Employer’s Insurance for women employee: We talked to Sweety Manoj Jain, insurance consultant at LIC, on eight questions related to office insurance. If you are going to join the job soon or are changing the job, then apart from take home salary, CTC, leaves etc., you should ask some things related to the mediclaim/insurance received from the company.
This is the news of the work of all the girls working. Whether you got a job after searching or got a college placement, at the time of joining the job you should answer some important questions from your employer. If this is your first job, you may automatically ask questions related to your salary, breakups and holidays.
But, you will hardly have any questions regarding the insurance provided by the company. This mistake is also made by women who have been working for many years. No matter in which sector you are working, you must ask eight important things from your employer HR while joining the job so that when needed, you do not face any problem nor there is any extra burden on your pocket.
We talked to Sweety Manoj Jain, Insurance Advisor at LIC about this. He told that usually companies provide group term life insurance and it is implemented immediately after joining the job. Whenever you join a job, discuss some things clearly and ask them these questions:
You should ask how much is the insurance and which diseases are covered in it and what are the rules regarding it. You may not be married yet, but keeping your future in mind, you should ask some questions.
You should clearly ask whether there is family cover in the insurance or not. Also, do they cover the parents or in-laws as well? If marriage takes place after a few years of joining the job, can parents and in-laws, parents from both sides be included? Many times companies give the option to decide the nominee according to the percentage and there is an option to include parents from both sides.
Should you increase the limit of insurance received from office initially or after a few years of employment? The answer to this not only depends on your requirement but also understand a simple rule which says that your insurance should be 8 to 10 times your CTC. That means if there is a package of Rs 20 lakh then there should be an insurance of Rs 2 crore. This includes both personal and office insurance.
Maternity insurance is not a part of companies. Insurance is done for things that happen suddenly. Such as accident or disease. Discuss in detail the rules regarding maternity leave, leave without pay etc.
Is this my term insurance or life insurance from the company? If your work will also involve working on machines etc., then get clarity on whether this insurance covers the risks arising from it or not.
The company’s term insurance covers accidents. But does your company’s insurance have a clause regarding permanent disability? That is, if permanent disability occurs, will it be covered or not? Permanent disability includes amputation of both hands, both legs, amputation of one arm, one leg or loss of both eyes. Permanent disability does not include coma and paralysis.
Does your company offer super annuity (after retirement) plan? You can ask whether you will get this plan (a type of pension plan) or not. Let us tell you that this plan can also be applicable in case of leaving the company, get detailed information about this from the company. Many PSU or government companies provide this.
How much is the cover given in the insurance received from the office, is it cashless or not? Also, you should clearly discuss the rules for encashing sick leaves and holidays. By knowing such things, you are able to plan your life in a better way.
