Insurance Services

Insurance Valuations – Our Insurance Valuation Services helps companies accurately determine the appropriate level of coverage to ensure financial stability, should the unexpected occur. We have the necessary expertise in insurance claims, engineering etc. to provide accurate and timely fixed assets insurance valuation, property insurance valuation and business interruption calculations.

Fixed Asset Valuation – Valuation of Fixed Assets is a Valuation of PPE (property, plant, and equipment), or tangible assets, these are purchased for continued and long-term use in earning profit in a business. Fixed assets valuation include plant & machinery, furniture, tools, land, buildings, real estate valuation, etc.

Insurance Consulting – FLIP Consulting assists organizations with the development of accurate business interruption and property values, in addition to helping them understand the appropriate levels and limits of insurance required. Proactive time element and property valuations will help organizations determine the appropriate amount of coverage required.

Superannuation Fund Schemes - India as a nation is still to travel a long way to match the standards of developed nations when it comes to old age security. Barely 10% of the total population enjoys an access to old age security. Presently under our social security schemes there is no statutory pension benefit. Whereas it is only post retirement that a individual has maximum need for some plan with regular inflow of income. With the advent of the concept of nuclear family and increasing longevity of human life the issue of old age security further demands higher attention. Life insurance companies, however, have already taken steps on this path, introducing the superannuation schemes on group platform. Superannuation schemes, also known as pension or annuity schemes, are of two types - defined contribution and defined benefit.

Defined contribution scheme is one in which the employer decides the contribution to the scheme. This contribution is ascertained as a percentage of the salary. The pension amount is ascertained at the time of retirement, depending on the accumulated amount.

Defined benefit scheme takes into account the amount of benefit an employee will get on his retirement. Actuarial valuation is conducted to ascertain the funding rate. Based on various factors like years of contribution left, accumulated funds with interest, interest rate estimates, etc. the funding is ascertained.

Being voluntary in nature, employers can decide on the benefits and eligibility criteria for the scheme. Individual employee accounts reflecting the contributions and the interest accumulations are maintained. Upon retirement, the accumulated amount (also known as purchase amount) is released to provide funds to secure the benefits. The employee upon retirement can commute or withdraw up to 33% of the accumulated amount and the rest of the money can be used to purchase pension. In case of employees who are not entitled for gratuity the commuted component can be 50% of the accumulated amount, as per the plan features.

Gratuity Fund Schemes – As per The Payment of Gratuity Act,1972, gratuity has to be paid to employees with 5 years of continuous service working in factories, mines, oilfields, plantations, and other establishments including piece-rate and seasonal workers where there are 10 or more employees.

• Gratuity = Salary*15/26*Number of years of service completed or;
• Gratuity can be paid as per the rules framed by the company with higher benefits or by minimum as per limit – Currently 10 Lakh.

We can arrange the following benefits from our associates in Insurance Companies:

• 100% Capital Guarantee on AUM - IRDA Approved;
• The interest declared at the year end can be capitalised;
• No Fund Management, No Administration Charges & No Allocation Charges;
• Flexibility in payment of premium; you can pay contributions yearly, half-yearly or quarterly;
• Liquidity management - Allows liquidity; money available anytime to meet benefit payout;
• Flexibility to cover employee up to unearned Gratuity liability by Future Service Gratuity cover;
• Simple to Administer & cost effective;
• Fastest Claim Settlements

Group Leave Encashment Plan – Leave Encashment is an employers liability towards its employees for the amount of outstanding / unveiled leaves. Leave Encashment is paid on retirement, resignation or death. An actuarial Valuation of the liability is done, a Trust formed and funding done to secure employees Retiral benefit. Companies can provide for this liability over a period of time. The Fund created becomes self financing over a period of time.