Group Personal Accident

"Truck collides with car on Mysore Road, five killed on spot", "Techie robbed and killed", "Two software employees drowned while on a picnic in Goa", "Four BPO staffers killed in road accident"

Accidental Deaths and Disablement have become so common news item that we just read past them every morning...until it strikes us. Should this unfortunate event happen to one of your employees, do you have an insurance policy to pay the claim ? Would the claim amount be enough to make a serious difference to the lives of the family members ? Would the amount be sufficient to rehabilitate the person if (s)he is disabled for life ? Or are you going to dig your balance sheet to pay for the rehabilitation ?

Group Personal Accident insurance is a simple and inexpensive way to providing comprehensive protection to your employees. It can be customized to your companys varying needs, depending on your choice of benefits and your budget. The policy offers cover on 24 X 7 basis, worldwide and includes all kinds of accidents be it on Land, Air, Sea or due to Drowning, Electric Shock, snake bite etc.

Benefits :

  • Accidental Death
  • Dismemberment
  • Permanent Total Disability
  • Permanent Partial Disability
  • Accidental Medical Expenses
  • Temporary Total Disability (weekly benefit)

Group Health Insurance :

Sky-rocketing Healthcare costs are a concern of the growing India and a comprehensive Health insurance cover has evolved as an important part of the C & B Package of any progressive organization. Not just the big boys of MNC space like IBM, HP, Accenture and Oracle or the Indian giants like Infosys and Wipro, but even the smallest of the IT or manufacturing company today have some sort of health insurance package to attract and retain talented human resource.

The second core value of Dr. Insurance is its unwavering commitment to professional integrity, ethics, honesty and fair dealing. We value integrity from both ethical and professional perspectives.

The best part is, you can get the policy customized according to your specific requirement. You can even ask for an e-card facility, online enrolment & deletion management, claim status, MIS etc. But designing this program requires enormous expertise and planning. Health insurance is too complex a product to be purchased in two rounds of negotiation before the annual renewal date.

Has your Group Health insurance policy thrown up a couple of nasty surprises in the recent past ? Has the TPA settled some of the claims for only part amounts ? Are your employees pressing the escalation button too often ? Then its time to review your Group Health insurance program. It might be that you were sold a faulty product, or you were not told about the fine print, or a few clauses inserted into the policy without your notice, or it was a plain aggressive marketing pitch by the colorful salesperson.

Fortunately, the market is full of options, in terms of product features, service delivery models and price levels. All you need is an experienced hand to guide you through the maze

Group Term Life Insurance :

Group Term Life Insurance Plan is a special way to comprehensively safeguard your employees in case of unfortunate death of an employee due to any reason, by providing timely and hassle free relief. This plan covers Death due to any reason, any time and any where in the world.

This plan acts as a lifeline for the family of an insured member in case something unfortunate were to happen to him. The beneficiaries will receive a fixed amount which will act as their financial protection in their time of need.

Advantages :

  • Comprehensive life insurance cover at a lower cost than individual life insurance policies.
  • Just one master policy covers all employees.
  • It is a hassle-free way of securing life cover for all employees at one go.
  • It enables you to customise the amount of life cover based on requirements like graded cover or flat cover, or certain multiples of annual salary etc.
  • It offers the possibility of premium reduction over a period of time, with profit sharing and/or experience rating arrangement.
  • It is a tax efficient way of securing benefits to employees. Premiums paid by you are not treated as taxable perquisites, for your employee. And for you it is a deductible business expense.
  • Helps employee retention.
  • Enables you to be a good corporate citizen.
  • Allows employees to contribute part of the premium and get Tax Exemption.

Office Package :

In todays world, business owners work round-the-clock to keep ahead of competition, win businesses, manage staff and handle administration. They have little time to think about managing all the risks involved. Office Package insurance offers risk solutions suitable to most of the businesses.

Who can buy ?

