This plan enables employers to provide life insurance benefit to their employees at low rate of premium. It is a hassle free plan wherein risk coverage is given up to the normal retirement date without any health requirements up to age 45 and with only declaration of good health thereafter. The savings made through the simple scheme of administration is passed on to the employees by substantial reduction in premium.
The minimum age at entry is 18 years and maximum age at entry is 55 years. The S.A. allowed varies from Rs. 50,000 to Rs. 3,50,000 depending upon the category. The group size of 50 employees, contribution of minimum of 50% of premium by the employer, joining of the scheme by a minimum of 75% of confirmed employees on introduction and compulsory joining by employees recruited thereafter are some of the binding features of the scheme. Variations in the scheme and its benefits are possible depending on the size and composition of the group and participation of the employer.
The company is trying to sell the above products in large scale so as to fulfill its mission of providing social security to every eligible citizen and also for spreading and creating awareness about the need of insurance. With increase in insurance awareness among the general public and specific target groups the company plans to bring in new products having greater risk/term insurance components. It also plans to bring in products providing pensions, health care and plans with multiple add on/optional advantages and risk covers.