Overview

This group term life insurance plan compensates the financial crisis arising on death of the insured member.  Plan is primarily targeted to members of non employer- employee groups.

Option for member to cover spouse as well, if opted by master policy holder at scheme level.

Specification

• Master Policyholder: Non employer employee groups
• Minimum Proposed Member Required : 50
• Entry age: Members between age of 18 and 69 years
• Policy Term: Yearly renewable plan
• Premium Payment Frequency: Annually, half yearly, quarterly or monthly
• Premium: Dependent on the size of member group, their age, their occupations and the cover amount
• Criteria of Sum Assured: The Master Policyholder has the option to select different levels of sum assured for their members, subject to underwriting requirements of the company.
• Minimum Sum Assured:   5,000 (per member)
• Maximum Sum Assured: 10,00,000 (per member)

What will the employees / members get?

Death Benefit

In case of death of the insured member, the applicable Sum Assured shall be payable to the nominee/beneficiary of the member.

The claim payout is made to the nominee/beneficiary directly. In Lender Borrower schemes, in cases where specific authorization is received from the member, outstanding Loan amount is settled in favour of Master Policyholder & Balance Claim amount if any is paid directly in favour of nominee/beneficiary of the deceased member of the Group Policy.

What is institution going to get

Goodwill created for the institute. For Lender-borrower cases the loan given to a member by the master policyholder is secure in case of the death of the member.

Download Brochure     |        T&C and Policy Schedule     |        Product PPT      |        Rider Brochure      |        Rider TnC

UIN: 122N112V02

Advt No: Nov 07/17