Group Medi Claim Insurance(GMC)
Group Personal Accident Insurance(GPA)
Group Term Life Insurance(GTLI)
Key Man Insurance
Employees are key business strength and their good health will reflect on the profitability of your business. To ensure smooth and profitable business operations enterprises offer their employees and dependents access to timely medical care.
The fact that any illness can strike us without warning and eat up our savings should not be overlooked.
Key Benefits:
  • Covers hospitalization charges due to illness or accident of employees and dependents.
  • Covers any disease/ injury that can be treated medically/ surgically by hospitalization at nursing home/ hospital in India as in-patient.
  • Covers relevant medical expenses under pre and post hospitalization.
  • Covers Reasonable and necessary:
    • Room expenses in hospital/ nursing home
    • Ambulance charges
    • Nursing expenses
    • Medical practitioner fee
    • Treatment cost
    • Medicines/ diagnostic cost
    • Blood/ oxygen
    • Cost of pacemaker/ artificial limbs/ Organs transplantation charges
    • Operation theatre charges
    • Surgical appliances
    • Dressing, ordinary splints & plaster casts
    • Physiotherapy – Following a surgical event only
  • Covers maternity expenses of employees and spouses.
  • Covers Pre-existing ailments with no waiting period.
  • Sum insured are provided on individual as well as family floater basis.
  • Child is covered from the time of birth.
Human life is very precious. However, eventualities like death, disability and loss of earning capacity cannot be eliminated and when such eventualities happen, it leaves the individual’s family devastated.
Group Personal Accident Insurance policy covers the employees against death, disablement or loss of earning capacity due to unforeseen accidents.
Accident or Accidental means a sudden, unforeseen and unexpected event happening by chance that results in the Insured Person suffering Death, Disablement or Bodily Injury.
Geographical limit: 24-hour world-wide coverage.
Capital Sum Insured (CSI) means the monetary amounts shown against insured person(s) which is maximum limit of liability against said insured person.
Accidental Death(AD): Death due to accident
Permanent Total Disablement(PTD): Disablement of permanent and irrecoverable nature i.e. the person is prevented from engaging in gainful employment of any kind. e.g. loss of sight of both eyes, physical separation of two entire hands.
Permanent Partial Disablement(PPD): Similar to PTD with the only difference being that the disablement is partial e.g. loss of toe or a finger.
The applicable compensation is payable on the % of loss, which is mentioned in a table and if not available in the Table, as per doctor’s assessment.
Temporary Total Disablement(TTD): Disablement is total but for a temporary period. Eg Fractures
Children Education Grant: Children Education Grant is for 2 dependent children in case of death of employee. The cover can be 10% of Principal SI or INR 100,000/- whichever is lower.
Additional Covers
  • Family Transportation Allowance: Family Transportation and House or Vehicle Modification expenses payable up to INR 50,000/-
  • Repatriation of Remains: The insurer provides reimbursement for expenses incurred for repatriation of remains up to maximum of INR 5,000/-
  • Animal attack or Snake Bite
  • Terrorism is included
  • Perils of Sea
  • Ambulance Charges
Exclusions:
Death, injury or disablement of insured person as a result of:
  • Intentional self-injury, suicide or attempted suicide
  • Influence of drugs or liquor
  • Committing breach of law with criminal intent
  • Insect Bite
  • War, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrests, restraints and detainment of all kinds
  • Childbirth or pregnancy or in consequences thereof
  • Venereal diseases
Group term life insurance is designed to offer life insurance to a group of people under a single policy. A group insurance is not limited to employer-employee group only because it extends to other groups like banks, NGOs, etc.; also.
Here are some of the benefits of group term life insurance policies:
  • Default insurance cover: Group policies provide ‘auto cover’ to members simply by being part of that group. The policy ensures at least a basic insurance cover for those who are without any life insurance policy.
  • Free cover limit: As the insurance is offered to all members of the group, irrespective of their health condition, it is of great value to people who belong to a high-risk group or find difficulty in buying a policy.
  • Tax benefits: As in many cases, employers get tax benefits on group insurance plans, and the policy can help them in reducing their tax liability.
  • No need to worry about premium payment: As the premium is directly deducted from the employee’s salary, there is any chance of missing the premium payment. It also reduces the chances of policy lapse due to non-payment of premium. In some cases, the policy is offered at free of cost.
  • Easy premium payment options for employers: Depending on the organization’s needs, the employer can choose monthly, quarterly, half-yearly and annual premium payment mode as per their convenience.
  • Useful for employees’ wellbeing: Group term life insurance policies play an important role in the employee welfare and retention scheme and it offers financial security to the family even in the absence of the employee.
