Group Insurance
A key to a constructive business has always been its sedulous employees, for which contentment of its employees is a must. Group Insurance manages the financial security that motivates every employee. This is a well designed instrument to provide and manage a seamless insurance plan.
Why is ICICI Pru Group Loan Protect special?
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Pay premiums as per your comfortThe plan allows you to choose the number of years for which you wish to pay premiums. |
- One Pay option (pay premium only once) or
- Limited Pay option (payment of premiums for 5 years)
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Secure your loved ones even in your absenceICICI Pru Loan Protect provides protection to your family against mortgage and auto loan taken by you. In case of an unfortunate event during the policy term, your family receives a lump sum amount. This amount will ensure that your loved ones are able to live the life you have planned for them. |
- Fixed cover: The Life Cover* chosen at the beginning of the policy remains fixed throughout the policy term. In case of an unfortunate event during the policy term, this lump sum amount will be paid out.
- Reducing cover: The Life Cover chosen at the beginning of the policy reduces from the second month onwards, on a monthly basis. In case of an unfortunate event during the policy term, the Life Cover applicable at the time of death will be paid out.
*Life Cover is the amount your family receives in your absence.
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Get tax benefitsWith this plan, you can reduce your taxable income by investing up to 1.5 lakh under Section 80C. This will help you save tax. What’s more, the amount received on death is also tax free*.*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time. |
Why is ICICI Pru Group Loan Protect Plus special?
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Pay premiums as per your comfortThis plan allows you to choose the number of years for which you wish to pay premiums. You can opt for either the One Pay option (one time lump sum premium payment) or the Limited Pay option (payment of premiums for 5 years). |
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Secure your loved ones even in your absenceICICI Pru Loan Protect Plus provides your family complete protection from the burden of paying any loan. In case of an unfortunate event during the policy term, your family receives a lump sum amount This amount will help you ensure that your loan is repaid. |
| Options | Details |
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| Monthly Reduction | The value of lump sum will decline on a monthly basis throughout the policy term |
| 5 year moratorium period | The value of lump sum will remain constant for 5 years, after which, it will decline on a monthly basis for the remaining policy term |
| 7 year moratorium period | The value of lump sum will remain constant for 7 years, after which it will decline on a monthly basis for the remaining policy term |
*Sum Assured is the amount your family receives in your absence.
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Receive additional pay-outs in case of an unfortunate eventIn order to protect you against any major illness, disability or accident, ICICI Pru Loan Protect Plus offers you additional pay-outs. This is extremely helpful, as you may need money to repay any loan and pay other daily expenses if your regular income discontinues due to an unforeseen event. |
*For further details, please refer to the information provided in the product brochure.
Does the policy end after I receive the CI and TPD benefit?Yes, the CI and TDP Benefit is an ‘accelerated’ benefit which means the policy will end once the value of the benefit is paid out to you.
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Get tax benefitsWith this plan, you can reduce your taxable income by investing up to 1.5 lakh under Section 80C. This will help you save tax. What’s more, the amount received on death is also tax-free*.*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time. |
Why is ICICI Pru Group Term Plus special?
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Security for the members of your groupICICI Pru Group Term Plus offers Life Cover to the members of your group. In case of an unfortunate event, Death Benefit is paid. 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. |
As the Master Policyholder, you can choose the Sum Assured 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 based on pre-decided grades, it is known as a graded cover.
In the case of formal groups, this Sum Assured 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.
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Multiple benefits for employersBenefits of ICICI Pru Group Term Plus:
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Multiple benefits for employeesThis plan is ideal for employees as it offers them a Life Cover to secure the future of their loved ones. Apart from this, it provides employees with the following benefits:
*Free cover limit is the maximum amount of Life Cover that can be offered without any medical tests. This limit varies from group to group. |
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Multiple benefits for an Informal groupICICI Pru Group Term Plus provides distinct benefits to the members and group administrator of an Informal group. Also, this plan has a simple administration process for your convenience. |
The person paying the premiums (either you or your members) can also avail tax benefits as per the existing Income Tax rules.*
*Tax laws are subject to amendments from time to time.
How does this plan help the members?The members of the group availing this plan get the benefit of a Life Cover at a nominal cost. In case of an unfortunate event, this plan provides a Death Benefit amount to the member’s nominee. This amount can protect against liabilities such as loans taken by the members.
Why is ICICI Pru Group Immediate Annuity Plan special?
