Plan 01 - Group Term Life (GT)

Plan 02 - Group Term Life Insurance with Refund of Premium

Plan 03 - Group Endowment Insurance

Plan 04 - Group Pension Insurance Scheme

Plan 05 - Group Insured Provident Fund (GIPF)

a. Scope: The Scheme shall cover the risk of death while in service of an employee occurring any     where in the world and by any reason for an amount (sum assured) as per list to be submitted     by employer.

b. Duration: The scheme for which premiums are payable yearly shall be for a period of 3 (three)     years initially and thereafter may be extended for further period(s) on mutual agreement.

c. Profit –Sharing Rebate: At the end of three years period if there arises a profit under the     scheme i.e., if the resultant is positive after deducting management expense and all claims from     the total premium then a part of the resultant (depending on the number of employees) is         allowed as rebate and credited against the renewal premium of the scheme. Profit sharing rebate       is allowed for organizations having more than 200 insurable employees.

a. Scope: Provides for the stated sum assured at death by any reason of a member while in service.

In case of survival of an insured employee to retirement age, 100% or 50% of all premiums paid on his account shall be refunded with or without profit as per choice of the employer.

b. Duration: Initially the contract will be concluded for 10 years after which it may be continued for further period(s) on terms and conditions as may be mutually agreed. This scheme could be taken for a fixed term of 10, 15 or 20 years.

c. Surrender Value: The policy accrues surrender value only after payment of at least two annual premiums.

a. Scope: Provides for payment of full sum assured at death by any reason of a member while in service.

In case of survival of an insured employee to retirement age, 100%, 50% or 25% of respective sum assured shall be paid with or without profit as per choice of the employer.

b. Surrender and Paid up value: The scheme acquires paid up and surrender values after at least two annual premiums have been paid.

a. Scope: Provides for payment of full sum assured (prefix) at death by any reason of a member while in service.

In case of survival of an insured employee to retirement age, regular monthly pension payable quarterly till death. Pension once started shall be payable for at lest ten years even if the pensioner dies and in that case pension shall be payable to the nominee or legal heirs of the policy holder.

b. Surrender and Paid up value: The scheme acquires paid up and surrender values after at least two annual premiums have been paid.

Benefits of the Scheme:

a. Death Benefit: In case of death of an insured employee while in service occurring any where in the world and by any reason, an amount equivalent to 36 (thirty-six) times of his last basic salary along with his accumulated balance under the Provident Fund (PF) shall be payable.

b. Eligibility: All the employees who are below 60 years of age will be eligible for the fund, subject to the confirmation of employment.

c. Rate of Contribution: Both the employee and the employer will contribute 10% of basic salary each month, in total 20% of basic salary into the fund.

d. Rate of Interest (ROI) Earned on the Fund: The effective rate of interest on the fund will be at least 1% above the bank rate. But actual ROI earned on the fund could easily be much higher than the above. Company will declare the actual interest earned on the fund every year.

e. Survival Benefit: An employee will be entitled to have his and employer’s contribution with earned interest on reaching 60 years of age.

f. Taking Loan from the Fund: An employee can take loan from the fund up to 80% of his own contribution. Rate of interest on the loan amount be 12% per annum and loan has to be repaid in maximum of 24 months.

g. Resignation/Termination of Employee or Termination of Contract: If any employee leaves the services of the employer due to termination/resignation, then the company will refund to the employer the accumulated value of the concerned employee after deducting following expenses (administrative, risk premium, reinsurance premium etc.):

Duration of Membership	Percentage of Deduction
At the end        1st year	20%
At the end        2nd year	16%
At the end        3rd year	12%
At the end        4th year	8%
At the end        5th year	4%
At the end        6th year and afterwards	2%

If the employer terminates the contract by giving written notice in advance (at least six months before the policy anniversary date) the final balance of the fund shall be refunded on the aforesaid way.