Hello All, Greetings,
In the fast-changing business world and the 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 trained and experienced executives/employees within the company. Their services have a major contribution to the qualitative and quantitative growth of the business.
Generally, a group of employees is given benefits through statutory schemes like Group Gratuity, Group Term Insurance, and Group Superannuation Scheme. These schemes are particularly attractive because the premiums paid under the scheme are treated as expenditure by the employer and are not considered as income for the employees. However, for certain reasons, one unique life insurance scheme called the EMPLOYER-EMPLOYEE scheme is also of great utility to the establishment.
The employer-employee scheme boosts the insurable interest between employer and employee by providing insurance on the lives of Executives/Employees of the company, offering them attractive perks and security.
Benefits to the Employer:
1. Tax Benefit up to 1 Lac for calculating FTB, under section 37(1) of the IT Act.
2. Employee's Increasing Loyalty
3. Retention of Good Employees
Benefits to the Employee:
1. Tax benefit under section 88
2. Death benefit will be given to the employee's family.
3. Feeling more secure and honored.
4. Increase in belongingness towards the company.
Regards,
Daksha M. Shah
From India, Mumbai
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In the fast-changing business world and the 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 trained and experienced executives/employees within the company. Their services have a major contribution to the qualitative and quantitative growth of the business.
Generally, a group of employees is given benefits through statutory schemes like Group Gratuity, Group Term Insurance, and Group Superannuation Scheme. These schemes are particularly attractive because the premiums paid under the scheme are treated as expenditure by the employer and are not considered as income for the employees. However, for certain reasons, one unique life insurance scheme called the EMPLOYER-EMPLOYEE scheme is also of great utility to the establishment.
The employer-employee scheme boosts the insurable interest between employer and employee by providing insurance on the lives of Executives/Employees of the company, offering them attractive perks and security.
Benefits to the Employer:
1. Tax Benefit up to 1 Lac for calculating FTB, under section 37(1) of the IT Act.
2. Employee's Increasing Loyalty
3. Retention of Good Employees
Benefits to the Employee:
1. Tax benefit under section 88
2. Death benefit will be given to the employee's family.
3. Feeling more secure and honored.
4. Increase in belongingness towards the company.
Regards,
Daksha M. Shah
From India, Mumbai
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Hi Daksha. I will start a small back office in Mumbai with 3 staff. EPF, EPS, EDI, ESIC, and no other insurance from the government is applicable to us because we are under the Shop and Establishment Act, and since our staff strength is less than 10 people. I want to ask you if I buy a policy from you for our staff, what will happen in case of death or an accident of a staff member at the workplace? Will your policy come into effect, or will the Employee's Compensation Act take effect? I want to protect myself as an employer against any liability in such a situation. Please guide me. Thanks.
From India, Ulhasnagar
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From India, Ulhasnagar
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