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Meet Annuity requirementsThis plan helps you offer pension to your employees to take care of their post-retirement needs.What is annuity? Annuity is one of the most important retirement benefits for your employees. It is the regular income that your employees receive in return for a one-time payment made by you. This regular income starts at the time of your employee’s retirement. |
As an employer, you can purchase an ICICI Pru Immediate Annuity plan by making a one-time payment. Through this payment, your employees will get regular pay-outs for the rest of their lives.
The annuity amount your employee will receive depends on the annuity rate applicable at the time of purchase and the pay-out option selected by you. These pay-outs will remain constant throughout the life of your employees.
At the time of purchase, you choose the frequency of the pay-outs (monthly, quarterly, half-yearly or yearly). This is called the pay-out mode.
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Multiple pay-out optionsYou can select the pay-out option according to which your employees will get the pension, post-retirement. You can also choose for the pension to continue for the employee’s nominee*. |
There are five pay-out options available under this plan:
- Life Annuity: This option pays you annuity for life.
- Life Annuity with Return of Purchase Price: This option pays you annuity for life and on death the Purchase Price is returned to your nominee.
- Life Annuity with Return of 50% Purchase Price: This option pays you annuity for life and on death, 50% of the Purchase Price is returned to your nominee.
- Life Annuity with Return of 75% Purchase Price: This option pays you annuity for life and on death, 75% of the Purchase Price is returned to your nominee.
- Life Annuity with Return of Balance Purchase Price: This option pays you annuity for life and on death, the Balance Purchase Price is returned to your nominee. Balance Purchase price will be equal to Purchase Price (premium paid by you in the beginning excluding taxes) less sum total of the annuities already paid. If the balance is negative, then no benefit will be payable on death.
- Life Annuity with an annual increase of 5%: This option pays you annuity for life. Annuity payout increases at a simple rate of 5% for each complete policy year throughout the life of the annuitant.
- Joint Life, Last Survivor without Return of Purchase Price: This option pays you annuity for life and on death the annuity continues for the life of the named spouse. Where the named spouse has pre-deceased or where the named spouse is no longer a legal spouse at the time of your demise, no further benefits are payable.
- Joint Life, Last Survivor with Return of Purchase Price: This option pays you annuity for life and on death the annuity continues for the life of the named spouse. On the demise of the last survivor the Purchase Price is returned to your nominee. Where the named spouse is no longer a legal spouse at the time of your demise, no benefits shall be payable except the Return of Purchase Price to the nominee.
- Joint Life, Last Survivor with Return of Purchase Price in parts: In this option annuity is paid to you for life and thereafter your spouse for his/her life. On the earlier of either your or your spouse’s demise, 50% of the Purchase Price is returned to the survivor (you / your spouse). After the death of the last survivor balance 50% of the Purchase Price is returned to the nominee.
Where named spouse is no longer a legal spouse at the time of your demise, 100% of the Purchase Price shall be returned to the nominee and not further benefits are payable. - Annuity guaranteed for a period of 5 years, 10 years or 15 years and thereafter for life: This option pays you annuity for a guaranteed period of 5, 10 or 15 years (as chosen by you), and life thereafter. In case of demise during the guaranteed period, annuity for the remaining guaranteed period will be paid to your nominee.
- Life Annuity with return of Purchase Price on Critical illness (CI) or Permanent Disability due to accident (PD) or Death: This option pays you annuity till earlier of first occurrence of any of the 7 specified CI after policy inception or PD, before the age of 80 years, or death. Further, the Purchase Price is returned to you/nominee, in case of first occurrence of any of the 7 specified CI or PD before the age of 80 years, or death.
*Nominee is the person appointed at the time of purchase for receiving the benefits of the insurance policy in the absence of a member.
^Purchase Price is the one-time lump sum payment made to buy the annuity.
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Protection from Longevity RiskPaying pension to employees requires extensive planning to manage Longevity risk. This risk increases your liability over time if not protected with an adequate insurance cover.ICICI Pru Group Immediate Annuity plan helps employers manage the Longevity risk. This ensures that your employees receive pension through their lifetime. |
Life expectancy or the number of years an individual lives, is on the rise due to development and better access to medical care. This increase in life expectancy has led to an increase in pension payment duration, thereby adding to the expenses of the company. As an employer, you can manage this liability through the ICICI Pru Group Immediate Annuity plan, as the annuity is paid for life.
