How to add Insurance Policy

Amongst countless distinctive features, ZenHR provides Admins with the ability to apply insurance policies, including the company Health Insurance Policy, as well as internal policies. These policies enable Admins to calculate Health Insurance deductions and company monthly charges.


Setting up Insurance Policies


User Menu à System Preferences à Insurance


By clicking Add, the page below will appear.



Figure 1


In accordance with contract details, this page allows admins to add the Health Insurance. If the contract involves paying a total monthly amount, admins must add the total monthly costs in the Adult Cost and Minor Cost fields. ZenHR will then compute the employee cost based on the number of employees and beneficiaries. 

If the contract involves paying the amount per employee, admins must add the monthly cost per insurant in the Adult Cost and Minor Cost fields, and activate the Per Employee check box.

By clicking Add Setup, the setup below will appear


Figure 2


This setup enables Admins to add slices of insurance policies. Admins can also add the company policy with regards to the employment duration and employee charges. For instance, employees that have worked for the company between 0-3 years will have 100% deduction, meaning that they will be charged the total amount of the Adult and Minor costs. Admins are not restricted to a certain number of slices. By clicking Add Beneficiary Setup, Admins can add the company policy for family members within that particular slice, as shown in the picture below:

 

Figure 3


This setup requires Family Members to be added. Feel free to explore some additional useful links below.


Field

Description

Start Date (Figure 1)

The starting date of the Insurance contract. 

Expiry Date (Figure 1)

The ending date of the Insurance contract.

Insurer Name (Figure 1)

The name of the Insurance Provider.  

Offline Policy ID (Figure 1)

The Insurance Contract Number. 

Cost Adult (Figure 1)

The cost of adults. This is the cost for employees and their spouses. 

Cost Adult Currency (Figure 1)

The currency in which the Insurance Policy is currently charged with.

Cost Minor (Figure 1)

The cost of minors (the employees’ children). 

Per Employee (Figure 1)

The Adult and Minor costs are distributed per person.

Pro Rata (Figure 1)

The charges are reflected according to the number of days for which the policy applies to the insurant.

From and To Years (Figure 2)

The employment duration for each slice. 

Deduction (Figure 2&3)

The percentage that will be deducted from the employee’s salary. 

Relation Type (Figure 3)

The relationship between the employee and their beneficiary.

Upper and Lower Limits (Figure 3)

The minimum and maximum amount of beneficiaries for this Relation Type.