srinivasa Kiran (Company Secretary) 10 August 2012

Insurance claim

Dear Friends,

I have a small query on medical insurance claim. The query is as under: -

"My ex-employer has purchased Group Insurance on individual employee names. In fact, the cost of such insurance is part of our CTC (cost to the company) and the

same was shown in our Salary enhancement letter also. The insurance cards were issued to respective employees with a validity upto 15th Dec-12. Recently, I resigned to the employment. Am I entitled to use the same card for availing benefits under this card ? or not ?.

Grounds of appeal is :

1). The cost of the same was part of employee salaries during the year.

2). Is there any grace period under which the policy benefits can be availed OR the policy shall lapse the day employee resigns/relieves.

3). My settlement from the said company is not yet received.

Kindly clarify me.

Regards

Kiran

Reply Follow

1 Replies

Kumar Doab (FIN) 10 August 2012

The policy shall lapse from the close of the office hours on the day resignation is accepted.

If your resignation is not accepted approach an insurance company of your choice at once and buy a new policy for self and family e.g. parents.

You may apply your rapport with HR, good office of your company and request to extend the date of acceptance of your resignation till you buy a new policy.

If group insurance policy has been canceled the new company shall issue new policy after break and on its terms and all disease may be termed as pre existing and claim for these may l not be entertained for say 4 years. It is felt that United India Insurance Company’s health policy offers better benefits and reasonable premium. Now as per guidelines by IRDA senior citizens if insured up to entry age 65 years are eligible for continuing policy with no exit age i.e. till they are alive even if there are claims.