Group term life insurance is a type of insurance coverage offered to a group by an employer, association or other organization. Coverage provides a benefit to the beneficiaries if a covered individual dies during the covered period. This is a very attractive option for Employers to bring the workers under insurance coverage as the amount of premium is very low compared to the risk coverage they get.
- Insurance coverage worldwide round the clock.
- Prompt claim settlement upon death or disability of an insured
- Scope for Exclusion & Inclusion of employees under coverage at any time.
- Option to change sum assured amount at any time.
- Option to add supplementary covers for benefit enhancement
- Contract, initially for three years, is Renewable.
At a Glance:As required by the Employer. Premium will be calculated based on the requirements of Risk Coverage
|Benefit||Payment of Sum Assured in case of Death|
|Eligibility for Coverage||All regular and permanent employees who are in good health and are not past 60 years can be covered. Coverage is also offered beyond the age of 60 years, if desired by employer.|
|Contract Period||Generally, Three Years with renewal option. However, contract period can be tailored if required.|
|Member Inclusion||A new member can be included at any time during the contract period. Coverage will be activated upon payment of Premium calculated at a pro-rata basis|
|Member Exclusion||Member can be excluded from the coverage at the request of the Employer at any time during the contract period and Premium will be refunded accordingly on pro-rata basis.|
|Premium Payment||Premium is payable annually in advance before commencement of risk. However, for payment of subsequent premium one-month (30 days) grace period is allowed.|
|Available Supplementary covers and Benefits.||
|Underwriting Requirements||A free cover limit is determined for each organization by insurance company. Medical examination reports and tests required for members having sum assured above Free Cover Limit (FCL)|
|Claim Procedure and Settlement procedure||Claim notification to insurance company about death, disability, retirement, continuation etc. as per contract within 30 days of incident. Requisite document to be submitted as per contract following notification. Claim settlement made by insurance company as per contract.|
|Criteria of a Group||A group should comprise of a least 10 members|
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