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)