Life Insurance Plans

How does this plan work?

This plan is offered through a Master Policy that is issued to you. As the Master Policyholder or group administrator, you pay premiums that cover the members of your group. The members of your group are covered for a specific period of time under this policy.

What is Group Credit Life?

Group Credit Life plans are non-linked, single premium group term life insurance plans that protect against non-repayment due to a borrower’s unfortunate demise. This plan can also offer co-borrower cover, increasing the risk cover.

The cumulative sum assured at any time covers all loans availed during the moratorium period, and it will decrease post that. The sum assured, as mentioned in the Certificate of Insurance, will be payable irrespective of the total loan outstanding.

What is Gratuity?

Gratuity is a compulsory benefit provided to employees as per the Gratuity Act, 1972. It’s a lump sum amount paid to employees when they exit the company, provided they meet the conditions specified under the Act.

How does this plan work?

As an employer, you can set aside a certain amount of money to meet your future gratuity liability. The amount is invested in equity and debt funds to generate returns over the long term. The kitty created under this plan is then used to make claim payments for gratuity when employees leave the company.

What is a Term Plan?

Term insurance is a simple, pure risk cover plan, providing a high coverage at a nominal cost. It covers you for a specific term and is ideal for those who want affordable protection for their family in case of unfortunate events.

Benefits:

• High insurance cover at lower premiums
• Financial security against loans and mortgages
• Single premium payment option
• Optional additional rider benefits

What is a Money Back Plan?

This plan is an endowment type, where a portion of the sum assured is paid as survival benefits at regular intervals (e.g., every 3rd, 4th, or 5th year). If the policyholder passes away during the policy term, the full sum assured (without deductions) will be paid to the nominee, along with any applicable bonus.

What is an Endowment Plan?

In an Endowment Plan, the sum assured is paid either at the end of the policy term or in the event of the policyholder’s death. It includes accumulated bonuses if applicable and provides a financial cushion for future goals such as education or marriage.

Types of Endowment Plans:

• Double Endowment Plans
• Marriage/Education Endowment Plans

What is a ULIP Plan?

Unit Linked Insurance Plans (ULIPs) are investment-based plans that link your premiums to equity markets. These plans offer the dual benefit of life cover and investment growth, helping you create wealth while ensuring life protection.

After a minimum of 3 years, you can withdraw your investment along with any accumulated bonus. The policy guarantees a life cover that is at least 5 times the premium amount.