Group Term Life Insurance is the most cost effective way of providing immediate financial support to an employee & /or his family in case of catastrophic events like death, disability or disease.

Salient Features:
  • Insurance coverage worldwide round the clock.
  • Contract, initially for three years and is Renewable.
  • Prompt claim settlement upon death of an insured.
  • Option to alter sum assured at any time.
  • Exclusion & Inclusion of employees under coverage at any time.
  • Comjustifytively low rate of premium.
  • Option for supplementary coverage to enhance benefit.

The scheme shall cover the risk of death of an insured employee occurring anywhere in the world due to any reason except suicide in the first year of coverage of an insured employee and AIDS, for an amount called Sum Assured. However, death due to high risk gaming or adventurous activities i.e. Bungee Jumping, justifygliding, Marine Diving, Mountaineering or Death toll imposed by the State Authority due to committing serious crime etc. will not be entertained under the coverage scheme.

Sum Assured:

Sum assured or amount of insurance is the Benefit Payable upon happening of the risk. Sum Assured may be fixed according to status or salary multiples. Maximum Sum Assured usually offered for any one life is limited to 01 crore (as per your requirement) unless otherwise agreed.


The contract is concluded initially for a period of 3 (three) years and thereafter may be extended for further period(s) on mutual agreement.

Eligibility to join the Scheme:

All regular and permanent employees who are in good health and are not past 65 years shall join the scheme. Any employee exceeding the age of 65 years on commencement of the risk shall not be covered. However, employees aging above 60 years and working on Contractual basis may join to the scheme upon mutual discussion and agreement. Any employee remaining absent on the date of commencement of risk due to illness shall be covered from the date of resuming work after recovery, on production of recovery and fitness certificate acceptable to the company.

Exclusion & Inclusion:

Exclusion & Inclusion of employees under coverage of the scheme shall continue throughout the contract period. A new employee shall automatically be covered under the scheme upon intimation & payment of premium to the company. For inclusion, premium is charged and for exclusion, premium refunded on pro-rata basis for the remaining period of the contract year.

Underwriting Requirements:

Based on the average Sum Assured and Age, a Free Cover Limit (FCL) shall be determined by the insurance company. An employee having sum assured above FCL shall have to submit medical examination reports at inception according to our underwriting requirements. On the basis of those reports, coverage may be deferred; declined or additional premium may be charged on a life if it does not satisfy the underwriting criteria. Insurance coverage of an employee shall be limited to free cover limit till reports are received and accepted.


Premium is payable annually in advance before commencement of risk. However, for payment of subsequent premium one-month’s (30 days) grace period is allowed.
Rate of premium depends on a number of factors like age of the employees, nature of work, sum assured, group size etc. Therefore, the rate and amount of premium required for insurance coverage of a group is quoted on receipt of the list of employees with particulars mentioned below.

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