Group Endowment Insurance Scheme

Group Endowment Insurance Scheme

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What Need Does It Fulfill?

Benefits Of Group Endowment Insurance Scheme

Under this scheme each employee is provided insurance protection for an amount which may be flat or depends upon the designation or salary of the employee. The amount of insurance is payable on maturity or death if it occurs earlier. In most cases the term of the endowment insurance for each employee is determined in such a way that the policy matures at or near his retirement date.
This enables the maturity proceeds to coincide with retirement and supplement the retirement benefits

1. Profit Participation

 

The endowment insurance is issued on a with profits basis. The same bonus rate are applicable as for the corresponding individual endowment insurance policies.

2. Premium Rates

 

The same premium rates are applicable as for individual endowment policy but with the added attraction that in group form some volume discounts are also applicable depending upon the size of the annual premium.

3. Surrender Value

 

The policy acquires Surrender Value in respect of a member after insurance cover has been inforce for at least two years on that member and no premiums are in default.

4. Loan Facility

 

Under this scheme if the member needs immediate liquidity and a policy has acquired Surrender Value in respect of member, he/she can avail a maximum loan of 80% of the net surrender value of the policy.

5. Continuation Priviliges

 

If an employee leaves the service of the employer, he can surrender his policy against the Net Surrender Value. He is also provided with the option of continuing his endowment insurance coverage in an individual capacity without any evidence of good health, for the same sum assured and term as he was enjoying during his service. The premium rates applicable to the policy are the same as are generally applicable to the same class of business in and individual capacity.

What riders can be added?

The ADB, PTD (Accident) and NDB can be added to this policy if desired.

Suitable For..

This plan is suitable for employers who desire to inculcate a habit of saving amongst their employees in addition to providing them insurance against premature death.