Term Insurance Scheme

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What need does it fulfill?

By promoting a sense of financial security amongst the employees it contributes to improving the working environment for the employer resulting in higher productivity.

In most cases the employer is legally obliged to provide insurance cover to his employees. This plan helps the employer to fulfill this requirement.

Premiums are tax-deductible for the employer. Total premium under group term insurance is lower as compared to sum of premium of all policies if issued individually to each life, due to savings in expenses.

The Benefits Of Plan

On death of any insured member the sum assured on his life is paid for the benefit of his surviving family. This benefit is payable regardless of the total number of the deaths even if the total amount paid out exceeds the total premiums received under the policy.

However, if in any three-year period State Life earns a net profit on any policy, then some share in the profit is passed on to the policyholder, depending upon the total number of members in the scheme. This share can go up to 90% in case of large sized schemes.

What riders can be added?


1.PTD (Accident) Rider


Under this rider the insured member is entitled to payment of the sum assured in case of any accident causing permanent and total disability, which includes loss of two limbs or two eyes or loss of hearing in both ears or severe facial disfigurement. If the disability is permanent but not total then some percentage of the sum assured is payable depending upon the severity of the disability. In this regards the same schedule of disabilities is applicable as is prescribed under the labor laws. In case of a temporary accidental disability causing absence from work a fortnightly benefit calculated at the rate of Rs. 3,000 per month or the monthly salary whichever is less is payable.

2.A.D.B. Rider


Under this rider the death benefit of an insured member is doubled if the death was caused by an accident.

3.Natural Disability Rider


Under this Rider if an, insured member is rendered incapable of pursuing any occupation or vocation for gainful employment due to permanent disability caused by disease or sickness then he is entitled to the sum assured as benefit.

4 Critical Illness Rider


If an employee contracts any of the following critical illnesses while insured under this rider then he is entitled to the rider sum assured as benefit. Covered critical illnesses include.

  • Heart attack
  • Coronary Artery by-pass surgery
  • Stroke
  • Cancer
  • Kidney Failure
  • Major organ transplant such as heart, kidney or liver

The insured member must survive for at least 31 days after contracting the illness to become eligible for he benefit. Some restrictions apply during the first two years of coverage.

Suitable For

The plan is suitable for employers who desire to provide financial security to their employees by means of insurance coverage or for members of a professional body or association or some welfare association or a social club who desire to avail insurance protection on a collective basis.