EMPLOYEE BENEFITS: EMPLOYEE BENEFITS: GROUP LIFE & HEALTH GROUP LIFE & HEALTH

INSURANCE-GROUP LIFE INSURANCE-GROUP LIFE INSURANCE PLANSINSURANCE PLANS

JONLEN DESA M.COM-1 R/M.COM-11-O6

Group Life Insurance Plans-Meaning Types of Group Life Insurance Plans Group Life Insurance Plans of MNYL Conclusion

Life insurance offered by an employer to its workers or members. Group life insurance is typically offered as a piece of a larger employer or membership benefit package. 

By purchasing coverage through a provider on a "wholesale" basis for its members, the coverage costs each individual worker/member much less than if they had to purchase an individual policy. Those receiving coverage may not have to pay anything "out of pocket" for policy benefits or they may elect to have their portion of the premium payment deducted from their paycheck. 

1. Group Term Life Insurance2. Group Accident Death &

Dismemberment (AD&D) Insurance3. Group Universal Life Insurance

It provides low cost protection to the employees during their working years.

TERM & after retirement –right to convert. A type of insurance coverage offered to a

group of people. It is the most important form of group life insurance.

It Is Very Popular as Group Term Life Insurance constitutes more Than 90%of Group Life Insurance.

Merit- Low cost protection to employees dat can be used to supplement individual LIPs

DemeritsInsurance is temporary & terminates when employee is not part of the group.It is costly for older employees to convert it into individual policy after retirement.Applicability-It is used by banks & lending institutions to insure the lives of Debtors.

This plan pays additional benefits if the employee dies in an accident or incurs certain type of bodily injury.

The full AD&D benefit called the principal principal sum sum is paid incase the employee dies in an accident

A percentage of the principal sum is paid for certain dismemberments for loss of a hand, foot, eye caused due to accidental body injury.

Voluntary Accident Death & Dismemberment (AD&D) Insurance

Universal life insurance is a type of permanent life insurance based on a cash value.

Group Universal life insurance that is offered to on a group basis, allowing for a less expensive policy than what is typically offered to an individual. A group universal life policy is most commonly purchased by businesses looking to provide life insurance coverage for their employees

Premium FlexibilityOptions at RetirementLoans & WithdrawalsDependent Coverage

Max Super Life Group Credit Life Group Life Shield Group Life Riders

Max Super Life is a group term life solution that provides comprehensive protection against death due to both accidental, non accidental causes. This product is a widely prevalent benefit that helps a group in creating additional social security by means of life insurance for its members

Product Features Min. Group Size - 50 Members Min. Age at Entry - 18 Years Max. Age at Entry - 69 Years (Last Birthday) Max Sum Assurance Benefit - No Limit Tenure - One year renewable term Employees are covered from day one - No Suicide

Exclusion will apply Insurance cover is paid in case of terrorist attack as

well Nature of Scheme - Voluntary

Group Credit Life Protects the Credit portfolio of the bank or any institution which grants loans, by insuring the debt given to the borrower.

Product Features Minimum Age at Entry - 21 Years (Last Birthday) Maximum Age at Entry - 63 Years (Last Birthday) Structure of Sum assured benefit - Sum assured

reduces with the outstanding term of the loan. Policy Term - Minimum two years; Maximum -

Equal to the period of the loan Non-medical limits - Relatively higher than

individual life insurance. Nature of Scheme - voluntary

Life shield provides life insurance coverage without reducing the sum assured while the loan liability reduces over a period of time.

Minim Age at Entry - Minimum 18 Years Maximum Age at Entry - 64 Years

Policy Term - Minimum: one year; Maximum: Equal to the period of the loan

Nature of Scheme - Voluntary

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