The Group Term Life insurance cover from ICICI Prudential is a pure term group insurance product which ensures financial security for your member's family in the event of unfortunate death of the member.
ICICI Prudential Group Term Life plan is an offering to both Employer-Employee groups and non employer - employee groups, which include microfinance institutions, non banking financial institutions, banks and other professional groups.. The plan provides for a lump sum benefit (Sum Assured) at an affordable cost in the event of death of a member. The plan is offered through a single master policy issued to the group administrator . UIN: 105N119V02.
details
Minimum group size10 for Employer Employee Group, else 50
Minimum premiumRs. 10,000 at policy level
Minimum sum assuredRs. 1,000 at member level
Minimum / Maximum age at entry15 to 79 years (age last birthday)
Maximum age at policy expiry80 years (age last birthday)
Policy term1 year
Benefits payable
Multiples of salary
Flat cover
Graded cover
Cover against outstanding loans
Group Term in lieu of Employee Deposit Linked Insurance (EDLI)
Medical examinationNo medical examination for members up to Free Cover Limit (FCL), only members above FCL have to undergo medicals
Rider benefits
Riders if any may be added subject to the prior approval of IRDA
Mode of premium paymentMonthly, Quarterly, Half Yearly / Yearly
Scheme administrationMonthly addition and deletion of members
Exclusions For non employer employee groups,
Death due to suicide is not covered for the first policy year
Natural death is not covered for the first 45 days of joining the policy
ICICI Pru Group term life insurance plans offer great advantage to you
One of the affordable life insurance product
It offers a cover with no or limited medical examination
Ease of administration through simple documentation
Death benefits & administration process can be customized to meet your requirement
You as a group administrator can offer these plan to your members so as to address the two critical needs: Security for their family and safeguarding their own financial interests.
Benefits of Formal ICICI Pru Group Term Life Cover
In case of formal groups, ICICI Pru group term life plan offers distinct advantages to the employer and employees whereas
As an employer:
Provide welfare benefits to the employees and their family at affordable cost
Strong retention tool and loyalty building mesure for employees
Simple and customizable administration procedure
Riders may be added subject to the prior approval of IRDA
Tax benefits as per prevailing Income Tax & Rules*
As an employee:
Financial security of family members and dependants
Easy enrolment process with no medical examination required upto free cover limit
Flexible and low cost cover, in case of voluntary top up cover opted by the member
Coverage of 24 hours a day, 7 days a week.
Benefits of Informal Group Term Life Cover
ICICI Pru Group term life plan offers distinct advantages in case of informal groups for covering various loans / liabilities of members arising on account of death, disability or critical illness
As a group administrator you can
Have an option to pay for the life cover or recover the premiums from your members
Provide appropriate death benefits to the member's families
Help mitigate loan defaults in event of demise of member
Simple administration procedures
Members of your group
Can avail Insurance protection at affordable costs
Easy enrolment process with no medical examination required upto free cover limit
Coverage of 24 hours a day, 7 days a week.
Tax benefits to are as per prevailing Income Tax Laws*
How does this plan work ?
ICICI Pru Group Term Plus is offered through a master policy issued to the group administrator. The master policy holder pays an initial premium covering all the members for a period of one year.
There is an option to choose sum assured to be provided to the members,. This can either be a flat cover amount, graded or even linked to salary or loan amounts etc.
Once you as a master policy holder make the premium payment to ICICI Prudential, the members are covered for a period of one year from the date of risk commencement subject to receipt of premium. In the event of death of a member the nominee of the member is paid the death benefit or sum assured. This ensures the financial security of the family of the member.
