npavan78
05-09-2008, 10:25 AM
Protection. On Your Terms.
ING Vysya Life's Group Term Life Insurance Plan is a special way to safeguard your employees' interests. It enables you to comprehensively safeguard your employees in case of the unfortunate death of an employee due to any reason, by providing timely and hassle free relief. It provides the essential life cover for all the members you wish to include in the group.
Death Benefit
This acts as a lifeline for the family of an insured member in case something unfortunate were to happen to him. The beneficiaries will receive a fixed Sum Assured which will act as their financial protection in their time of need.
Additional Accidental Death Benefit
To further protect your employees against a life full of uncertainties, the plan allows you to add this extra shield. So, in case the death of an insured member occurs due to accident, his beneficiaries receive an additional Sum Assured as per the contract.
The maximum additional accidental death benefit can go up to as much as Rs.20,00,000.
Exclusions for Additional Accidental Death Benefit
(i) Where Accidental Death occurs directly or indirectly as a result of:
Any disease or infection
Intentional self-inflicted injury, suicide or attempted suicide, while sane or insane
Life Assured being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a qualified and registered medical practitioner
War (Declared or undeclared), invasion, civil commotion, riots, revolution or any war-like operations
Participation by the Life Assured in any flying activity, except as a bonafide passenger in a commercially licensed aircraft
Participation by the Life Assured in a criminal or unlawful act
Any injury incurred before the Risk Commencement Date
Participation in hazardous sports, hobbies or pastimes including (but not limited to) racing, parachuting, mountaineering etc
no benefits shall be paid.
The Cover Continues
Leaving a job doesn't mean the end of being protected. This plan comes with a convenient continuation option.An employee can choose to maintain the cover after resignation or retirement. This is done by simply effecting an individual insurance policy, without further medical evidence. The facility can be availed by meeting certain basic conditions.
Share Concern. Share Profit
While you have your employee's best interests at heart, we have yours. This is the reason why we share part of the mortality experience profits with you, if the scheme experience is favourable. The extent of such profit sharing depends on the size of your member group. This share is adjusted against the next premium.
Lion Advantages
For you
It provides a comprehensive life insurance cover at a lower cost as compared to individual life insurance policies.
Just one master policy covers all employees.
It is easier to cover all your employees as there are minimal requirements for accepting cover.
It is a hassle-free way of securing life cover for all employees at one go.
It enables you to customise the amount of life cover based on requirements like graded cover or flat cover, or certain multiples of annual salary etc.
It offers the possibility of premium reduction over a period of time, with profit sharing and/or experience rating arrangement.
It is a yearly renewable scheme. No long-term commitment.
It offers you the flexibility to add new members or exclude existing members.
It has provision for Accidental death benefit at a very nominal extra cost.
It allows you to increase scope of benefit by adding optional additional benefits like Critical Illness and Accidental Death, Disability and Dismemberment benefits, at a marginal cost.
It is a tax efficient way of securing benefits to employees. Premiums paid by you are not treated as taxable perquisites, for your employee. And for you it is a deductible business expense.
It reduces administrative work, as it is backed by an efficient administrative process.
Premiums can be paid monthly, quarterly, half-yearly or yearly, based on requirements.
Helps employee retention.
Enables you to be a good corporate citizen.
Allows employees to contribute part of the premium.
For your employees
They get a comprehensive life insurance coverage. It provides for payment of the Sum Assured to an employees' beneficiaries in the event of an unfortunate death.
They get insurance cover with minimal or no medical examinations.
A hassle-free process of keeping life cover in-force.
In case an employee leaves, he can still choose to continue the life cover by converting it into a regular individual policy (subject to certain conditions).
In case employees are paying premiums, they are eligible for tax exemption under Section 88 of Income Tax Act.
There is no limit on travel or residence.
Specifications
Duration of the cover: One year, and renewable thereafter
Minimum age at entry: 18 years age last birthday
Maximum age at entry: 64 years last birthday
Minimum group size: 50 members
Maximum group size: No limit
Premium payment frequency: Yearly, half-yearly or quarterly
Profit sharing: Option to share part of the mortality experience profits of IVL if the scheme experience is favourable. This is adjusted against future premiums
Premium guarantee: Premium rates are guaranteed for one year Specifications
Section 41 of the Insurance Act, 1938 states:
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
2. Any person making default in complying with the provisions of this section shall be punishable with fine that may extend to five hundred rupees.