  • Commercial offices
  • ITES and BPO Call Center Offices
  • Software Development Companies
  • Office premises (Outside industrial, manufacturing, warehouse premises)

Insurance Covers Offered :

  • Standard Fire and Special Perils Policy with add-ons of Earthquake, Terrorism etc.
  • Burglary insurance
  • Money insurance
  • Public Liability insurance
  • Electronic Equipment insurance
  • Laptop & Mobile insurance
  • Machinery Breakdown
  • Plate Glass
  • Baggage insurance

Unique Feature :

  • Comprehensive package
  • Simple documentation requirements
  • All needs of the client get addressed in a single policy
  • Covers damage to data media, software and cost of recovery of lost data
  • Tailor-made as per clients needs.
  • Laptop & Mobile insurance
  • Machinery Breakdown
  • Plate Glass
  • Baggage insurance

Corporate Travel Insurance :

Why buy an individual retail policy every time your employee travels abroad when you can buy a single policy for all your people? And save time, big money and effort.

Get your Corporate Travel Plan custom-designed for your needs and pay premiums on per day basis. Plus the convenience of On-line policy issuance in the comfort of your office. in-built MIS to give all the info your Finance guys will require.

Each Corporate policy is issued for an year. During this year, all single overseas trips (not exceeding 365 days) made by each and any employee is covered. The travel days and premium are adjusted according to actual number of days used. If a person comes back earlier than scheduled, you pay for the actual travel only.

How do you save ?

  • Premium rates are per day, per person - so you pay only for what you actually use.
  • The convenience of using the Internet to issue the policy from your own office.
  • Travel days can be replenished on payment of additional premium.
  • And on-line reconciliation to ensure accuracy of your billing.

Car Fleet Program :

Are you having a tough time managing the insurance of the fleet of vehicles owned by your company ? Is it a pain to keep track of various renewal dates month-on-month ? Plus the fear of missing out on any renewal and the vehicle being on road without insurance. Let the professional take over the job and offer you peace of mind.

We offer customized auto insurance solutions for the vehicle fleets owned by the corporate customers. A unique offering which will deliver to you nothing but a pleasant and hassle free experience called insurance. Our fleet program not only offers comprehensive protection to your vehicles but also offers a whole host of value added services

How do you save ?

  • A dedicated relationship manager.
  • Co-ordination of insurance renewals to a single date  a very convenient administrative add-on.
  • Automated renewal reminder service.
  • Master policy program.
  • Structured review of the fleet on demand.
  • Spot issuance of policies.
  • Cash-less settlement of claims

D & O Liability Insurance :

Not just the naughty boys on your Board of Directors who can bring a headache or two in the form of lawsuits. The sources of possible actions against directors are wide and varied. Directors are particularly exposed following merger and acquisition activity and company liquidations. Employee actions against directors are another frequent source of claims in areas such as racial discrimination, sexual harassment and unfair dismissal. Further actions can arise as a result of Regulators actions under various statutes, such as the Companies Act 1956, Securities and Exchange Board of India Act 1992, Foreign Exchange Management Act 1999, etc.

The regulatory environment facing the directors of todays companies is more rigorous than that of the past and the near future will see even tighter legislation and increasing globalization of business, thus subjecting directors and officers to closer scrutiny from shareholders, customers, employees, suppliers and regulators not just in the global market place but also in their domestic environment.

Also, as Indian companies foray into the global marketplace to sell their products and services or to mobilize capital, they need to purchase D&O insurance to secure protection from overseas exposures.

Defence costs and damages in such actions can vary from a few Lakhs of Rupees to millions of Dollars and the length of time taken to settle cases can extend from several months to several years.

The D&O policy provides cover for the personal liability of Directors and Officers arising due to wrongful acts in their managerial capacity. Defence costs are also covered and are payable in advance of final judgment.

Why D & O ?

  • Vulnerability to shareholder/stakeholder claims
  • Sexual harassment, discrimination allegations and other employment practice violations
  • Regulatory investigations
  • Accounting irregularities
  • Exposures relating to mergers and acquisitions
  • Corporate Governance requirements
  • Compliance with various legal statutes

Who can sue the Directors and Officers ?

  • Employees
  • Suppliers
  • Competitors
  • Regulators
  • Customers
  • Shareholders
  • Other stakeholders

E & O Liability :

Are you worried that a case like Microsoft vs. Alcatel-Lucent can hit your company any time ? Does your business have an exposure to a market like the US which is highly litigious ? Then you need a take a hard look at the E & O insurance cover. Or keep a solid fund aside on your Balance sheet to pay for possible lawsuits.

