Group Insurance Products

  1. Group Term Life (GT):
    1. Scope: The Scheme shall cover the risk of death while in service of an employee occurring any where in the world and by any reason for an amount (sum assured) as per list to be submitted by employer.
    2. Duration: The scheme for which premiums are payable yearly shall be for a period of 3 (three) years initially and thereafter may be extended for further period(s) on mutual agreement.
    3. Profit -Sharing Rebate: At the end of three years period if there arises a profit under the scheme i.e., if the resultant is positive after deducting management expense and all claims from the total premium then a part of the resultant (depending on the number of employees) is allowed as rebate and credited against the renewal premium of the
      scheme. Profit sharing rebate is allowed for organisations having more than 200 insurable employees.
  2. Group Term Life Insurance with Refund of Premium:
    1. Scope: Provides for the stated sum assured at death by any reason of a member while in service. In case of survival of an insured employee to retirement age, 100% or 50% of all premiums paid on his account shall be refunded with or without profit as per choice of the employer.
    2. Duration: Initially the contract will be concluded for 10 years after which it may be continued for further period(s) on terms and conditions as may be mutually agreed. This scheme could be taken for a fixed term of 10, 15 or 20 years.
    3. Surrender Value: The policy accrues surrender value only after payment of at least two annual premiums.
  3. Group Endowment Insurance:
    1. Scope: Provides for payment of full sum assured at death by any reason of a member while in service. In case of survival of an insured employee to retirement age, 100%, 50% or 25% of respective sum assured shall be paid with or without profit as per choice of the employer.
    2. Surrender and Paid-up value: The scheme acquires paid- up and surrender values after at least two annual premiums have been paid.