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.
- 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?
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.
ARN: Jan 11/17