Errors & Omissions insurance provides protection for a company and its subsidiaries for claims brought in respect of negligent acts, errors or omissions in the performance of professional services and infringement of Intellectual Property. The policy is meant to pay for defence expenses and damages and includes amounts that the insured is legally required to pay because of judgments, arbitration awards or the like rendered against the insured, or for settlements negotiated in accordance with the coverage offered by the policy.

Who should buy E & O cover ?

  • Information Technology Companies
  • Call Centres / BPO Companies
  • Financial Institutions
  • Media Companies
  • Consultants
  • Law Firms
  • Other Professionals

Public / General Liability :

Public Liability Insurance offers cover for third party liabilities (Bodily Injury / Property Damage) arising out of the premises occupied by your company and legal costs incurred in connection therewith. The policy can be extended to cover legal expenses arising out of Pollution, Act of God Perils, Transportation of Hazardous Substances, Carriage of treated effluents etc.

This policy can be purchased by a manufacturing company, a warehousing company or other non manufacturing entities like IT companies, BPOs, Hotels, Schools, Restaurants and Clubs.

Depending upon your nature of operations we can customize your Public Liability Insurance policies as follows:

  • Public Liability Industrial Risks  For Manufacturing Units.
  • Public Liability Non Industrial Risks  For Non Manufacturing entities like IT companies, BPOs, Hotels, Schools, Restaurants and Clubs
  • Public Liability Act  For all business units handling hazardous substances as per Public Liability Act, 1991.

The policy offers to indemnify you against legal liability to pay compensation including the claimants costs, fees and legal expenses as a result of bodily injury or property damage to third parties arising out of accidents occurring in your premises during and notified within the currency of the policy.

Kidnap, Ransom and Extortion Insurance :

Kidnap and Extortion are unpleasant facts of life in todays global business environment. It is estimated that between 2002-2005 over 36,000 kidnappings were reported worldwide.

This indemnity policy provides coverage for losses incurred as a result of Kidnapping, Bodily Injury Extortion, Blackmail or Property Damage Extortion - including trade secrets, proprietary information and computer viruses and Product Contamination. Expert consultants help companies prepare for and respond to incidents in order to bring kidnap victims home safely and bring successful conclusions to Extortion and Blackmail situations.

Product Features :

  • Worldwide Coverage, Actual Ransom Payment, In Transit Loss of Money, Expenses, Expert Consulting/Negotiating Fees and Expenses, Defense Costs / Judgements and Settlements, Death or Dismemberment During an Incident.
  • 24 hour, worldwide access to Consultants who are experts in hostage negotiation and private security including pre-incident planning and counter-terrorism.
  • Family Endorsement, Evacuation, Value of Products, AD&D/Terrorism, Child Abduction

Policies can be customized to meet specific client needs. All products are offered on a worldwide basis in any jurisdiction except where prohibited by law.

Customer Profile :

Medium-to-large companies, especially those that require their employees to travel extensively - especially to high-risk areas both in India and Outside India. Besides corporate clients, this policy is also an attractive cover for celebrities and high net worth individuals. A stringent prerequisite of this policy is the confidentiality of cover which needs to be maintained by all the parties involved.

Property All Risks Insurance :

Provides an umbrella solution to all the property insurance requirements of an organization.

Standard Fire and Special Perils covers loss or damage resulting from fire, lightning, explosion / implosion, impact damage, aircraft impact, bursting / overflowing of water tanks / pipes / apparatus, sprinkler leakage, storm, cyclone, typhoon, hurricane, tempest, tornado, flood, inundation, subsidence, landslide (including rock slide), riots, strikes, malicious damage, missile testing operations. Add on options include Earthquake and Terrorism risks and a host of extensions including insurance of rent.

Business Interruption insurance covers loss of profits of a business due to reduction in the turnover caused by a loss or damage that is covered in the Standard Fire Policy. This insurance includes cover for Increased Cost of Working following a loss, as well as the Standing Charges of the business.

