Ashraya Bima Yojana Insurance Plan

Company Eligibility Criteria

1. The company should be registered under the Shops and Establishment Act, Factories Act or the Industrial
2. Disputes Act.
3. It should have a good credit history and should not be marked as a Non-Performing Asset by the lenders.
4. It should not be a BIFR company
5. The company should have been running smoothly, without closing down for a period of more than 30 days successively, in the last 1 year from the date of issue of the policy proposal.
6. It should not be planning to go in for an upgradation or re-engineering in the immediate future, when the cover proposal is being made.

Employee Eligibility Criteria

1. In order to be eligible to avail the benefits of this policy, employees must fulfill the following criteria:
2. He/ she should actively contribute to the EPF scheme for a period of minimum 12 months at the time of policy proposal.
3. The salary earned by the employee should be less than Rs. 10,000 per month. This is calculated as the sum of Basic Salary earned and the Dearness Allowance.

Documentation

In order to avail a cover under the Ashraya Bima Yojana, the following documents have to be submitted:

1. The company's audited financial reports of the last three years.
2. The Statutory Dues Compliance Certificate
3. Certificate from the lenders and other financial institutions regarding the credit stability and fund availability of the company such as loan repayment, credit outstanding, deposits, etc.

Claims Process

1. The allowance provided under this policy in the event of loss of job, will be paid for a maximum period of 12 months only or until the worker gets employed elsewhere, whichever comes first.
2. The worker has to provide an undertaking in relation to his/her loss of employment and an authorized official from the company has to provide a certificate to this effect. This is required in order to get the monthly sustenance allowance from the Bank authorized under the policy.
3. In case of a claim, you have to submit the duly filled claim form along with the certificates mentioned in the form to the authorized Bank authorities and the Bank branch closest to the worker unit affected will be authorized to pay the sustenance allowance every month, before the 7^th.
4. The certificate issued by the employer or the insured will be then countersigned by the Underwriters and this will then be sent to the concerned Bank for the provision of the allowance specified under the scheme to the affected employees.