Rs.35,000 plus 25% of the amount in excess of Rs.35,000 subject to a maximum of Rs.60,000. Thus if the length of service is not adequate and/ or the salary is low the average balance may be substantially less and such the benefit to the employee's family is either inadequate or non-existent.
It may be noted that an employer may be exempted from consulting to this scheme, if he/she has provided for better insurance benefits through alternative scheme. LIC's Group Insurance Scheme in lieu of EDLI has been accepted as one such better alternative.
Benefits:
To The Employer:
* The premium payable by the employer is usually less than the total contribution being paid by the employer to R.P.F.C; particularly when the salary level is high and average age of the group is low.
* Settlement of claim is quicker, LIC requires only the death certificate and the Claim Form from the employer.
* Premium paid by the employer is treated as normal business expenses for Income-Tax purpose. The contribution @ 0.50% of each employee's salary is payable by the Employer to the Provident Fund Authorities.
To The Employee:
Each employee is covered for a sum assured ranging between 5,000 to 62,000 depending upon the current salary and service put in from day one irrespective of the actual balance in the Provident Fund. Alternatively every employee/ worker can be covered for a uniform sum assured of Rs.62,000.
Accident Benefit:
Double accident benefit can be allowed to the extent of the Sum Assured for an extra Premium @ Rs.0.75 per thousand Sum Assured per annum. Double accident cover under all group Schemes taken together should not exceed Rs.4.5 lacs.
Policy Parameters:
Minimum
Membership Max.Sum Assured Graded
20 Flat-62,000 **(5,000 - 62,000)
** Sum Assured depends on 'notional balance' in P.F., calculated on the basis of the salary and Past Service
ROHAN KACHALIA
Par 100 posts (V.I.P)
Hey Ekta, it will be better that you read some books on insurance and try to summarise all the points required for making the presentation on group insurance. And if you want the schemes of various companies on group insurance then you can get it from google.
Please do let me know if you want ne further help.
Please do let me know if you want ne further help.
ekta zatakia
Ekta Zatakia
thank u. Can u tell me some of the books name along with authors. I hve got one buk Risk mgt and Insurance- George Regde....can u list me sum more buks n also the site. If possible i wnt a ready project.
ROHAN KACHALIA
Par 100 posts (V.I.P)
Hey just do a search, there are many projects uploaded on insurance. From there you can atleat get some basic info about insurance and regarding books i will have to find it out, till then u list down the points that you have found out so that there can be some brainstorming on these points.
siddharthjmt
Siddharth Jain
where is the project...plz help with this.....
Business-education
Business Education
what do you understand by group insurance
Group insurance is an insurance that covers a defined group of people, for example the members of a society or professional association, or the employees of a particular employer.
Characteristics of group insurance
1) Group of people to be insured
2) To save administrative costs
Group insurance is an insurance that covers a defined group of people, for example the members of a society or professional association, or the employees of a particular employer.
Characteristics of group insurance
1) Group of people to be insured
2) To save administrative costs