Tax benefits to the group administrator and members are available as per prevailing Income Tax Laws and are subject to amendment from time to time. Applicable taxes will be charged as per prevailing laws and regulations. It is always advisable to take an independent view from your tax consultant. ICICI Prudential Life Insurance Company Limited will not be responsible in cases where any tax benefits, as stated above, are denied by the Income Tax department.
ICICI Pru Loan Secure Plan
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Pay premiums as per your comfortThe plan allows you to choose the number of years for which you wish to pay premiums. |
- One Pay option (pay premium only once) or
- Limited Pay option (payment of premiums for 5 years)
|
Secure your loved ones even in your absenceICICI Pru Loan Protect provides protection to your family against mortgage and auto loan taken by you. In case of an unfortunate event during the policy term, your family receives a lump sum amount. This amount will ensure that your loved ones are able to live the life you have planned for them. |
- Fixed cover: The Life Cover* chosen at the beginning of the policy remains fixed throughout the policy term. In case of an unfortunate event during the policy term, this lump sum amount will be paid out.
- Reducing cover: The Life Cover chosen at the beginning of the policy reduces from the second month onwards, on a monthly basis. In case of an unfortunate event during the policy term, the Life Cover applicable at the time of death will be paid out.
*Life Cover is the amount your family receives in your absence.
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Get tax benefitsWith this plan, you can reduce your taxable income by investing up to 1.5 lakh under Section 80C. This will help you save tax. What’s more, the amount received on death is also tax free*.*Tax benefits under the policy are subject to conditions under Section 80C, 10(10D) and other provisions of the Income Tax Act, 1961. Applicable taxes will be charged extra as per prevailing rates. Tax laws are subject to amendments from time to time. |
Tata AIA Life Group Loan Protect
Non Linked Non Participating Group Credit Life Insurance PlanQuite often, individuals take loans from financial institutions and entities to provide a comfortable life to their loved ones. Loans can also ease the burden of caregivers in families, enabling them to secure the future of their loved ones, or make their dreams come true. At the same time, it is important for lenders to ensure that their money is secure, while they continue to help individuals and families fulfil their goals and ambitions.
The Tata AIA Life Insurance Group Loan Protect plan gives the peace of mind that comes from knowing that loan is secure. This insurance policy provides coverage against a wide range of uncertainties, such as death, terminal illness, total permanent disability and critical illness. Should any of these eventualities befall the , the outstanding amount is taken care of under this policy, thereby protecting business, while the burden of the loan is taken off the shoulders of the ’s family. The Tata AIA Life Insurance Group Loan Protect plan is offered to banks, financial institutions, and non-banking financial institutions (NBFCs), who are authorized, and have license to disburse loans.
Key Benefits
Coverage Comprehensive coverage offered through 9 different plan options.
Benefits for women Differential premium rates for women policyholders.
Premium payment term Multiple Premium payment term options.
Multiple covers Lenders can choose between level coverage, where sum assured is the loan amount, and reduced coverage, where the sum assured will be the outstanding amount.
Highlights of Tata AIA Life Insurance Group Loan Protect
- Comprehensive benefit plan which offers financial protection in the event of death, terminal illness, total permanent disability and critical illness
- Option to cover the co-borrower for entire loan amount, or on loan share basis
- Flexibility to choose between single life and joint life coverage
- The policy term is flexible, and ranges from 2 to 35 years
Tata AIA Life Group Term Life
Non-Linked Non-Participating Term Insurance PlanThere is strength in numbers. We are stronger together, and it is now possible to extend protection to our loved ones whilst ensuring the well-being of every member of our group.. Group term plans extend financial assistance, and ensure financial independence of the families of all the members of the group, whether it is an employer-employee group, or a non employer-employee group.
Tata AIA Life Insurance Group Term Life plan allows you to plan ahead, and offers protection to all the members of the affinity group, thereby providing a solid financial foundation to their loved ones.
Key Benefits
Coverage Protection against sudden and unforeseen deathComprehensive protection Protection that remains in place 24×7, anywhere in the world
Tax benefits Avail tax benefits as per applicable tax laws
Highlights of Tata AIA Life Insurance Group Term Life
- Comprehensive, 24×7 protection against sudden and unforeseen death of the insured member
- Simple and hassle-free enrolment, with no additional documents
- Ease of premium payment
- Simple and quick claim processing
Tata AIA Life Group Employee Benefit Plan
A Unit-Linked, Non-Participating Group Life Insurance PlanAs an employer, you would want to take care of your employees. After all, they are the lifeblood of the organization. Their well-being and happiness will result in the company thriving, and you would want them, to be protected against life’s uncertainties.
