For those who value their employees, Group Term Life is the most practical investment they can make in them. We will work with you to create the optimum plan for your needs.
The key benefits of this plan are:
Benefit Basis: Benefits under a group policy are typically a flat sum (Rs. 200,000 Sum Assured for each insured member) or graded according to job status (Rs. 500,000 Sum Assured per insured member for Directors, Rs. 300,000 Sum Assured per insured member for Senior Managers) or can also be a multiple of salary (Sum Assured per insured member equivalent to 3 times his/her Cost to Company).
Death Benefit: The policy provides for a lump sum payment to the insured's nominated beneficiary in the event of death due to accidental & non accidental causes. Cover applies worldwide 24-hours a day.
Terminal Illness Benefit: The policy offers benefit whereby an advance payment of part of the sum insured may be made in the event that an insured employee is diagnosed with a terminal illness, such that, life expectancy is unquestionably short.
Exclusions
The only exclusion is suicide in the first year of member coverage. If the insured member, whether sane or insane, commits suicide within one year from his/her effective date of coverage, the death benefit will be limited to a refund of premiums paid for that insured member without interest.
Eligibility
All full-time, actively-at-work, permanent employees or employees on probation intended to become permanent on completion of probation between the age group of 18 to 64 years are eligible.
Riders
Group Accidental Dismemberment and Disability Rider:
A lump sum payment based on schedule of indemnities in the event of Accidental Dismemberment (as a result of accidental bodily injuries) such as loss of limbs, speech, hearing, eyesight, etc. is payable.
Also, if as a result of an accident, an insured member is totally and permanently disabled and prevented from engaging in any gainful occupation or employment for the remainder of his/her lifetime, a lump sum - (Sum Insured) is payable.
Group Accidental Death and Dismemberment Rider:
In addition to the benefits under the Group Accidental Dismemberment and Disability Rider, this rider provides a lump sum payment in the event of death due to accident only.
Tax Benefits
You are eligible for Tax benefit as per the current tax laws.
