Group Insurance

Group Insurance schemes for large number of people at the lowest cost

We welcome corporate small & medium private companies, manufacturing organization; hotels who would like to retain their employees & get tax advantage for their business Income tax Act. The biggest aim is achieved by funding large amount of money which is ready for the employees in case of sudden death. There are some statutory laws. Which make it compulsory to provide for employees welfare on ongoing basis. This subject of Group Insurance policies are processed by our Group Insurance. LIC offers life insurance protection under group policies to various groups such as employer-employees, professionals, co- operatives, weaker sections of society, etc. It also provides insurance coverage to people at subsidised rates under social security group Schemes. Besides providing insurance coverage to employees, the Corporation also offers group schemes, which provide funding of gratuity, pension and leave encashment liabilities of the employers.

GROUP TERM INSURANCE SCHEMES:

Employer-employee groups are offered group insurance Schemes providing either uniform or graded cover. Group insurance Schemes is also granted to groups other than employer-employees like Self Help Groups, Associations of professionals and weaker sections of society under social Security Scheme including women Self Help Groups.

GROUP TERM INSURANCE SCHEME IN LIEU OF EDLI:

The employees’ Deposit Linked Insurance Scheme is applicable to all Establishments and undertakings contributing to Employees provident Fund under EPF and MP Act, 1952.The scheme provides for insurance cover to employees, which is linked to balance in PF account/wages. CPFC, New Delhi vide their letter ref Co-ord/11(38)05/LIC dated 20/05/2005 has approved granting higher covers as requested for by the employer. LIC offers a Group Term Insurance Schemes in lieu of EDLI. LIC provides higher cover with premium depending on average age and the cover is not linked to balance in PF account /wages.

GROUP GRATUITY SCHEMES:

Gratuity is a statutory liability of the employers under Gratuity Act, 1972. The liability accrues in respect of each for every year of service put in by him. Under Group Gratuity Scheme, employers can fund towards this statutory liability which provides tax benefits and better cash flow management. Scheme also provides for insurance cover of future service gratuity of employees.

GROUP LEAVE ENCASHMENT SCHEME:

According to accounting standard (AS 15)(Rev.) it is necessary for employers to provide for the liability of the Leave Encashment facility available to employees in the Annual books of Accounts. LIC’s Group Leave Encashment Scheme is designed to fund such liability of employers along with uniform or graded insurance cover.

GROUP SUPERANNUATION SCHEME:

Group Superannuation scheme is designed to provide pension to employers/beneficiaries on exit from service as per Rules of the scheme. The scheme is available in 1) Defined Contribution Scheme and 2) Defined Benefits scheme models.

GROUP ANNUITY SCHEME:

Employers, who have a privately managed Superannuation Fund, can purchase pension for retiring employees under “Group Annuity” policy. LIC offers with range of options combined with good rate of return on investment. The annuity can be guaranteed for 5/10/1520 years and life thereafter. Annuity option of Life with Return of Corpus is also available.

GROUP FLEXIBLE INCOME PLAN:

Group flexible income plan is a group immediate annuity plan, which can be purchased for the benefit of people whose land is acquired by Govt. Bodies or Industrial Houses for national development. The plan provides for flexible annuity payments throughout a pre-decided term.

GROUP SAVINGS LINKED INSURANCE SCHEME:

The Scheme offers insurance cover with an element of thrift. The Scheme is granted to Employer-Employees Group. Under this Scheme, out of contribution received in respect of each member of the Scheme, a portion is utilized towards insurance cover and balance is accumulated with interest till exit. In case of premature death of a member, the amount held in his account together with accumulated interest and sum assured is payable. In case of retirement/resignation saving amount with interest is payable.

GROUP CRITICAL ILLNESS RIDER BENEFIT:

An accelerated benefit of Critical Illness Rider together with Group insurance Scheme is offered to employer-employee groups .Eight major Diseases are covered and benefit is payable on fist instance of diagnosis of the specified major disease. The benefit provides for accelerated payment of a percentage of Basic Sum Assured (maximum 100%) The maximum cover granted is Rs. 20 lakhs.

GROUP MORTGAGE REDEMPTION ASSURANCE SCHEME:

The Scheme covers borrowers of Home Loan /Vehicle Loan/Education Loan form financial institutions where loans are covered under EMI. During the term of the policy, if death occurs a Sum equal to outstanding loan is payable. Under this scheme single premium is payable in advance for entire term of loan.

GROUP MEDICLAIM POLICY/GROUP ACCIDENT POLICY

Group Superannuation scheme is designed to provide pension to employers/beneficiaries on exit from service as per Rules of the scheme. The scheme is available in 1) Defined Contribution Scheme and 2) Defined Benefits scheme models.

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