| |
 |
| Insurance >> Group Schemes >> Group Savings Link Insurance Scheme |
| Salient Features of Group Savings Linked Insurance Scheme |
|
| This scheme gives protection at low cost without individual evidence of health. attractive returns on savings to meet post retirement needs. |
|
| For example - for insurance cover of Rs. 1,00,000/- monthly premium of Rs. 100/- will have to be paid . Out of this Rs. 100/-, 35% i.e. Rs. 35/- will be used towards Term Assurance of Rs 1,00,000/- & 65% i.e. Rs. 65/- will be adjusted towards Savings Portion. |
|
- In case of death of any member Rs. 1,00,000/- towards life cover will be paid alongwith the Savings amount (Rs. 65/- p.m.) with interest @ 8% (For the year 2007-2008)
- For Double Accident Benefit, Rs. 0.75 per thousand life cover will be charged extra i.e. for Rs. 1,00,000/- Rs. 75 will be charged extra
- In case of leaving the service due to resignation / retirement, whatever balance is there in his saving account will be paid alongwith prevailing rate of interes
- No medical examination irrespective of age of the membeR
- Total premium is exempt from Income Tax under section 80C of Income Tax Act
- 75% of total employees must participate. It will be compulsory to join the scheme for the employees appointed after commencement of the scheme
- Existing members, who have not opted for the scheme in the beginning, will not have the option to join the scheme after commencement of the scheme
- The only insurability condition is that the member should be actively on roll (duty) at the time of commencement of the scheme
- Employer has to recover the monthly premium from the salary of the employee and send the consolidated premium to LIC OF INDIA by one cheque upto 10 th of every month
|
|
| Maximum cover available is as below |
|
| Rs.10 per month for Rs.10,000/- sum assured out of which minimum Rs. 3.50 is for group insurance and Rs. 6.50 is for savings. It may vary depending upon the occupation of the group, the death experience in the last 3 years, etc. Risk premium rates for all the employees remain same irrespective of their age or category. |
|
| Category |
Cover as per Group Size |
| 25 - 99 |
100 - 499 |
500 - 1999 |
| Sr. Management |
2,00,000 |
2,80,000 |
4,00,000 |
| Middle Management |
1,40,000 |
2,25,000 |
2,80,000 |
| Clerical Staff |
90,000 |
1,40,000 |
2,00,000 |
| Class - IV |
45,000 |
70,000 |
90,000 |
|
| |
Top  |
|
