Employer employee insurance
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Employer employee insurance

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  • DEAR MR SHANMUGAM PLEASE NOTE THAT THE SHAREHOLDING MUST BE LESS THAN 51 % AS AGAINST 5% AS MENTIONED IN YOUR PRESENTATION , YOU ARE REQUESTED TO CORRECT THE SAME
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    Employer employee insurance Employer employee insurance Presentation Transcript

    • Employer Employee Insurance
    • What is Employer Employee Insurance? Under Employer Employee insurance scheme the company purchases life insurance on the lives of employees, which will provide money to their family members in case of sudden death.
    • Why Employer Employee Insurance? Benefits to the Employees Offers sense of financial security for the employee.  Will provide income to their families in case of premature death.  Benefits of the policy can be used as fund for retirement.  Acts as an additional service benefit.
    • Benefits to the Employers  Develops employee loyalty  Reduces attrition.  Delay and financial costs incurred in recruiting and training new employees can be avoided by retaining current employees. Why Employer Employee Insurance?
    • Plans Allowed Under Employer Employee Insurance? All plans allowed to employees under individual insurance are allowed. Maximum amount of insurance allowed Will depend upon the age & income of the employee.  Premiums payable by the employer will also be considered as income for purpose of maximum insurance.
    • Eligibility conditions for Employer Employee Insurance?  No restriction for companies/ firm proposing on the lives of the employees.  Employer has to assign the policy in favour of employee within reasonable time.  Combined shareholding of the employee and his/her relatives such as spouse, children, sons-in-law, daughters-in-law, parents, brother or sisters in the employer company should not exceed 5%.
    • Tax Benefits  Employee can claim tax rebate u/s 80C for the premiums paid by the employer. Maturity proceeds are tax-free for the employee Premiums paid by the company are treated as a perquisite in the hands of the employee. Premiums paid by the company will be eligible to qualify as business expenses under Sec.37 (1) of the Income Tax Act.