1 Answers
Deepak Mendiratta answered 3 years ago
In most companies, as per the conditions of the insurance policy issued, the policy coverage ceases to continue post the last working day of the employee in the organization.
Therefore the premium cannot be charged in such cases.
In some organisations, especially in those cases where the premium is borne by the employees themselves, the coverage can continue till the end of the policy period. This is rare.
If you have paid the premiums for the entire year then you are also eligible for refund of pro-rated premium from the insurance company. To give an example – if Rs 100 has been paid by you towards insurance benefits at the start of the policy and you decide to leave the company after exactly 6 months, then the insurer will refund to your organisation the premium for the balance 6 months which in this case is Rs 50.
The refund of insurance premiums only happens in case you have not claimed during the period you were covered.
The insurance policies issued to employees in a corporate are under an employer-employee relationship. Any change in that relationship, therefore, changes the coverage eligibility
This is true for all corporate insurances including group health insurance (GHI or GMC), group personal accidental insurance (GPA), and group term life insurance (GTLI)
Therefore the premium cannot be charged in such cases.
In some organisations, especially in those cases where the premium is borne by the employees themselves, the coverage can continue till the end of the policy period. This is rare.
If you have paid the premiums for the entire year then you are also eligible for refund of pro-rated premium from the insurance company. To give an example – if Rs 100 has been paid by you towards insurance benefits at the start of the policy and you decide to leave the company after exactly 6 months, then the insurer will refund to your organisation the premium for the balance 6 months which in this case is Rs 50.
The refund of insurance premiums only happens in case you have not claimed during the period you were covered.
The insurance policies issued to employees in a corporate are under an employer-employee relationship. Any change in that relationship, therefore, changes the coverage eligibility
This is true for all corporate insurances including group health insurance (GHI or GMC), group personal accidental insurance (GPA), and group term life insurance (GTLI)
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