Square insurance is a type of Insurance policy associated with Square. Which also known as “G2C” or “G2B” or “B2C”. G2C or G2B or B2C is a new, yet advanced Insurance policy.
What is square insurance?
Square Insurance is an online Insurance policy, provided by a new insurance company, square govt. Ltd. in India. Square has come up with this type of Insurance policy exclusively to cater to the needs of enterprises who wish to offer their employees the best insurance coverage and the best premium rates at the same time.
Benefits for companies associated with Square policy
Square has listed out some of its benefits for all those companies who wish to take a this Policy for their employees and for themselves:
- The limit that an employee can get through the square is rupees twenty lakhs or twenty times his monthly salary (whichever comes first) in case of death or total disability.
There are two types of Square insurance policies: Square General and Square Motorized. The former is purely being sold online and the latter, as the name suggests, is a combined package of two policies: Square General and Square Motorized. Let’s get you familiar with both types briefly
This type of insurance policy carries an annual premium of 60000 including 2% GST applicable on it in India and covers all sorts of risks like fire, theft, transportation risks, etc.
This type of Square Insurance policy has an annual premium of 150000 including 2% GST applicable on it in India and covers all sorts of risks like fire, theft, transportation, family accidental death, etc. with a contribution from your side. The contribution is calculated as per the distance to be covered monthly by the two-wheeler or four-wheeler.
Now coming back to Square General insurance scheme, it had launched its first policy on June 4th, 2015 in New Delhi and has been expanding successfully ever since with new customers all across India. The insurance scheme launched in India by Pramod Saxena who is an Insurance Entrepreneur who had already achieved success in his home country named South Africa.
Square insurance policy
This policy, like any other insurance policy in India, is a must for every citizen of India. The minimum age required to take an Insurance policy with square is twenty-five years. As the citizen grows older, the premium amount increases. The Minimum deductible under Square’s General insurance plan is 30,000 and the maximum is 1 lakh but a customer who has opted to pay 50% of his premium will have a minimum deductible of ten thousand rupees and a maximum of one lakh rupees.
Other details about Square Insurance
Square charges no commission on its policies. Therefore, it offers online payment options via Credit or Debit Cards which are safe, secure, and convenient to use. Square General plan is 15% tax-free. It covers almost all the risks of death, disability, partial disability, hospitalization expenses, and loss of wages.
This has launched its new app for Android phones on September 6th, 2015. Which will be available for download from the Google play store. It designed to give a user-friendly interface in order to achieve maximum efficiency. The app will guide a user through almost everything. For example, applying for the first time or renewing a policy, or making changes to it. Including premium paying options and total claims details, etc.