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Cover is available for on-going companies only.
The Company:- should paying its statutory dues regularly.
- Should be registered under ID Act or Factories, Shops and Establishment Act, as applicable.
- Should be a non-BIFR company and its borrowings not termed as NPAs by their lenders.
- Should not have been closed for a continuous period over 30 days during last 12 months from the date of proposal.
- Should not have any immediate plan to go for re-engineering and upgradation at the time of proposing the cover.
- Employees should be contributing to EPF for at least 12 months at the time of
proposing the cover.
- Employees' salary should not be more than Rs.10000/- per months; (salary for this purpose means Basic + D.A.
- Audited financial results of the company for the last 3 years.
- Statutory Dues Compliance Certificate
- Certificate from the financial institutions in regard to repayment of loan, cash and credit etc
Claims Payment Procedure
- The sustenance allowance is payable upto 12 months or until he/she secures alternate employment whichever is earlier.
An undertaking from the affected employee and duly certificate by an authorized
official of the employer to be obtained to secure monthly payment from the
After obtaining claim form and other certificates as mentioned in the claim
form and ascertaining that a valid claim is payable under the policy, a banker
near to the affected unit shall be designated and authorized to pay the amounts
to the affected employees before the 7th of every month
Underwriters countersign the certificate issued by the insured/employer and
send it to the bank for transfer of sustenance allowance to the respective
accounts of the employees
Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.