  • Coverage can be extended with riders: By adding riders to the main group insurance policy, the insurer can expand the coverage. Riders like education allowance, repatriation allowance, accidental death, etc.; offer multitude of benefits and thus, can be bought along with the main insurance policy to get comprehensive coverage.
Benefits To employee
  • Life cover for all the group members under one policy.
  • Easy and hassle free financial help to the employee’s family, in case of an unfortunate event
  • Cost-effective method to buy a high cover at a low premium
  • GTI cover for future service gratuity liability
  • Serves as strong retention tool
  • Premiums paid by the employer is tax deductible u/s 37 (1) of the Income Tax Act, 1961
  • Simple procedures for addition and deletion of members in to the policy
Benefits To employee
  • Adequate financial support to loved ones against his accident, illness or untimely death
  • Convenience of no medical tests till free cover limits
  • Cover for housing or vehicle loans given by you to your employees
  • Death benefits exempt from tax under Section 10(10D)
Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the same employer’s key employee (Keyman) and the benefit, in case of a claim, goes to the employer.
Keyman insurance helps a business recover from the loss of its valuable assets viz the persons who run it and/or own it. Individual talents are becoming critical to the success of many companies and employees are also becoming an important factor in investors’ valuation of the entities. Every business has at least a few very valuable employees who contribute significantly to the running and growth of the company. It makes sense to insure against the unfortunate event of their untimely demise. It is here that Keyman insurance comes into play.
Benefits of Key-man insurance to the company
    1. It protects against business risk in the event of unfortunate death of the key person.
    2. The premium paid will be treated as business expenses and the company would save 30% plus surcharge on every rupee of premium paid for such a policy as per current tax law.
    3. Disruption of lines of business credit due to the death of the Keyman can seriously affect the business. Here, the insurance money can help as a guarantee of loan repayment in case of death of the key person.
    4. The morale of the key employee is boosted. He/she feels important. The sense of belonging increases productivity and helps in retention of the key employee.
    5. It helps in keeping the market price of the company’s shares stable in case of death of the keyman. If the keyman dies the price of the company’s shares is likely to fall but if the investors know that any financial loss can be made up through the insurance proceeds, they may not start offloading the shares immediately.
    6. It protects the company’s valuation. For example, in case of the company being put up for sale, prospective buyers are likely to put a higher value to the company if they know that it has a monetary back-up (insurance) to meet the cost of replacement of its key person.
Employees are key business strength and their good health will reflect on the profitability of your business. To ensure smooth and profitable business operations enterprises offer their employees and dependents access to timely medical care.
The fact that any illness can strike us without warning and eat up our savings should not be overlooked.
Key Benefits:
  • Covers hospitalization charges due to illness or accident of employees and dependents.
  • Covers any disease/ injury that can be treated medically/ surgically by hospitalization at nursing home/ hospital in India as in-patient.
  • Covers relevant medical expenses under pre and post hospitalization.
  • Covers Reasonable and necessary:
    • Room expenses in hospital/ nursing home
    • Ambulance charges
    • Nursing expenses
    • Medical practitioner fee
    • Treatment cost
    • Medicines/ diagnostic cost
    • Blood/ oxygen
    • Cost of pacemaker/ artificial limbs/ Organs transplantation charges
    • Operation theatre charges
    • Surgical appliances
    • Dressing, ordinary splints & plaster casts
    • Physiotherapy – Following a surgical event only
  • Covers maternity expenses of employees and spouses.
  • Covers Pre-existing ailments with no waiting period.
  • Sum insured are provided on individual as well as family floater basis.
  • Child is covered from the time of birth.
Human life is very precious. However, eventualities like death, disability and loss of earning capacity cannot be eliminated and when such eventualities happen, it leaves the individual’s family devastated.
Group Personal Accident Insurance policy covers the employees against death, disablement or loss of earning capacity due to unforeseen accidents.
Accident or Accidental means a sudden, unforeseen and unexpected event happening by chance that results in the Insured Person suffering Death, Disablement or Bodily Injury.
Geographical limit: 24-hour world-wide coverage.
Capital Sum Insured (CSI) means the monetary amounts shown against insured person(s) which is maximum limit of liability against said insured person.
Accidental Death(AD): Death due to accident
Permanent Total Disablement(PTD): Disablement of permanent and irrecoverable nature i.e. the person is prevented from engaging in gainful employment of any kind. e.g. loss of sight of both eyes, physical separation of two entire hands.
Permanent Partial Disablement(PPD): Similar to PTD with the only difference being that the disablement is partial e.g. loss of toe or a finger.
The applicable compensation is payable on the % of loss, which is mentioned in a table and if not available in the Table, as per doctor’s assessment.
