Either the employee is allowed to enjoy the insurance facility for that particular year ( after collecting the balance premium emi from the employee) or the employee has to forfeit the emi whatever paid by him as the Insurance company will not return back.
It is always better to formulate a Group Mediclaim insurance Policy and arrive at terms including " incase of resignation by the employee in the middle" and get the consent of employees well before the commencement of EMI deductions..
From India, Madras
ommygautamInsurance is opted by any company for the emergency medical of the employees. Some company is giving free and some is charging premium from their employees, but all these are only medical benefits of the employees. Now coming to your question that if the employee left the company in the middle of the year then the premium amount will be refunded or not? As per my knowledge the medical insurance is for 01 year. so now just reverse the situation , suppose you have 03 lac medical insurance for 01 year and you consumed 2.5 lac till mid of the year then if you leave the job then will you be revert the amount which you claimed ? because as per your question 3 lac is for 01 years and you left the job in mid of the year. i don't think so . Because any insurance company worked on average basis not on the individual basis .
From India, Rudarpur
saswatabanerjeeIn this particular case, it seems you can't not do anything.
CTC is an internal document that has no standing in law.
It was your company's choice to take the insurance. Did you take the consent of the employee and tell him it needs to be paid by him? Only then can you recover the balance of the premium from him. And in such a case, you need to provide Sec 80D certificate to him for the entire year too. Also, in such a case, the insurance must be in his name and he should be able to exercise it and renew it at his option.
In most other cases, you just need to absorb the loss and make changes for the future. Group Mediclaim is probably a better option.
From India, Mumbai
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