Burglary Covers loss or damage from burglary, i.e. theft following upon actual forcible and violent entry or exit from the insured premises.

Money Insurance is against loss of money whilst contained in a locked safe or cash box within the insured premises. The coverage can be extended to include loss of money whilst in transit.

Fidelity insurance covers the employer against direct financial loss to the business caused by any act of fraud on the part of any employee. This insurance covers loss of money as well as business assets entrusted to employees.

Electronic Equipment Insurance is an All-Risks cover for electronic equipment such as computers, servers, printers, photocopiers, scanners etc.

All Risks (portable equipment) Insures the risk of accidental damage to portable equipment such as laptops and other electronic devices, test and measuring instruments, etc. at any location and including whilst in transit in the personal custody of the employees.

Plate Glass insurance covers the risk of accidental damage to plate glass installed in the business premises.

Travel Baggage covers accompanied baggage of employees on travel for business purposes.

Group Gratuity :

Group Gratuity Plan is a special way to reward your employees loyalty. Having a group gratuity plan enables you to meet your legal obligations of providing gratuity in a hassle free manner. It not only helps you build a healthy corpus, but also offers additional insurance cover, to provide enhanced gratuity benefits in the event of unfortunate death of your employee. This can be done in a tax efficient and hassle free manner through this plan.

Under the Payment of Gratuity Act, 1972, it is an employers statutory liability to pay 15 days salary (15/26 of a months wages) for every completed year of service to the employees on their exit, for any reason after five years of continuous service, subject to maximum limit of 3.5 lacs. Higher benefits can be paid if the employer so desires.

However, the modern system of Financial Management envisages keeping the Liability off the balance sheet of the company. This can be done by creating a Trust, managed privately or by an insurance company and paying the amount to the Trust every year. In case of Privately Managed Trust, investment of funds will have to be done as per Income-Tax Act, by the trustees and entire administration of the Trust including Actuarial Valuation will be the responsibility of the Trustees. In case of insurance company managed trust, the job of investment and actuarial valuation is taken over by the insurance company free of charge and in addition, the higher returns from professional management of the funds.

Employers annual contribution is allowed as deduction in full in computation of business income. Gratuity is tax free upto half months average salary for each year of service, subject to a maximum of Rs. 3.5 lakhs.

Benefits :

for you

  • It is a hassle free process and reduces your administrative work.
  • Better returns of being part of the insurers investment portfolio.
  • Actuarial help from the insurer in assessing periodic liability to have proper funding plan.
  • Additional insurance at a little extra cost, which will enhance benefits in case of unfortunate death of an employee.
  • Claim tax exemption for contribution upto 8.33% of annual wage bill. It helps you in being a good corporate citizen.

For employees

  • Enhanced gratuity benefits by way of additional insurance cover in case of death before retirement - it means full gratuity even in case of early death
  • Safety of the funds - being managed by experts
  • Periodic valuation of the Gratuity Fund by actuaries to ensure adequate fund is available to pay benefits - a reassurance that the fund is secure

Group Superannuation :

Group Superannuation Plan is a special way to safeguard your employees post retirement needs by providing a tax efficient and hassle free support. An organization today, has not only the challenge of recruiting competent and trained human resources but also has the bigger challenge of retaining them by creating an environment which offers a sense of fulfillment and security and make the employees proud of their continued association with the organization. Provision of pension benefit may be an attractive tool to employee retention.

Group Superannuation Scheme offers Income Tax benefits to both the employer as well as the employees along with a pension benefit which has become an important tool to retirement planning.

Under this scheme, a trust fund is created and managed by an insurance company with contributions from the employer and optionally from the employees and when a member retires, annuity is purchased to provide pension.

Benefits :

On Resignation : Member can get the equitable interest transferred to the Superannuation Scheme of the new employer or opt for immediate or deferred pension.

On Retirement : On Retirement of a member, the corpus (contributions plus interest) is utilized to purchase an annuity to provide the pension.

On Death : Corpus is utilized towards purchase of an annuity of the type the nominee may opt and the benefit so received is tax free. A lump sum amount is also payable by way of death benefit besides the pension, if the employer has taken an Insurance Scheme in conjunction with the Group Superannuation Scheme.