This product provides the term insurance cover as well the opportunity to avail the benefit of market appreciation on the savings portion of premium. As a result of significant savings in expenses in comparison to individual insurance, cost of the group insurance is very minimal.
All Establishments/Groups, where at least 75% of existing employees/members with minimum 25 eligible members are willing to join the scheme ( with minimum monthly total contribution of Rs.5000 ) on the date of commencement of scheme, are eligible to participate in the scheme. Subsequently, participation of all new eligible members in the group is compulsory on the next renewal date. ('Eligibility' shall mean all regular confirmed employees/group members having completed one year service/membership in the Company/ Group who have completed 18 years of age but are up to 64 years nearest birth day and who are not absent on the ground of sickness/sick on the date of entry in the Scheme)
This product provides only term insurance cover, thus satisfying the insurance need of persons, who are unable to save enough for getting themselves covered through individual insurance plans. Term Insurance means that sum assured shall be payable to nominee only on death of member during continued membership of the group and currency of the policy.
When persons are adequately insured, the sense of security enhances their confidence. A little initiative from the group in this respect shall send a signal to the members that their group cares for them. This shall generate extra goodwill and confidence amongst the members in favour of the group. It may also contribute to reducing attrition in the group.