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  • ICICI Pru Group Term Life Solution Plan

    ICICI Prudential Life Insurance

    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.

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