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I am retired person and would like to get clarification from the HR/INSURANCE COMPANIES.
Of late, there are many employees leaving the organisation within months on many factors like better opportunities, work environment, stop gap till they get their admission for further studies , etc. There are many companies immediately on recruiting the personnel opening of Bank account, group insurance for their family members also.
IS IT A NECESSITY? eventhough they have bank accounts elsewhere they have to open one more account and while leaving the organisation the employees leaving some balance and the same is considered as inoperative account and debit the penal charges and squared off later, IT IS AN UNEARNED INCOME.

The same with Insurance premium collected for FULL YEAR and on leaving their organisation, they said they cannot claim hospitalisation expenses eventhough there is a genuine case, as the insurance company and the organisation tie up ceases to exit once the employee left the organisation. The Insurance companies can refund the premium duly calculated to the respective person as they have full details of the INSURED. Pl some one to highlight the shortcomings.

From India, Hyderabad

The opening of bank accounts may be due to the reason that it facilitates the Salary Disbursement Department or Accounts credit the salaries into employees accounts maintained at one branch of a particular bank instead of crediting them to a number of branches in different banks later posing lot of reconciliation problems among the company, banks and employees. The motive behind the insurance premium is employee benefit. However you need to esquire with the concerned Insurance company whether there is any provision to refund the premium thus far paid after some deduction towards penalty, in case of premature discontinuance.
HR & Labour Law Consultant

From India, Mumbai
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