ING Vysya Life's Group Term Life Insurance Plan is a special way to safeguard your employees' interests. It enables you to comprehensively safeguard your employees in case of the unfortunate death of an employee due to any reason, by providing timely and hassle free relief. It provides the essential life cover for all the members you wish to include in the group.
Death Benefit
This acts as a lifeline for the family of an insured member in case something unfortunate were to happen to him. The beneficiaries will receive a fixed Sum Assured which will act as their financial protection in their time of need.
Additional Accidental Death Benefit
To further protect your employees against a life full of uncertainties, the plan allows you to add this extra shield. So, in case the death of an insured member occurs due to accident, his beneficiaries receive an additional Sum Assured as per the contract.
The maximum additional accidental death benefit can go up to as much as Rs.20,00,000.
Exclusions for Additional Accidental Death Benefit
(i) Where Accidental Death occurs directly or indirectly as a result of:
Any disease or infection
Intentional self-inflicted injury, suicide or attempted suicide, while sane or insane
Life Assured being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a qualified and registered medical practitioner
War (Declared or undeclared), invasion, civil commotion, riots, revolution or any war-like operations
Participation by the Life Assured in any flying activity, except as a bonafide passenger in a commercially licensed aircraft
Participation by the Life Assured in a criminal or unlawful act
Any injury incurred before the Risk Commencement Date
Participation in hazardous sports, hobbies or pastimes including (but not limited to) racing, parachuting, mountaineering etc
no benefits shall be paid.
The Cover Continues
Leaving a job doesn't mean the end of being protected. This plan comes with a convenient continuation option.An employee can choose to maintain the cover after resignation or retirement. This is done by simply effecting an individual insurance policy, without further medical evidence. The facility can be availed by meeting certain basic conditions.
Share Concern. Share Profit
While you have your employee's best interests at heart, we have yours. This is the reason why we share part of the mortality experience profits with you, if the scheme experience is favourable. The extent of such profit sharing depends on the size of your member group. This share is adjusted against the next premium.
Lion Advantages
For you
It provides a comprehensive life insurance cover at a lower cost as compared to individual life insurance policies.
Just one master policy covers all employees.
It is easier to cover all your employees as there are minimal requirements for accepting cover.
It is a hassle-free way of securing life cover for all employees at one go.
It enables you to customise the amount of life cover based on requirements like graded cover or flat cover, or certain multiples of annual salary etc.
It offers the possibility of premium reduction over a period of time, with profit sharing and/or experience rating arrangement.
It is a yearly renewable scheme. No long-term commitment.
It offers you the flexibility to add new members or exclude existing members.
It has provision for Accidental death benefit at a very nominal extra cost.
It allows you to increase scope of benefit by adding optional additional benefits like Critical Illness and Accidental Death, Disability and Dismemberment benefits, at a marginal cost.
It is a tax efficient way of securing benefits to employees. Premiums paid by you are not treated as taxable perquisites, for your employee. And for you it is a deductible business expense.
It reduces administrative work, as it is backed by an efficient administrative process.
Premiums can be paid monthly, quarterly, half-yearly or yearly, based on requirements.
Helps employee retention.
Enables you to be a good corporate citizen.
Allows employees to contribute part of the premium.
For your employees
They get a comprehensive life insurance coverage. It provides for payment of the Sum Assured to an employees' beneficiaries in the event of an unfortunate death.
They get insurance cover with minimal or no medical examinations.
A hassle-free process of keeping life cover in-force.
In case an employee leaves, he can still choose to continue the life cover by converting it into a regular individual policy (subject to certain conditions).
In case employees are paying premiums, they are eligible for tax exemption under Section 88 of Income Tax Act.
There is no limit on travel or residence.
Specifications
Duration of the cover: One year, and renewable thereafter
Minimum age at entry: 18 years age last birthday
Maximum age at entry: 64 years last birthday
Minimum group size: 50 members
Maximum group size: No limit
Premium payment frequency: Yearly, half-yearly or quarterly
Profit sharing: Option to share part of the mortality experience profits of IVL if the scheme experience is favourable. This is adjusted against future premiums
Premium guarantee: Premium rates are guaranteed for one year Specifications
Section 41 of the Insurance Act, 1938 states:
1. No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the Policy, nor shall any person taking out or renewing or continuing a Policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer.
2. Any person making default in complying with the provisions of this section shall be punishable with fine that may extend to five hundred rupees.