The group term life insurance scheme shall cover the risk of death of an employee while in service anywhere in the world and by any reason. On death the sum assured is paid according to the schedule based on 36 times of the basic salary or maximum sum assured 15,00,000/- which is less.Initially the Contract shall be for a period of three years where the premiums are payable annually in advance and thereafter the Contract may be renewed for further period(s).
If any employee leaves the service while the contract is in force s/he may apply to the Company to take out an individual life policy in lieu of his existing group insurance policy at that time for the existing sum assured. The premium rate for such as individual policy will be the rate that will be prevailing at the time of the concerned employee exercised his option for such conversion.
Who can take the scheme:
Any organization, institution, professionals or NGO having at least 10 (Ten) employees/ members can take a group insurance schemes.
Accidental Death Benefit (ADB) : If death is caused by an accident an additional sum equal to the sum insured of the respective employee shall be payable.
Premium shall be payable annually in advance on commencement of insurance. However 30 days grace period may be allowed for payment of subsequent premiums. Additional premium may be charged for lives with extra risk or where the sum insured of an employee shall be increased during the period of contract.
Eligibility to join the Scheme:
All regular and permanent employees who are in good health and below 55 years may join the scheme. Any employee or director exceeding age 60 years on the commencement date of risk and anytime within the currency of the contract shall not be covered. A new employee shall automatically join the scheme upon being permanent of which intimation shall be given to the company.
Normally no medical examination shall be required but the Company reserves the right to ask for medical examinations if required by the Underwriting Department or any others matter relating to evidence of insurability.
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