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.
If the insured member passes away during the policy term, Sum Assured as mentioned in the master policy will be paid. In the case of employer-employee schemes, the Sum Assured may be uniform for all members or in multiples of annual salary or graded depending on the category or salary of members. For non-employer-employee schemes the Sum Assured will be as stated in the Master Policy document/COI (Certificate of Insurance)
The Accidental Dismemberment benefit under SUD Life Group Accidental Benefit Rider provides coverage for loss or permanent disability caused by an accident. If the insured member suffers any of the following, a percentage of the Rider Sum Assured will be paid: Loss of all limbs or sight of both eyes: 100%, Loss of sight in one eye, one limb, or speech: 50%, Loss of speech and hearing : 100%, Hearing loss in one ear: 15%, Loss of Hearing in both Ears: 75%, Loss of or Loss of Use of Two Limbs: 100%. In case of a partial benefit payout, the cover will remain active for the remaining balance of the rider sum assured. The total rider benefit payable will not exceed 100% of the sum assured, with a maximum limit of ₹50 lakhs.
For the Compulsory Employer-Employee Group, there is no exclusion for suicide, and the full sum assured will be paid in the event of suicide. For Voluntary Employer-Employee Groups and Non-Employer-Employee Groups, suicide is excluded within the first 12 months of joining the scheme. If suicide occurs during this period, 80% of the premiums paid (excluding extra premiums and taxes) will be refunded. After 12 months, if the member commits suicide, the full sum assured will be paid to the nominee.
To be eligible for coverage under the Group Master Policy, group members must not be absent due to ill health when joining the policy nor have taken sick leave for 15 or more consecutive days in the year prior to joining. If they meet these conditions, coverage begins immediately. However, if the member does not meet these conditions, the coverage will begin once they return to work and satisfy the underwriting requirements. The "Active at Work" condition does not apply to the Group Term Insurance Scheme in lieu of or Employee's Deposit Linked Insurance Plan.
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.
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.
