Life insurance is one of the most effective social security tools in use across the globe it is especially important in india where social security is offered in the form of employee provident fund and public provident fund which are available only to the working classes. Generally speaking social security contributions are roughly shared equally by employer and employee only the costs for accident insurance are exclusively borne by the employer in total the employers share of social insurance contributions amounts to approximately 21 percent of the employees gross wage. In other words social insurance can be defined as a device to provide benefits as of right for persons of small earnings in amounts which combine the contributive efforts of the insured with subsidies from the employer and the government examples of social insurance are provident fund and group insurance
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