Group Savings Linked insurance Scheme (GSLI)

Group Savings Linked insurance Scheme (GSLI):

The scheme offers insurance cover with an element of thrift. This scheme is granted to Employer-Employee groups. Under the scheme out of the contribution received in respect of each member of scheme a portion is utilized towards the insurance cover; the balance is accumulated till the exit. In the event of premature death of the member, the amount held in his account together with accumulated interest and insured amount is payable. The scheme provides an attractive rate of interest on the savings and lower premium for insurance granted, tax concessions, etc.

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Group Annuity Scheme

Group Annuity Scheme:

Employers who have a privately administered superannuation fund, where money are invested by the trusties as per income tax rules can purchase pension for employees as and when it is due under group annuity policies from LIC. LIC (licindia.in) offers wide range of benefits options combined with good rate of return on the investment.

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Temporary Assurance without profits Table 43

Temporary Assurance certain without profits Table 43

General Conditions:
Min. age at entry: 18 years (lbd).
Max. age at entry: 60 years (lbd).
Min. S.A.: Rs. 3 lakhs
Max. SA : 1 crore.
SA in multiples: 50,000
Max. Maturity age: 62 years.
Modes Allowed: Single only.
Terms Allowed: 6/12/18/24 months
Accident benefit: Not Allowed.

Requirements in writing:
Age proof: Standard.
Form Number: 300/340
Female lives category: I
Dating Back @ 8% : Allowed
Non-Medical General: Not Allowed
Non-Medical Professional: Not Allowed
Non-Medical Special: Not Allowed
Risk Coverage: SA
Actual Sum Assured: Basic SA

Policy Servicing:
Term Rider Option: No.
Critical Illness Rider: No.
Policy Loan: No.
Revival: Yes.
Surrender of Policy: No.
Survival Benefits: No.
Assignment: Yes.
Housing Loan: No.

Details:
1. Before completion, age must be admitted.
2. This plan is not allowed to pregant women, physically Handicapped lives and when occupational extra chargeable.
3. SA Rebate:
a. 5lacs & above but less than 20 lacs : Re. 1
b. 20 lacs and above but less than 50 lacs: Rs 1.50
c. 50 lacs and above: Rs. 2.00
4. Maturity Benefits: No.
5. Death Benefits: S.A.
6. Other Details:
a. Medical Examination is compulsory, and the proposer is required to pay the medical examination fee.
b. Under the without profit plan, the policy will be issued.
c. Policy can be allowed to Standard and sub-standard lives up to class-III.
d. In the LA’s death occuring within the selected period from the commencement of the policy, the SA will be payable.
e. This plan is for insuring non-insurance minded class of lives who require risk cover for a short period of 2 years or less.

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