Now you can take care of their employment benefits, and actively secure their future and the future of their families with the Tata AIA Life Insurance Group Employee Benefit Plan. This unit-linked group insurance plan helps you manage your employee gratuity and leave encashment benefit funds, while also providing the opportunity for investment growth.
Key Benefits
Greater flexibility Flexibility to choose from 5 different investment funds as per your investment needsLoyalty additions Loyalty additions for funds above Rs. 1 crore
Tax benefits Avail tax benefits as per applicable tax laws
Highlights of Tata AIA Life Insurance Group Employee Benefit Plan
- Provision to set up separate funds for your employee’s gratuity/ leave encashment benefits
- Benefits are payable to employees in the event of their retirement/ resignation/ termination/ any other exit as per scheme rules
- Provide life cover for all enrolled members
- This plan also provides the option of fund switching
Tata AIA Life Traditional Group Corporate Benefit Plan
An Annually Renewable Non-Linked, Non-Participating Group Savings PlanNow meet your statutory obligations as an employer, while securing the welfare of your employees. Employees are the most valuable assets of a company, and it is important for employers to safeguard and protect the future of their employees, which can be achieved through group corporate benefit plans.
Tata AIA Life Insurance Traditional Group Corporate Benefit Plan allows employers to build and manage funds, and meet the benefit liabilities of their employees. This is an annually renewable non-linked, non-participating group savings plan that is offered to employer-employee groups.
Key Benefits
Separate funds Provision to set up separate funds for each of your long-term employee benefits and superannuation benefitsBenefits payable Benefits payable to employees in the event of termination of service, resignation, retirement (early or otherwise), exit other than natural death, or any other exit of the members as per scheme rules
Assured returns Assured return of 1% per annum on policyholder account value for the policy term Life cover Life cover provided to all enrolled members
Highlights of Tata AIA Life Insurance Group Employee Benefit Plan
- Provision to set up separate funds for your employee’s gratuity/ leave encashment benefits
- Benefits are payable to employees in the event of their retirement/ resignation/ termination/ any other exit as per scheme rules
- Provide life cover for all enrolled members
- This plan also provides the option of fund switching
Max Life Group Gratuity Premier Plan
Every growing organization has some financial and legal responsibilities towards its employees. Gratuity is one such significant liability paid to employees after successful 5 years completion in the company. In a way, it is a retention tool encouraging employees to stay in the organization for a longer duration. Every company has to have sufficient funds to fulfill the gratuity needs of their employees at the right time. As employee strength increases, managing gratuity payments become more expensive and unmanageable. Getting an effective gratuity plan is imperative to retain employees.
Max Life Group Gratuity Premier plan is one such great employee retention tool which facilitates employers to fund their gratuity liability through good market-linked returns. This plan helps you to deliver long term results for your investments depending upon the performance of the funds chosen by you.
3 reasons why this is an ideal plan for employers:
- Meet your obligations under the Payment of Gratuity Act 1972 with good market-linked returns
- Pay low maintenance charges with good market-linked returns
- Manage large scale gratuity payment effectively with complete assistance from the company
Max Life Group Term Life Platinum Assurance
Group term insurance is a term insurance scheme, under which a single contract provides cover to entire group of people.
Max Life Group Term Life Platinum Assurance plan is comprehensive Group term insurance plan that has been designed to safeguard the financial future of your employees and their dependents against death.
Regardless of the size of business, this plan provides enough flexibility to cater to every need and scale. So, you can take the right step towards securing the families of your employees from the unpleasant surprises of life.
For any organisation, its employees are its most valuable and critical assets. One of the challenges that employers have to deal with nowadays, apart from creating a motivated workforce, is to maintain a healthy retention rate of talent, both fresh and experienced.
3 reasons why this is an ideal plan for employers:
- Single Policy is issued covering all members
- Simplified risk assessment procedure
- With low cost insurance you can improve employee retention
Max Life Group Saral Suraksha Plan
Max Life Group Saral Suraksha Plan (Micro Insurance Product) (A Non-Linked Non-Participating Group Pure Risk Premium Life Insurance Plan) is a Group Micro Insurance product, which aims to secure the socially and economically weaker sections of the society against life’s uncertainties.
Under this Group Micro insurance product for providing coverage to the group members of micro finance business or NBFCs or even affinity groups, etc, the members have the flexibility to choose cover options as per their financial needs and requirements. The coverage under this group micro insurance product extends to cover different types of requirements, i.e.
