As per the survey conducted by Deloitte India 2022 related to the Workforce and Increment Trends. India has faced an increase in the average workforce attrition rate from 15.8 percent in 2020 to 19.8 percent in 2021. It was fueled by various factors, such as lower salaries, reduced fringe benefits, increased workload, insufficient workforce insurance, […]
Workmen Compensation Insurance For International Workers
One of the major responsibilities of any company is to provide a safe and healthy environment for its employees. If an employee suffers a bodily injury or death during their employment, the company is legally liable to pay compensation under the Employee Compensation Act 1923. That’s where the workmen’s Compensation insurance policy comes into the […]
Marine Insurance And International Arbitration
With a long coastline of 7500 kilometers, spanning across 9 states and 4 union territories, India has a rich history in the marine trade. Several merchants and traders came to India for the trade of spices, textiles and jewelry. To encourage safe trading, today maritime business is governed by some regulating bodies across the world. […]
Renewed interest in covid-specific insurance plans with surge in infections
There has been a surge in covid cases in neighbouring countries, leading to increased concern about masks, vaccines, and covid-specific insurance plans. However, covid-specific plans address this perception. The fact that most households have had at least one member affected by covid, makes it a more likely event. Furthermore, the risk of covid is imminent, […]
Do I need regular health policy if I have a critical illness cover?
A critical illness plan is a fixed benefit plan. Under this plan, you are eligible for the prefixed sum assured once the diagnosis of the specified illness is confirmed. Since it is not an indemnity plan, the actual expenses incurred by the policyholder are irrelevant. However, a critical illness plan is not a substitute for […]
Ways to ask for customization in your group health insurance policy
Almost all multi-national corporations (MNCs) offer group health insurance to their employees. Among Indian firms, more than 90 percent of the large firms offer this employee benefit. What was earlier a differentiating factor for employers to attract talent, has now become a standard benefit that employees expect as they seek to join a company. That’s why employers […]
The ignored need of insurance by small businesses
As I was thinking about topics for this column, I was in two minds whether to write about the need for insurance for small businesses or not. It is not a very popular topic. The next morning, I read about the fire incident at the Bhagirath Palace at Chandni Chowk, Delhi. More than 120 shops […]
Types of Group Health Insurance Policy in India
Insurance is an important component of your employee benefits packages. More employees today have access to group insurance plans which cover medical, dental and vision expenses as well as life insurance for their families. Insuring your employees takes planning. However, there are several types of plans to choose from when deciding how best to cover […]
What is vector-borne illness insurance?
With monsoons around the corner, there are a host of illnesses that are lurking around. It is that time of the year, when a runny nose, possibly a migraine cold/cough and every other sign of influenza become unavoidable. There are other specific illnesses which occur during the monsoon. The possibility of medical expenses during the […]
Get to know about the tax implications of group health insurance
If you are a part of a group and the group has opted for the group health insurance scheme; you should know of the tax implications and benefits of the same. A group health insurance policy is popular amongst registered groups, especially employer-employee groups. This is because of the following reasons – The group health […]