How can SMEs apply for this insurance?
An employer has the freedom to evaluate an employee’s worth based on their qualification, previous work record of the employee, CTC and experience. The employer has to prepare a proposal form declaring that they have decided to opt the Employer-Employee insurance policy and that they will be paying the premiums on behalf of the employees. This form has to be signed by the authorised signatory of the employer which is supposed to carry the seal and stamp of the company.
The proposal form should also enlist the names of the employees whose lives are being insured along with the details of the insurance plan like the sum insured and the term period. The nomination form and assignment form should be signed and submitted at the proposal stage after duly filling it.