The plan provides coverage to members engaged in a common economic activity or those sharing a common identity. This includes employees of a company, members of employee welfare associations, customers of banks or financial institutions, credit card holders of a specific company, and associations of professionals like doctors, lawyers, engineers, accountants, journalists, and pilots, among others.
In case of death of the insured member, the Sum Assured as stated in the master policy will be payable. In employer-employee schemes, sum assured may be uniform for all members or in multiples of annual salary or graded depending on the category or salary of members. In non employer-employee schemes sum assured will be as stated in the Master Policy document/COI (Certificate of Insurance).
For Compulsory Employer-Employee Group : No exclusion on suicide death
For Voluntary Employer- Employee Group and Non-Employer-Employee-Group:
Suicide will be excluded for a period of 12 months from the date of joining the scheme and in such cases 80% of the premiums paid (excluding extra premiums and taxes) for the member will be refunded. However, on subsequent renewal, if the member commits suicide after completion of 12 months from the date of joining the scheme full Sum Assured will be paid.
Actively at Work –
The group members should not be absent on the grounds of ill health at the time of joining the Group Master Policy or should not have availed any leave on grounds of ill health for a continuous period of 15 days or more in the year preceding his admission into the Group Master Policy, otherwise coverage under the Group Master Policy will not begin until the group members return to work and satisfy the requirements as per the Board Approved Underwriting Policy.
Termination of Risk Cover -
Risk Cover for the member shall automatically cease on occurrence of any one of the following events:
• Termination of the master policy
• On expiry of the date of the insurance cover term for the member.
• On intimation/settlement of claim of the Death of the Member
• On expiry of the grace period for the payment of the premium due
The premium for this plan can be paid in four modes: Annual, Semi-annual, Quarterly, or Monthly. The premium amount will be adjusted based on the chosen payment mode using the following factors: Annual: 1, Semi-annual: 0.5125, Quarterly: 0.2625, Monthly: 0.0885. These factors ensure the premium is calculated according to the frequency of payment.
For half yearly and quarterly frequency of premium payment, a 30 days grace period is allowed and for monthly frequency, 15 days grace period is allowed. In case premium is not paid within the grace period the Master policy will lapse
The grace period for premium payments is 30 days for semi-annual and quarterly payments and 15 days for monthly payments. If the premium is not paid within this period, the Master policy will lapse.
