Hi All,
I have one concern related to my full and final. I opted for an extended cover for medical insurance wherein I opted for cover for my parents ( company was providing default cover for me and my spouse ), for the additional cover, an amount of 12 K was to be payable by me in 3 equal installments ( in the month of july, august and september ), installment was deducted from my salary in month of july and august 2013, however I have resigned on august 16th 2013, and my LWD is 10th October, 2013, so I asked my HR if the amount deducted would be pro-rata basis. HR has informed me that entire amount would be recovered from me. Also as soon as I leave the company the cover stands withdrawn. This seems quite unjust. Can anyone help on this? Is this normal practise? what action can I take if any?
From India, Pune
I have one concern related to my full and final. I opted for an extended cover for medical insurance wherein I opted for cover for my parents ( company was providing default cover for me and my spouse ), for the additional cover, an amount of 12 K was to be payable by me in 3 equal installments ( in the month of july, august and september ), installment was deducted from my salary in month of july and august 2013, however I have resigned on august 16th 2013, and my LWD is 10th October, 2013, so I asked my HR if the amount deducted would be pro-rata basis. HR has informed me that entire amount would be recovered from me. Also as soon as I leave the company the cover stands withdrawn. This seems quite unjust. Can anyone help on this? Is this normal practise? what action can I take if any?
From India, Pune
Your HR is absolutely correct.
In your case cover for you and your spouse was a default cover you/your spouse were included in, as part of the Company's Group Insurance cover for Employees and their spouse(Here please note that any addition/deletion to Master of Employees covered has to be advised to Insurer. The moment any Employee parts ways with the Company, the cover comes to an End). The additional cover purchased by you for your parents would have been an add on cover to the same Group policy for Employees. The moment you part with the Organization all group covers/ Add ons thereon also automatically cease, as you are no more a part of the original group which obtained concessional premium rates , being a Group cover.
You need to get yourself and your family insured afresh on individual family floater basis if you so desire.
From India, Pune
1In your case cover for you and your spouse was a default cover you/your spouse were included in, as part of the Company's Group Insurance cover for Employees and their spouse(Here please note that any addition/deletion to Master of Employees covered has to be advised to Insurer. The moment any Employee parts ways with the Company, the cover comes to an End). The additional cover purchased by you for your parents would have been an add on cover to the same Group policy for Employees. The moment you part with the Organization all group covers/ Add ons thereon also automatically cease, as you are no more a part of the original group which obtained concessional premium rates , being a Group cover.
You need to get yourself and your family insured afresh on individual family floater basis if you so desire.
From India, Pune
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Medical Benefit For Dependent Under The Employees State Insurance (Central) Rules,1950 Increased.pdf
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