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Applicability
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.
Eligible Employees
- 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.
Requirements
- 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.
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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
authorized banker
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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
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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.