Group Term Insurance Policy

What is Group Term Insurance Policy ?

The Key difference an Organisation make today on their product delivery and service is through a high quality human asset. They are the one who will work towards creating a differentation for the company. Therefore protecting the most important asset of an organisation and giving your members the complete reassurance of financial security should be on top priority

Providing adequate protection to your emplyees forms an integral part of the employee benefits. At group term insurnace we try and look at life insurance from both the employer and the employees point of view.We believe in offering innovative, unique, cost effective and customized solutions. We are happy to offer you a solution for benefit of those whose welfare is your concern- your priced employees/ members.Our solutions with world class service delivery result in a great employee benefit.

Key Features:

  • One year renewable term assurance plan;
  • Benefits payable on death of employee/member
  • Basic Death Benefit: Full sum assured payable on death during policy term;
  • Accidentaal death benefit: If opted for accidential death benefit then additional sum assured equal to basic death benefit (subject to a maximum od Rs 1crore per member) will be payable on accidental death during policy term
  • Option to choose various sum assured. These can be either flat or graded (based on various parameters)
  • The scheme can be contributory,i.e.members can also contribute to the premium;
  • Provides an opportunity to:
  • Improve employee benefit program;
  • Can be used as employee Incentive

Benefits of Employee:

Adequate financial support for loved ines in case of untimely demise

Cost-effective method to get a high cover at low premium

Simplfied inderwriting.Convenience of no medical tests till free cover limits for members below retirement aggregate

Terms and Conditions

Grace Period

A grace period of fifteen (15days) days (for monthly mode) and thirty (30)days (for quartely and half-yearly modes)of premium payment, from the premium payment due date will be allowed for payments of each premium.There is no grace period in respect of annual mode.

If death of an insured member occurs during the grace period, the death claim shall become payable subject to the receipt of the due and unpaid premium or renewal premium for the entire group from the master policy holder. If the premium is not paid within the grace period, the policy shall lapse and have no further value.

Free Look Period

In case you disagree with any of the terms and conditions of the policy, you have the option to cancel the policy by writing to the company stating the reasons for disagreement with the policy terms and conditions and return the original policy document to the company within 15 days of the receipt of the Policy Document. In case of such cancellation, the premiums you have paid will be refunded after deducting the medical examination fees (if any), stamp duty charges and proportional charges towards Insurance risk cover.