Employee employer insurance scheme
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21-Oct-2014 -
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Transcript of Employee employer insurance scheme
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Employee-Employer Employee-Employer InsuranceInsurance
Canvassing Canvassing
&&
Underwriting RequirementsUnderwriting Requirements
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Need for InsuranceNeed for Insurance
Economy Is Opened upEconomy Is Opened upCompetitionsCompetitionsOpportunitiesOpportunitiesBrain DrainBrain DrainHuge Cost on Recruitment,training Huge Cost on Recruitment,training
& Specialisation& Specialisation
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Ways to Restrict Brain DrainWays to Restrict Brain Drain
More wagesMore wagesmore incentivesmore incentivesmore perksmore perksmore facilitiesmore facilitiesmore promotionsmore promotions
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RestrictionsRestrictions
Increase in wages- for all increase in perks- for allincrease in promotions- for allGroup Insurance- for all
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Then what is the solutionThen what is the solution
Always very fewAlways very few are excellent workersare excellent workers
so honour themso honour them by giving promotionby giving promotion
but againbut again it is one time affairit is one time affair
the only way rather continuos way isthe only way rather continuos way is
give themgive them Insurance PolicyInsurance Policy as a giftas a gift
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Why Insurance PolicyWhy Insurance Policy
Can be given to Can be given to Selective EmployeesSelective EmployeesIt can be given to those employees to It can be given to those employees to
whom Management feels to rewardwhom Management feels to rewardcontinuous rewardcontinuous rewardtax benefit to companytax benefit to company tax benefit to employeestax benefit to employeeseffective caring natureeffective caring nature
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Benefit to employeeBenefit to employee
The death benefit will be given to The death benefit will be given to employee’s familyemployee’s family
feeling more secured, honouredfeeling more secured, honoured..Increase in belongingness Increase in belongingness
towards companytowards companyincrease in statusincrease in status
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Benefit to companyBenefit to company
Tax BenefitTax Benefit Employee’s Increasing LoyaltyEmployee’s Increasing Loyalty Increase in Efficiency of EmployeeIncrease in Efficiency of Employee Retention of Good EmployeesRetention of Good Employees Image Building in the Minds of Image Building in the Minds of
EmployeesEmployeesCustomersCustomersshareholdershareholder
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Tax ImplicationTax Implication
For companyFor company - -Will be treated as business ExpensesWill be treated as business Expenses
For Employee -For Employee -will be treated as perquisites will be treated as perquisites
and can claim premium amount u/s and can claim premium amount u/s Sec 80CSec 80C
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Other conditionsOther conditions
Generally amount of Premium Generally amount of Premium should not exceeds 20 % of total should not exceeds 20 % of total wageswages
or minimum Rs.1000/-or minimum Rs.1000/-tax is to calculated on total perkstax is to calculated on total perksthis provision is u/s Sec 40 a(v) a this provision is u/s Sec 40 a(v) a
(ii)(ii)
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RequirementsRequirements
Form No 300 or 340Form No 300 or 340Letter From Employer to Letter From Employer to
Employee Stating the Reasons for Employee Stating the Reasons for InsuranceInsurance
Assignment Is Possible at the Assignment Is Possible at the Time of Proposal ItselfTime of Proposal Itself
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Who can take InsuranceWho can take Insurance
Any Company, Partnership Firm or Any Company, Partnership Firm or Even Proprietary Concern Is Even Proprietary Concern Is Eligible for Taking Insurance for Eligible for Taking Insurance for Their Employees Under Employer-Their Employees Under Employer-employee Relationship employee Relationship
All Plans of Insurance Is AllowedAll Plans of Insurance Is AllowedAll Modes Are Also AllowedAll Modes Are Also Allowed
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Thank Thank You…You…
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