In case of an employee’s death (natural or accidental), the employee’s family/nominee will receive a lump sum.

The sum assured under death benefit can be based on one of the following:

• A uniform cover for all the plan members
• Salary compensation based on duration of  service/outstanding service or age or in bands, multiple payouts, or by some objective formula
• Grade-wise cover based on the member's category
• Preferred sum chosen by you based on your  needs basis the scheme rules

Benefit should be chosen carefully to ensure that a minimum Sum Assured is ₹5,000 per member

If a member exits from a scheme, they will receive a proportionate refund of premium for the due risk tenure.

• In case of an employer-employee scheme, if an employee exits from the group due to reasons other than death, cover will continue till the end of the coverage period as long as the premiums are paid unless a specific request is received for the refund of premium for the due risk tenure.

• On surrender of the master policy, employer-employee schemes and non-employer-employee schemes both offer the group members the option to either continue the cover for the due risk tenure, or to discontinue the scheme, in which case they will receive a refund of premium for the balance risk tenure, in accordance with section 35 (l) of the non-linked product regulations 2013.

Get tax benefits¹ on premiums and claims based on the prevailing tax laws

• Premium paid by the employer would be treated as business expense as per section 37(1) of the Income Tax Act, 1961

• All death claim payments are exempted from tax under Section 10(10D) of the Income Tax Act, 1961

You can get certain add-on benefits (Additional Options subject to underwriting) for your employees.

These benefits may include:

• Spouse and Dependent Cover - employer can include employees’ family members in the scheme.

• Voluntary Top-ups - employees can opt for additional Sum Assured

For more details, please refer to the policy brochure or contact our corporate manager.