- Provide cover to borrowers against the financial burden of loan liabilities that borrowers family may face, in case of an unfortunate event.
- Provide level cover to your group members and secure their families against any unfortunate events
Offers Coverage to the members/borrowers of:
- MFIs (Microfinance Institutions)
- NBFC (Non-Banking Financial Company)
- Co-operative banks
- Self Help Groups
- NGOs (Non-Government Organisations)
- SFBs (Small Finance Banks)
- Payments Bank
- Other Affinity Groups
Bajaj Allianz Life Group Superannuation Secure
Assure your employees a financially secured, stable and independent post retirement life.
Group Superannuation Secure is a non-linked, non-participating plan, variable fund-based Group Superannuation Scheme which can be taken by you (an employer) to manage pension fund for your employees. This scheme helps in building a substantial retirement fund, to ensure a secure regular income flow after retirement.
The plan offers a minimum Guaranteed Interest Rate, which will be guaranteed for the entire term of the policy and an Additional Interest Rate, which may be declared by the company at the start of each financial quarter.
Bajaj Allianz Life Group Sampoorna Suraksha Kavach
You have helped many of your customers financially by providing them with loans for various life needs. However, no one has control over the uncertainties of life. Have you given a thought as to, what if something unfortunate were to happen to any member of your group? On the one hand, you would want to safeguard the outstanding loan amount and on the other, you would also want to help their family in such a difficult time. To deal with your concern, Bajaj Allianz Life Insurance offers you ‘ Bajaj Allianz Life Group Sampoorna Suraksha Kavach ‘, which not only provides the members of your group with a life insurance plan but also adequately covers their outstanding loan amount so that yours as well as their families’ financial interests are looked after in case of any unfortunate event. A one stop product for all Micro Lending!!
Bajaj Allianz Life Group Sampoorna Suraksha Kavach is a life, non-participating single, limited and regular premium payment group pure risk micro insurance plan. This plan is intended to cover various types of micro loans given by Financial Institutions, Small Finance Banks, Micro Finance Institutions etc., to their customers.
Reliance Nippon Life Group Employee Benefits Plan
A non-linked, non-participating, group fund based life insuranceReliance Nippon Life Insurance Company Limited brings a comprehensive Employee Benefit solution meant for Employers/Trustees/State governments / Central government / PSUs/ Financial Institutions or any other group administrators planning to fund and efficiently manage the funds setup for meeting their obligations such as gratuity and leave encashment payments. With Reliance Nippon Life Group Employee Benefits Plan, we will assist you to meet your obligations while providing innovative solutions along with life insurance coverage and delivering long-term results for your savings.
Reliance Nippon Life Group Employee Benefits Plan is traditional group policy with life insurance coverage that offers the best way to build a corpus to fund employee benefit schemes. The benefits payable under this policy are governed by the Scheme Rules/Trust Deed and the quantum of benefits payable may vary for each employer.
Key Benefits
This Group policy covers the following group schemes:- Gratuity
- Leave Encashment
Reliance Nippon Life Group Unit Linked Employee Benefits Plan
A unit-linked, fund based, group product with life insurance coverageReliance Nippon Life Insurance Company Limited brings to you a comprehensive Employee Benefit solution meant for trustees and employers to efficiently manage their gratuity and leave encashment responsibilities. With Reliance Nippon Life Group Unit Linked Employee Benefits Plan, we will assist you to meet your obligations while providing innovative solutions and delivering long-term results for your investment. You can also transfer your existing gratuity/leave encashment assets managed under some other funds to Reliance Nippon Life Insurance Company Limited.
Reliance Nippon Life Group Unit Linked Employee Benefits Plan is a fund-based group unit-linked plan with life insurance coverage that offers flexible & cost-effective way to build corpus to fund employee benefit schemes run by the employer. The benefits payable under this plan are governed by the scheme rules and the quantum of benefits payable may vary for each employer.
The contribution payable under the policy shall be based in accordance with the funding requirements as per the Scheme Rules. The trustee/employer shall confirm that such funding is required as per the actuary’s certificate based on extant applicable accounting standard governing the measurement of long-term employee benefits.
The contribution(s) received will be utilized to purchase units in the unit-linked fund(s) chosen by the employer/trustees. The units, so created, will be added to the employer’s/trustee’s unit account with Reliance Nippon Life Insurance Company Ltd.
