ICICI Pru Group Term Life Solution Plan

ICICI Pru Group Term Life Solution is a pure term group insurance plan which offers life cover for your gro\up member or employee. The ICICI Prudential Life Insurance policy is available to both employer-employee groups and non employer-employee groups.


Eligibility Criteria of ICICI Pru Group Term Life Solution

Listed below is the eligibility criteria for ICICI Pru Group Term Life Solution

Minimum age at entry 15 years
Maximum age at entry 79 years
Minimum group size 10 for employer-employee group 50 for non employer-employee group
Maximum age at policy expiry 80 years at last birthday
Minimum sum assured Rs 1,000 at member level
Minimum premium Rs. 10,000 at policy level
Policy term 1 year
Mode of premium payment Monthly, quarterly, annually, bi annually

Key Features of ICICI Pru Group Term Life Solution

Listed below are the key features of ICICI Pru Group Term Life Solution

Type Group insurance plan
Basis Individual
Policy terms 1 years
Premium payment terms Same as policy term
Premium payment mode Monthly, quarterly, annually, bi annually
Death benefit In case of death of insured, sum assured will be paid in lumpsum as death benefit
Benefits payable
  • Multiples of salary
  • Flat cover
  • Graded cover
  • Cover against outstanding loans
  • Group Term in lieu of Employee Deposit Linked Insurance (EDLI)
Medical examination There is no medical examination required for members up to Free Cover Limit. Members above Free Cover Limit will have to undergo medicals.
Policy cover Death benefit
Exclusions This is applicable only for non employer-employee groups,
  • Death in case of suicide is not covered for the first policy year
  • Natural death is not covered for the first 45 days of joining the policy
Scheme administration Monthly addition and deletion of members
Revivals The policy can be revived each year
Nomination The insured can make a nomination any time before the maturity of the policy or the termination of the policy.
Tax benefits The policy qualifies for tax benefits under section 80c of the Income Tax Act, 1961

Benefits of ICICI Pru Group Term Life Solution

Listed below are the benefits of ICICI Pru Group Term Life Solution

  • Death benefit- In case of death of insured, sum assured will be paid in lumpsum as death benefit
  • Tax benefits- The policy also qualifies for tax benefits under section 80C of the Income Tax Act, 1961.
  • No medical examination required for members ¬†up to Free Cover Limit
  • Offers coverage 24 hours a day and 7 days a week
  • Easy enrollment process

Riders

Riders can be added to the policy subject to prior approval by IRDA

How does the plan work?

This is a master policy that is issued by the group administrator and the master policyholder will pay the initial premium covering all members for the first policy year. The sum assured can either be a flat cover amount, graded or linked to salary and loan amount. In case of death of an insured member, sum assured will be paid as death benefit.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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