Temporary Total Disablement(TTD): Disablement is total but for a temporary period. Eg Fractures
Children Education Grant: Children Education Grant is for 2 dependent children in case of death of employee. The cover can be 10% of Principal SI or INR 100,000/- whichever is lower.
Additional Covers
  • Family Transportation Allowance: Family Transportation and House or Vehicle Modification expenses payable up to INR 50,000/-
  • Repatriation of Remains: The insurer provides reimbursement for expenses incurred for repatriation of remains up to maximum of INR 5,000/-
  • Animal attack or Snake Bite
  • Terrorism is included
  • Perils of Sea
  • Ambulance Charges
Exclusions:
Death, injury or disablement of insured person as a result of:
  • Intentional self-injury, suicide or attempted suicide
  • Influence of drugs or liquor
  • Committing breach of law with criminal intent
  • Insect Bite
  • War, invasion, act of foreign enemy, hostilities (whether war be declared or not) civil war, rebellion, revolution, insurrection, mutiny, military or usurped power, seizure, capture, arrests, restraints and detainment of all kinds
  • Childbirth or pregnancy or in consequences thereof
  • Venereal diseases
Group term life insurance is designed to offer life insurance to a group of people under a single policy. A group insurance is not limited to employer-employee group only because it extends to other groups like banks, NGOs, etc.; also.
Here are some of the benefits of group term life insurance policies:
  • Default insurance cover: Group policies provide ‘auto cover’ to members simply by being part of that group. The policy ensures at least a basic insurance cover for those who are without any life insurance policy.
  • Free cover limit: As the insurance is offered to all members of the group, irrespective of their health condition, it is of great value to people who belong to a high-risk group or find difficulty in buying a policy.
  • Tax benefits: As in many cases, employers get tax benefits on group insurance plans, and the policy can help them in reducing their tax liability.
  • No need to worry about premium payment: As the premium is directly deducted from the employee’s salary, there is any chance of missing the premium payment. It also reduces the chances of policy lapse due to non-payment of premium. In some cases, the policy is offered at free of cost.
  • Easy premium payment options for employers: Depending on the organization’s needs, the employer can choose monthly, quarterly, half-yearly and annual premium payment mode as per their convenience.
  • Useful for employees’ wellbeing: Group term life insurance policies play an important role in the employee welfare and retention scheme and it offers financial security to the family even in the absence of the employee.
  • Coverage can be extended with riders: By adding riders to the main group insurance policy, the insurer can expand the coverage. Riders like education allowance, repatriation allowance, accidental death, etc.; offer multitude of benefits and thus, can be bought along with the main insurance policy to get comprehensive coverage.
Benefits To employee
  • Life cover for all the group members under one policy.
  • Easy and hassle free financial help to the employee’s family, in case of an unfortunate event
  • Cost-effective method to buy a high cover at a low premium
  • GTI cover for future service gratuity liability
  • Serves as strong retention tool
  • Premiums paid by the employer is tax deductible u/s 37 (1) of the Income Tax Act, 1961
  • Simple procedures for addition and deletion of members in to the policy
Benefits To employee
  • Adequate financial support to loved ones against his accident, illness or untimely death
  • Convenience of no medical tests till free cover limits
  • Cover for housing or vehicle loans given by you to your employees
  • Death benefits exempt from tax under Section 10(10D)
Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the same employer’s key employee (Keyman) and the benefit, in case of a claim, goes to the employer.
Keyman insurance helps a business recover from the loss of its valuable assets viz the persons who run it and/or own it. Individual talents are becoming critical to the success of many companies and employees are also becoming an important factor in investors’ valuation of the entities. Every business has at least a few very valuable employees who contribute significantly to the running and growth of the company. It makes sense to insure against the unfortunate event of their untimely demise. It is here that Keyman insurance comes into play.
Benefits of Key-man insurance to the company
    1. It protects against business risk in the event of unfortunate death of the key person.
    2. The premium paid will be treated as business expenses and the company would save 30% plus surcharge on every rupee of premium paid for such a policy as per current tax law.
    3. Disruption of lines of business credit due to the death of the Keyman can seriously affect the business. Here, the insurance money can help as a guarantee of loan repayment in case of death of the key person.
    4. The morale of the key employee is boosted. He/she feels important. The sense of belonging increases productivity and helps in retention of the key employee.
    5. It helps in keeping the market price of the company’s shares stable in case of death of the keyman. If the keyman dies the price of the company’s shares is likely to fall but if the investors know that any financial loss can be made up through the insurance proceeds, they may not start offloading the shares immediately.
    6. It protects the company’s valuation. For example, in case of the company being put up for sale, prospective buyers are likely to put a higher value to the company if they know that it has a monetary back-up (insurance) to meet the cost of replacement of its key person.
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IRDA Licence No. 603 | Licence Validity - 12/06/2017 to 11/06/2020