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How does this plan work?

This plan is offered through a Master Policy that is issued to you. As the Master Policyholder or the group administrator, you pay premiums that cover the members of your group. The members of your group are covered for a period of one year.

How will the member’s nominee receive the lump sum amount?

As the Master Policyholder, you can choose the lump sum amount that will be provided to the member’s nominee*. It can either be a flat or graded cover amount. When all members of the group have the same Life Cover, it is called the flat cover. On the other hand, when different individuals are offered different Life Cover on the basis of pre-decided grades, it is known as a graded cover.

In case of formal groups, this lump sum amount can also be linked to loan amounts, other financial liabilities or even the employee’s salary. When linked to the salary, the Life Cover amount is equal to a multiple of the annual salary. For example, if a member has an annual salary of `10,00,000 and the multiple considered is 2, then his Life Cover amount will be `20,00,000.

*Nominee is the person who will receive the Life Cover amount in the absence of the member.


Group Credit Life plans are non-linked, single premium group term life insurance plan that allows a protection against non-repayment by borrower on the account of his/her unfortunate demise. As an added option, the plan offers a co-borrower cover as well, increasing the risk cover through a separate insurance scheme. The plan is a group credit insurance plan and covers all the loan amounts that have been availed by the members under this policy. The cumulative sum assured at any time will be the cover provided for all the loans taken during a moratorium period and will begin to decrease post that. The sum assured as specified in the Certificate of Insurance will be payable irrespective of the total loan outstanding.


What is Gratuity?

Gratuity is a compulsory benefit to be provided to employees as per the Gratuity Act, 1972. It is a lump sum amount paid out to employees, once they are no longer a part of the company. An employee is eligible for payment of gratuity only if he or she fulfills the conditions specified under the Gratuity Act.

How does this plan work?

As an employer, you can choose to invest a certain amount of money in order to meet your future gratuity liability. The amount set aside by you is invested in a range of equity and debt funds to provide returns over a long term. The kitty created under this plan is then used to make claim payments for gratuity when employees exit.

Term Insurance helps you safeguard your family from financial worries that arise due to unfortunate circumstances. Term plans are pure risk cover plans with or without maturity benefits. These pure risk plans cover your life at a nominal cost.Term plans also let you avail of the benefit to cover your outstanding debts like mortgage, home loan, etc. In case something happens to you, the financial burden is borne by the insurance company and not your loved ones.

Benefits of Term Policies

    This is also one type of endowment plan but in this plan very 3rd. 4th or 5th every a part of sum assured is paid to the life assured as survival benefit & in case of unfortunate death during the policy term the full sum assured without deduction of survival benefits will be paid to the nominee with or without bonus as per the policy condition & in case everything goes well the sum assured after deducting the survival benefits will be paid to the life assured with or without bonus as per the policy condition.


    In an Endowment Policy, the sum assured is payable even if the insured survives the policy term. If the insured dies during the tenure of the policy, the insurance firm has to pay the sum assured along with the accumulated bonus during the tenure of the policy. If the person covered remains alive beyond the tenure of the policy, he gets back the sum assured with some other investment benefits. In addition to the basic policy, insurers offer various benefits such as double endowment and marriage/ education endowment plans


    Unit plans are investment plans for those who realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don’t have consistent income. These policies are essentially linked with share market fluctuations. One has to pay premium for a minimum of three years and can withdraw the amount invested along with the bonus earned after the end of five years without any charges being deducted for surrendering the policy. Minimum 5 times life cover is given to the insured. Some capital guaranteed policies are available which covers the risk of the insured.

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