Alpesh Thakor likely to join BJP

Alpesh Thakor likely to join BJP

Employer-employee groups may be offered group insurance schemes providing uniform or graded cover. Group insurance schemes providing uniform cover can be granted to associations of professionals (such as doctors, lawyers, chartered accountants, etc.) members of cooperative banks, welfare funds, credit societies and weaker sections of society. Creditor-Debtor groups are also offered group insurance schemes covering outstanding loans. These groups are members of primary housing societies where housing loans are granted by State Apex Housing Societies.

Borrowers who are granted loans by institutional agencies in Public/Joint Sectors for housing purposes and Borrower members of cooperative gratuitousness is a statutory liability of most of the employers, which accrues to an employee for every year of service put in by him. As the liability accrues every year, from the point of view of sound accounting practice, it is desirable to provide for this liability before the profits are determined. The Group Gratuity Scheme provides a scientific method for funding gratuity liability as the premiums are based on actuarial principles.

The attractive feature of the scheme is the life insurance cover to every employee due to which, in the event of the premature death of an employee, his dependents are entitled to substantially higher benefits i.e. equal to the amount of gratuity payable on retirement of the employee at the age of superannuation formed by employees of the same employers. The Group Superannuation scheme is designed to provide pension to employees on their retirement form service. A decreasing group insurance cover in conjunction with superannuation benefits may also be provided under the scheme. The Scheme is of two types.

Click for News
Related Posts

Tambahkan Komentar Sembunyikan

Developed By Mukesh Galchar - The Freshgujarat