Insurance Benefit Policy

Insurance Benefit Policy 
 
All employees are covered from day one under the Insurance Benefit Policies as under:

  1. Group Mediclaim Insurance Policy
  2. Group Personal Accident Insurance Policy
  3. Employees’ Deposit Linked Insurance Scheme
  4. Employee State Insurance
  5. Group Term Life Insurance

Group Mediclaim (GMC) Insurance Policy
 

The Group Medi-claim Insurance covers the hospital admission, doctor’s fees, and other medical expenses in case of the employee is admitted in the hospital for more than 24 hours.
 
Coverage:

ConditionsMarried Policy
Pre-Hospitalization30 Days
Post Hospitalization60 Days
Insurance AmountUp to Rs. 4 Lacs
Room Rent (Normal)Up to Rs. 4000 per day
Room Rent (ICU)Up to Rs. 8000 per day
Family Definition/CoverageEmployee + Spouse + 2 Children (<25 years)
Ambulance ServiceUp to Rs. 2000 per person
Maternity Benefit (Normal)Up to Rs. 35000 for first two children
Maternity Benefit (C-Section)Up to Rs. 35000 for first two children
Baby Day 1Covered
Pre-Existing DiseasesCovered
Waiting Period (30 Days/1 Year/9 Months)Waived Off
Employer ContributionNIL
Employee ContributionRs. 1158/month
Co-Payment10% of the claim amount to be paid by the employee
Special ConditionClaim must be filed within 30 days from the date of completion
of treatment. Failure to do so would invite additional 10% co-
payment over and above payable amount as per policy terms and conditions.
ConditionsSingle Policy
Pre-Hospitalization30 Days
Post Hospitalization60 Days
Insurance AmountUp to Rs. 2 Lacs
Room Rent (Normal)Up to Rs. 4000 per day
Room Rent (ICU)Up to Rs. 8000 per day
Family Definition/CoverageOnly Employee
Ambulance ServiceUp to Rs. 2000 per person
Maternity Benefit (Normal)Not Applicable
Maternity Benefit (C-Section)Not Applicable
Baby Day 1Not Applicable
Pre-Existing DiseasesCovered
Waiting Period (30 Days/1 Year/9 Months)Waived Off
Employer ContributionNIL
Employee ContributionRs. 1158/month
Co-Payment10% of the claim amount to be paid by the employee
Special ConditionClaim must be filed within 30 days from the date of completion
of treatment. Failure to do so would invite additional 10% co-
payment over and above payable amount as per policy terms and conditions.

Group Personal Accident (GPA) Insurance Policy

Company also provides GPA to its employees. In case of accidental death, employee’s family is entitled to
receive:

Accidental DeathRs 5 Lacs
Permanent Total/partial DisablementUp to 100% of Sum Insured
Temporary Total Disablementweekly benefits as per 1% of C.S.I or Rs.5,000/- per week, whichever is lower for 104 weeks maximum
Children education welfare fund for dependent10% of the C.S.I or Rs.100,000/- whichever is less
Employee ContributionRs 15/month

GPA Insurance Availing Process

  1. Employee should keep their family informed about the the available benefit
  2. In case of any mis-happening, family should get in touch with HR to claim benefits
  3. HR will provide support for claim settlement

Employees’ Deposit Linked Insurance (EDLI) Scheme
 
For all PF members, company is giving benefit of Life Insurance cover of up to Rs 4 Lakhs. Claim settlement within 7 working days

EDLI Availing Process
 

  1. Employee should keep their family informed about the available benefit
  2. In case of any mis-happening, family should get in touch with HR to claim benefits
  3. HR will provide support for claim settlement
      
    Employee State Insurance Scheme
     

    This is applicable for all employees with monthly gross salary upto Rs 21,000/-.
    Employee Contribution: 0.75% of gross salary
    Employer Contribution: 3.25% of gross salary
     
    Benefits to employee and their dependent family and parents:
BenefitEntitlement
Medical CareUnlimited free medical care
Sickness BenefitCash compensation at 70% wages for maximum of 91 days
Extended Sickness Benefit80% of wages for maximum 2 years for 34 diseases
Maternity BenefitFull wages for 3 months + 1 month (on doctor’s advice)
Disablement Benefit90% of wages depending upon loss of capacity due to employment injury
Dependent’s Benefit50% wages for unemployment due to employment injury
Unemployment AllowanceReimbursement of funeral expenses up to Rs. 10000

ESI Availing Process

  1. Upload all documents within 7 days of joining
  2. Issue of TIC cards within 30 days
  3. Renew TIC within 3 months with permanent smart card by visiting nearest ESIC centre
  4. All benefits are provided by ESIC on showing ESI card
  5. if any mishappening, family should get in touch with HR to claim benefit
  6. HR will provide support for claim settlement 

    Group Term Life Insurance Policy
     
    Company also provide a Term Insurance policy to all the employees. The employees get an insurance coverage of Rs. 20 Lacs (Corporate employees) and Rs 10 Lacs (Project employees) in the unfortunate event of death.
Corporate Employee ContributionRs 166/month
Project Employee ContributionRs. 83/month

GTL Insurance Availing Process
 

  1. Employee should keep their family informed about the the available benefit
  2. In case of any mis-happening, family should get in touch with HR to claim benefits
  3. HR will provide support for claim settlement