Group Insurance
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2010
Dear Experts,
Can we can take group Insurance as benefit in form 16.
Pls give me the guideance about group insurance while employement.
how to treat GI by employer ?
pls help me urgently.
Can we can take group Insurance as benefit in form 16.
Pls give me the guideance about group insurance while employement.
how to treat GI by employer ?
pls help me urgently.
25 February 2010
You can not take group insurance in form 16,
because the premium is payable by employer.
This is an Insurance which is issued to a group, such as an employer, credit union, or trade association, and which provides coverage for individuals and sometimes their dependents.
Insurance coverage bought for and provided to a group instead of an individual. For example, an employer may buy disability, health, and term life insurance for its employees at a far better rate than the employees could obtain on their own. Credit unions, trade associations, and other groups may also offer their members preferential group insurance rates. Group insurance is not only advantageous to employees or group members because it is cheaper than they could obtain on their own, but some people may be able to get coverage under the group umbrella when they would be denied coverage individually because of preexisting conditions or other factors.
because the premium is payable by employer.
This is an Insurance which is issued to a group, such as an employer, credit union, or trade association, and which provides coverage for individuals and sometimes their dependents.
Insurance coverage bought for and provided to a group instead of an individual. For example, an employer may buy disability, health, and term life insurance for its employees at a far better rate than the employees could obtain on their own. Credit unions, trade associations, and other groups may also offer their members preferential group insurance rates. Group insurance is not only advantageous to employees or group members because it is cheaper than they could obtain on their own, but some people may be able to get coverage under the group umbrella when they would be denied coverage individually because of preexisting conditions or other factors.
25 February 2010
For more on this just print the PDF file at this link:
https://www.irdaindia.org/guidelines/giguide.pdf
https://www.irdaindia.org/guidelines/giguide.pdf
CMA Ramesh Krishnan
(Expert)
25 February 2010
agree
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