Term Plan

Term Insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active - or in force - then a death benefit will be paid.

Term insurance is initially much less expensive when compared to permanent life insurance. Unlike most types of permanent insurance, term insurance has no cash value.

Traditional Plan

A type of life insurance contract that provides for insurance coverage of the contract holder for his/her entire life. Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy never runs out. Upon the inevitable death of the contract holder, the insurance payout is made to the contract's beneficiaries. These policies also include an investment component, which accumulates a cash value that the policyholder can withdraw or borrow against.

UNIT LINKED INSURANCE PLANS (ULIPS)

In this type of Life Insurance Plans the Insurance Companies Invest the Funds as per the Instructions of the Policy Holders. The Policy Holder has the option to Invest his money in Equity, Balanced or Debt funds & also he can do switches amongst the same. The Insurance Companies Regularly publish the Full Portfolio of Each scheme where they have invested the funds. They declare the NAV on daily basis. The customer has the choice of selecting the Premium as well as the insurance coverage on a specified premium i.e. he can take more insurance at a specified premium if his main purpose is Insurance & he can take less insurance if his main purpose is Returns.

Employer has certain obligation towards their employees - a few are compulsory like Gratuity and Employees deposit linked Insurance Scheme (EDLI) and others are employee benefit schemes.

Group Term Life

Employers, as a part of the employer-employee agreement Or the employer being a progressive one may be responsible to provide benefits to the dependents of the employee in case of any eventuality such as death of employee. This policy is suitable for such employers who wish to provide insurance cover to all their employees under a single policy at an affordable premium. It is 24 hours worldwide policy which covers natural and accidental death.

Employee Deposit Linked Insurance Scheme

The employer may be exempted from contributing to this scheme, if he/she has provided for better insurance benefits through alternative scheme. Group Insurance Scheme in lieu of EDLI has been accepted as one such better alternative. Advantages to The Employer is its being cost effective coupled with easy claim procedure & the premium paid is shown as expenses in IT.

Group Superannuation Scheme

With improvement in longevity, need for a regular income after retirement has become a necessity. Any pension scheme introduced by an employer today creates an ideal environment for employees. They are motivated to give their very best to the organization as they derive a sense of security and well-being.

Group Gratuity Scheme

Creating a privately managed Trust, or Funding it through Insurance Company and getting payment as and when liability falls due.

Salient Features

• The fund accrues interest from day one with maximum possible yield.
• The insurance premium paid towards the above said benefits is treated as deductible business expenses to the company.

Full Life cover - an added attraction

• In the event of premature death of the employee, the sum payable as gratuity is equal to gratuity payable for the entire service (actual service + anticipated service) under IC's scheme.