Académique Documents
Professionnel Documents
Culture Documents
Employee
Compensation
Employee Benefits
Mandatory Voluntar
y
Life Leave
Providen Insuranc Encashm
Gratuity e ent
t Fund
Mediclaim Super-
Personal annuation
Accident
Employee Benefits – Insurance Co’s viewpoint
Employee Benefits
Insuranc Retireme
e nt
Accide Mediclai Leave Superannuat
Life
nt m Encashme ion
nt
Gratuity
Defined
Defined
Contributi
Benefit
on
Mediclaim Insurance
•Reimbursement of medical expenses following hospitalization
•Cash less hospitalization facility available under certain plans
•Tax deduction available for the business
Accident Insurance
•Can offer compensation for any/all of the following:
•Accidental death, disability
•Medical expenses for treatment post accident
• List of exclusions
For whom?
– If company offers encashment of leave, all employees
What benefit?
– Will be based on the company policy.
– Normally x days salary for each accumulated day of
leave
How Funded?
– Institute of Chartered Accountants of India require
that a provision be made for the liability.
– No special tax benefits for self-funding through a trust
– Insurance plans available to manage the funds
Gratuity – Defined Benefit
For whom?
– Engaged in Factories, Mines, Plantations, Railways,
Shops and establishments notified by Government
– In service for 5 successive years
What benefit?
– 15 days wages for each year of service
– Maximum limit Rs 3,50,000/
– 7 days wages per season for seasonal occupation
How Funded?
– Can be funded our unfunded.
– Special tax concessions if funded through a trust or
insurance company
Superannuation – Defined Contribution/ benefit
For whom?
– Non-mandatory, defined by company policy
What benefit?
– Can be defined benefit(certain formula of last drawn
salary) /defined contribution(certain %age of salary
every month contributed to a fund)
– Can be different for different grades
How Funded?
– Can be funded our unfunded.
– Special tax concessions if funded through a trust or
insurance company
Retirement Benefits - Trends
• Only one life insurance company in the market till 2000
Employee Benefits
Insuranc Retireme
e nt
Accide Mediclai Leave Superannuat
Life
nt m Encashme ion
nt
Gratuity
Defined
Defined
Contributi
Benefit
on
Employee Benefits – Insurance Co’s viewpoint
Employee Benefits
Insuranc Retireme
e nt
Accide Mediclai Leave Superannuat
Life
nt m Encashme ion
nt
Gratuity
Defined
Defined
Contributi
Benefit
on
Contact Details
Sanjeev Kapur
Head - Group Sales
• (+91) 98203 48755
• Sanjeevk@hdfcinsurance.com
Vijay Vaidyanathan
Manager – Group Sales
• (+91) 98206 11998
• vijayv@hdfcinsurance.com