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Group insurance policies - Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people like.
- Employer-employee groups
- Professionals
- Cooperatives
- Weaker sections of society, etc
Insurance coverage is provided for people as long their occupations are approved and the rates of payable premium are fairly subsidised under social security group schemes.
Besides providing insurance coverage, insurance corporations design group insurance policies in a manner that employer specific liabilities such as funding of gratuities and payment of pensions are also minimised.
A few of the key features why group insurance schemes are more advantageous are:-
- Low rates of payable premium that are based upon the ages, combinations of members, occupations and working conditions.
- Simple insurability conditions such as employees not being absent from duty owing to ill-health at the commencement of the policy period.
- Easy administration since a single master policy is issued to cover all the employee members
The only conditions for granting a group insurance policy that matter to the insurance corporation are a requisite minimum group size and a minimum participation number.
The standard schemes offered are:-
- Group Term Insurance Schemes
- Group Insurance Schemes in lieu of EDLI
- Group Gratuity Schemes
- Group Superannuation Schemes
- Group Savings Linked Insurance Schemes (GSLI)
- Voluntary Retirement Schemes (VRS)
- Group Leave Encashment Schemes and
- Social Security Schemes
Group (term) Insurance policies from LIC
General Featues of various Group Insurance Schemes:
Premium
The premium under such scheme may be wholly paid by the employer or the Nodal Agency. However, the scheme may be contributory i.e. the members may also contribute.
Double Accident benefit
Double Accident Benefit, i.e. payment of double the sum assured on death due to accident (without permanent disability benefit), may be allowed under Group Insurance Schemes for an extra premium.
Eligibility
For Group Insurance Scheme in lieu of EDLIS the insurability condition is that should be a member of the Provident Fund Scheme of the employer. For other GI Schemes of employer-employee groups the insurability condition is that the member should not be absent on ground of sickness on the entry date. For all non-employer-employee Group Schemes the basic insurability condition is that the member should be in good health on the date of entry.
Administration of the scheme
At the commencement and thereafter on each Annual Renewal Date, the Group Policyholder will have to send all the member's data (and particulars of the new entrants from time to time) to the P & GS unit of LIC. Detailed OYRGTA premium calculation will be made on each Annual Renewal Date.
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Group Insurance health plans from ICICI Lombard
Group insurance:
Group medical insurance offers insurance cover to a group with a common trait – it may be employees of a company, members of a club or an association or members of a co-operative society etc. Many employers now provide medical insurance as a perquisite to their employees.
Benefits of Group Insurance:
- Premium under group insurance is less than a stand-alone personal insurance policy.
- Discount offered depends of the size of the group.
- A quick and effective way to extend cover to a large chunk of population.
- An effective tool to cross sell various products to the members of the group.
- Products can be customised to the size of the group.
- Group insurance is more flexible and provide more benefits.
- For additional benefits, a loading is charged on the premium.
Kind of groups
Group can be of various types:
- Employer-employee group.
- Association of professionals viz. doctors, lawyers, chartered accountants etc.
- Members of co-op societies, banks, credit societies etc
- Weaker sections of society.
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Group term Insurance plans from HDFC Standard Life Insurance
Whatever the business – It’s the people who make it a success. Everybody requires some type of life insurance, especially when others depend on them financially.
The Group Term Insurance (GTI) plan meets this need and serves as an ideal way for companies to reinforce their bond with their employees. The sort of needs, you, as an employer need to cater to could be in form of:
Employee benefits
- Cover for housing or vehicle loans given by you to your employees
- A GTI cover for future service gratuity liability to be taken along with the HDFC Group Unit Linked Plan
The plan covers death due to any cause; accidental or natural, and hence is more comprehensive than Group Personal Accident Insurance. Several multinational corporations, large Indian companies, foreign banks and software companies have already chosen the HDFC Group Term Insurance, an innovative product from HDFC Standard Life Insurance, to protect their employees.
The Group Variable Term Insurance
The Group Variable Term Insurance is a tailor made insurance policy for third party institutions. HDFC Standard Life Insurance Company will offer life insurance to customer’s of one or more of the third party’s specific products in order that in the event of their death, there will be a lump sum available.
The Group Variable Term Insurance:
- On death, will pay a lump sum known as a sum assured. The sum assured varies over time in order that the customer receives the cover that they need
- Is a group policy
- Has no lengthy underwriting procedure
- Is simple to administer
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Group Insurance policies from Max Insurance Life include :-
The various policies they offer are :-
- Easy and convenient administration – one single master policy for all employees.
- Group size of at least 25 employees. No upper limit on membership.
- Policy is valid for one year and can be renewed annually.
- Uniform or a graded cover can be provided on any basis chosen by your subject to a maximum of three years of salary per employee.
- In case of death of an employee, due to natural or accidental reasons, the entire sum assured amount is paid to the employer.
- Additional Protection is available through riders for Critical Illness, Accidental Death Benefits, Disability and Dismemberment.
- New members can join and out going members can leave the scheme at any time with premium adjustment.
- Investment management in a conservative manner to ensure steady appreciation in fund income.
- Employees can be insured for the future service gratuity for full-anticipated service.
- Scientific funding of gratuity on actuarial valuation and hence superior planning for gratuity payments.
- Past gratuity liability contribution can be made in installments.
- Contributions are exempt under income tax act.
Max New York Life Insurance Co. Ltd offers Group Term Insurance Scheme, a unique, simple and flexible scheme, that is a far better alternative to the Employee Deposit Linked Insurance Scheme (EDLI) because of the benefits it offers to both the employer and the employee. The Employees Provident Fund Organisation has approved this scheme as an alternative to EDLI scheme.
The plan can be conveniently structured in a way such that the entire loan amount or the balance loan amount is paid up in case of the untimely demise of the borrower. The premiums can also be adjusted every year according to the reducing loan balance amount.
Gratuity is a statutory benefit to the employees under the Payment of Gratuity Act 1972. After the employee has rendered continuous service for at least five years, he/ she is eligible for 15 days pay for each completed year of service.
Organizations across the world help employees to safeguard their retirement era by providing various kinds of retirement benefits. Superannuation plans have been one of the most common and successful long-term investment vehicle designed to provide money during retirement.
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