Frequently Asked Questions [FAQs]

Everything you need to know!

What is the sum insured for Employee Personal Loans?

Employees can avail a loan of up to INR 2 lakhs under the personal loan category.

What are the benefits of Employee Personal Loans?
  • Reduces financial stress of employees.
  • Enhances employee retention.
  • Boosts productivity of the workforce.
  • Builds an atmosphere of loyalty in the organization.
  • Enahnces the organizations reputation in market.
Are employee loans taxable?

Loans to employees are a part of perquisites. These benefits, when obtained by the employees, are taxable under the “Salary” head of the Income Tax norms.

It is mandatory for organizations to provide Employee Personal Loans?

As far as employee loans are concerned, an employer doesn’t have much obligations from tax point of view.

The Companies Act of 2013 governs such conditions and the amendment made on March 10, 2015 it allows companies to design policies under which they can offer loans and the details can be mentioned in the offer letter or job letter.

What is the sum insured for Health Insurance?

Employees can claim Health Insurance worth  ₹5 Lakhs starting @14 per day*.

What are the benefits of Health Insurance Coverage?
  • Medical Bills: Coverage against medicinal expenses incurred, including pre and post hospitalization.
  • Pre-existing Diseases: Coverage for any pre-existing disease is provided to you after a certain waiting period.
  • Claim Reimbursement: Coverage for expenses incurred for hospitalization due to a medical.
What are the points to remember while comparing various Health Insurance plans?
  • Sum Insured Amount
  • Policy premium to be paid to avail the coverage benefits
  • List of network hospitals and Claim Settlement Ratio
  • Sub-limits (if any) and Waiting Period (for PEDs)
  • Co-payment clause
Can independent employees be insured under Group Health Insurance plans?

Usually, independent employees are not covered under Group Health Insurance plans. However, some group health insurance policies allow some flexibility on this issue.

How to choose the best Travel Insurance policy?

At the time of using an insurance policy for your journey, a person needs to analyze the various coverage offered by the insurer. Compare the coverage offered by different insurers and get the estimated premium quotes for different policies.

Can more than one policy be issued for the same trip?

No. Every traveller is issued only one insurance policy for the duration of a single journey.

Can a person cancel his/her insurance policy midway?

Yes, a person can cancel their insurance policy midway after commencing their journey. However, the amount to be refunded depends on the insurer and can vary from one issuer to another.

What are the benefits of buying Term Insurance plans?
  • Covers critical illness.
  • Safety for loans and liabilities.
  • Higher sum assured at affordable prices.
What are the key features of Term Insurance Plan?
  • Cost-effective
  • Long-term protection
  • Easy to buy
  • Convenience of payment
What are the minimum and the maximum age to buy Term Insurance policy?

Anyone who intends to buy a Term Insurance plan must be in the age group of 18 years to 65 years and should have an income of at least ₹8 lakh.

Are there any benefits of buying insurance at an early age?

Yes, buying term insurance at an early age entitles the insured to a lower premium on the policy. The earlier one buys a term insurance plan, the lower will be their premium amount. Also, the chances of getting the policy are higher because of good health.

Employees who believe that management is concerned about them as a whole person – not just an employee – are more productive, more satisfied, more fulfilled. Satisfied employees mean satisfied customers, which leads to profitability.
– Anne M. Mulcahy

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