Plum: Questions on Endorsements

What is endorsement?

Endorsement is an activity of adding, removing or correcting details of members.

Who can we add to an ongoing policy?

You can add the following members:

Newly appointed employee and his/her dependents
Newly wedded spouse of the employee
New born child of the employee

Mid-term addition of parents, spouse or kids of an existing employee is not allowed.

Who can we remove from an ongoing policy?

Employee and his/her dependents on account of resignation/retirement/termination of employee.

How can I add, correct or remove members?

All additions, corrections or removals have to be initiated by Admin/HR from Admin Dashboard on app.plumhq.com/login. Post this, Plum Care team will help you with the rest of the steps.

How do I get access to Admin Dashboard?

You can reach out to care@plumhq.com to request access to Admin Dashboard.

What is the premium required for new additions?

For additions, you would get charged based on pro-rata. E.g., if the annual premium for a 35-yr old member is ₹2,000, and you add a member 6 months later, you would pay ₹1,000 for that member. In case a member is deleted, you would get refunded ₹1,000. Once you add employees on the Admin dashboard, our team will let you know the exact premium for the new members.

How many days does it take to complete an endorsement?

Plum is working to make endorsement as real time as possible. But our insurance partners still don’t have all the systems online. As soon as you add a new member to the Admin Dashboard and make the premium payment for that member, Plum coordinates with the insurance company to complete the endorsement process. We have a commitment of 14 days to complete the endorsement.

How can we get an active employees list?

You can view all active employees on the Admin Dashboard. If you require this list in a xls file, please email us at care@plumhq.com with your company name and policy type (in case you have more than one type of policy).

What is a Cash Deposit (CD) account?

It is a deposit account created for a company with the insurance company for the purpose of insurance.

How does a CD account function?

It is a non-interest bearing account. All the premium payment that you make first goes into the CD account. When a policy or endorsement is made, an amount equivalent to premium is debited from this account. When a member is deleted via endorsement, the refund is credited into this account.

Why is it important to maintain a healthy CD account balance?

Insurance companies can initiate a cover for a new employee only after the premium payment has been done for that employee. Employees expect the insurance cover to start on the same day as they join the company. If you maintain a healthy CD account balance, these newly added employees can enjoy cover from the date of joining. If your CD account balance is lower than the premium required to activate the cover, you would have a new employee uncovered for a few days, and your company/employees may be at risk.

How much balance should I maintain in our CD account?

We recommend that you keep around 10% of your annual premium into the CD account. Say your annual premium was Rs.2 Lakhs, we recommend to keep Rs. 20,000 into your CD account. If you have an aggressive hiring plan, you can maintain 20% of your annual premium into the CD account.

Can I get back money from our CD account?

Yes, you can. You may request a refund from your CD account to your bank account. The amount will be transferred via NEFT. Please email us at care@plumhq.com to initiate a refund