Group Life Assurance Scheme

Group Life Assurance Policy or Death-In-Service Benefit Scheme is a contract of insurance designed to provide for the payment of capital sum (sum assured) to the dependents of an employee who dies while in the service of the employer.

Key Features

  • The Employer is the policyholder while the Employees are the insured lives.
  • The scheme is arranged to provide benefits in the event of death only.
  • Policy grants cover for both accidental and natural death. Premiums are usually paid by the Employer only.
  • Policy is renewable annually.
  • Coverage is on 24 hours basis.
  • Provides Lump Sum cash benefits for the dependents.
  • Scheme is essentially non-medical, except for individuals with sum assured in excess of free cover limit.
  • All or part of the benefits can be converted to Dependents Annuity until the last dependent attained the age of 21years.
  • Benefit under the group policy can be converted to individual policy within 30 days of leaving the scheme free of medical examination.