Group Life

Group Life Insurance

Group life insurance provides cover to group of people. Namely employees of a business organization, members of an association or any group under a single contract. Group Life Policy covers varied benefits on a worldwide & 24 hours basis. Life Insurance Policies usually issued to the Employers to cover their Employees/ Registered members under a wider policy than the statutory Workmen’s compensation Policy. Under the Group Life Insurance Policy, it is mandatory that all the employees are required to be covered. In order to cover members in a Group Life, there will be always a requirement of minimum number of members (11).
Benefits
  • Death Due to Any cause (DAC) – In an unforeseen event of death due to any cause (Sickness or Accident as defined in our policy), the Insurance Company shall pay the benefits equivalent to the sum insured agreed upon.
  • Permanent Total Disability due to Accident (PTD-Acc.) –In the event of a member being totally and permanently disabled as a result of an accident to the extent of being unable ever again to follow his own occupation or any other occupation, the insurance Company shall following 12 months of such continuous disability, pay the Sum Insured equivalent to the basic life Sum Insured.
  • Permanent Total Disability due to Sickness (PTD- Sick) –In the event of a member being totally and permanently disabled as a result of a sickness to the extent of being unable ever again to follow his own occupation or any other occupation, the insurance Company shall following 12 months of such continuous disability, pay the Sum Insured equivalent to the basic life Sum Insured.
  • Permanent Partial Disability due to Accident (PPD-Acc) – In the event of a Member suffering, as a result of an accident, the loss by physical separation, or the total loss of use of, any limb or organ of the body or the total and irrecoverable loss of sight as set out in the Continental Scale of Benefits, the Company shall pay the respective percentage of the Sum Insured
  • Permanent Partial Disability due to Sickness (PPD- Sick) – In the event of a Member suffering, as a result of a sickness, the loss by physical separation, or the total loss of use of, any limb or organ of the body or the total and irrecoverable loss of sight as set out in the Continental Scale of Benefits, the Company shall pay the respective percentage of the Sum Insured
  • Temporary Total Disability due to Accident (TTD-Acc.) – In the event of a Member being totally unable to follow his normal occupation as a result of being continuously and totally disabled by reason of Accident, the Company shall pay up to 100% weekly declared salary.
  • Temporary Total Disability due to Sickness (TTD-Sick) – In the event of a Member being totally unable to follow his normal occupation as a result of being continuously and totally disabled by reason of Sickness, the Company shall pay 80% of weekly declared salary. This payment is made for a maximum period of 52/104 weeks, subject to waiting period.
  • Medical Expenses Due to Accident (AME) – Actual cost of medical Expenses due to accident subject to the maximum limit agreed shall be paid to the member per annum.
  • Repatriation Expenses (RE) – shall reimburse the actual cost of Repatriation of the mortal remains or the disabled member to his home country subject to the maximum limit agreed in the policy
  • Terminal Illness / Accelerated Living Benefit (TI) –Where the life expectancy of the member is lesser than 6 months this benefit becomes payable. To qualify for this benefit, the Employee must have been diagnosed as being terminally ill while insured under the Policy.
  • Critical Illness (CI) – Benefit paid as a lump sum if an insured suffers from one of the insured critical illnesses in accordance with the definitions described in the policy from the date of diagnosis or surgery with the waiting period of 120/90 days and survival period is 30/60 days. (I.e. Cancer, Heart attack, Stroke, Coronary artery bypass surgery, Major organ transplant, Kidney failure)
Basis of Sum Insured
  • Multiples of employees Income
  • Flat sum insured
  • Different category of sum insured based on seniority of the employee.
Free Cover Limit
  • This is a non-medical limit offered to the Group wherein the members are covered automatically without any medical underwriting. (Member life will be covered without any medical examination of his health up to the limit)
Age at Entry
  • Minimum of age 18 years and maximum of age 64 years.
Age Limit
  • 18 to 65 years.
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