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Hello All, Greetings,

In the fast-changing business world and present competitive scenario in the trade and industry, it has become imperative for all the prudent and far sighted employers to retain the services of the trained and experienced executives/employees with the company whose services have major contribution for the growth of the business qualitatively and quantitatively as well.

Generally, group of employees are given the benefits by way of statutory schemes like Group Gratuity, Group Term Insurance and Group Superannuation Scheme. These schemes are specially attractive because the premiums paid under the scheme are treated as expenditure at the hands of the employer and at the same time, it will not be treated as income at the hands of employees. However, for certain reasons one of the unique life insurance schemes called EMPLOYER-EMPLOYEE is also of a great utility to the establishment.

The employer-employee scheme gives boost to the insurable interest between employer-employee by providing insurance on the lives of Executives/Employees of the company to offer them very handsome perks and security.

Benefits to the Employer:
  1. Tax Benefit upto 1 Lac for calculating FTB, u/s 37(1) of IT Act.
  2. Employee's Increasing Loyalty
  3. Retention of Good Employee
Benefits to the Employee:
  1. Tax benefit, under section 88
  2. Death benefit will be given to the employee's family.
  3. Feeling more secured, honored.
  4. Increase in belongingness towards company.
Daksha M. Shah

From India, Mumbai
hi Daksha. I will start small back office mumbai with 3 staff.since. EPF,EPS,EDI,ESIC and no other insurance from Govt is applicable to us coz we are under shop and establishment act and since our staff strength is less than 10 people. I want to ask you if i buy policy from you for our staff, what will happen in case of a death or accident of a staff at workplace? your policy will come into effect or the employee's compensation act will take effect?i want to protect myself as an emploeyr against any liabilty if such type.please guide me. thanks.
From India, Ulhasnagar
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