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. member may vary during policy term and it will be guided by the scheme rules of the loan provider (i.e. Master Policyholder).
NEW 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.
NEW 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.
NEW 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 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
TRAVEL INSURANCE POLICY:
Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while traveling, either internationally or within one's own country.Travel insurance can usually be arranged at the time of the booking of a trip to cover exactly the duration of that trip, or a "multi-trip" policy can cover an unlimited number of trips within a set time frame. Some policies offer lower and higher medical-expense options; the higher ones are chiefly for countries that have extremely high medical costs, such as the USA.
