Group Insurance 278 views December 29, 2021

Future Group Term Life Insurance Plan provides valuable life cover to your employees at a nominal price. You’ll get the option to add riders at your convenience. This insurance acts as a tool for employee incentive and retention of quality staff. This term insurance policy is simple to administer and cost-effective, plus your contribution will be considered a business expense. So, what it has for employees? Check them out.

  • Family protection
  • Protection through riders
  • Increase in cover with salary or promotion
  • No medical test for coverage is required
  • Guaranteed Issue Limit
  • Tax rebate under Section 80C of the Income Tax Act (if the employee also contributes)
  • 24×7 worldwide coverage

Let’s know more about the benefits of the Future Group Term Life Insurance Plan below.

Future Group Term Life Insurance Plan Benefits

The sum assured shall be payable to the beneficiary in case of the employee’s death during service. The coverage options are as follows –

Flat Coverage – This is based on the outstanding loan, size of bank deposit, etc.

Graded Coverage – As per the employee grades in the corporate or company

Salary Multiple – On the basis of multiple salaries

Others – Cover is based on the outstanding loan, liability amount, size of bank deposit, etc.

Optional Riders Available

You can customize the Future Group Term Life Insurance Plan as per your employees need by adding any of the following riders to it –

Group Accidental Death Rider – The insurance company will pay an amount equal to the sum assured if death happens due to an accident.

Group Accidental Total Permanent Disability Rider – The employee will get the sum assured under this rider if he/she is totally and permanently disabled due to an accident.

Group Accidental Partial Permanent Disability Rider – In case of partial disability or dismemberment due to an accident, the insurer will pay the sum assured based on the level of dismemberment as per the policy conditions.

Group Accident and Sickness Total Permanent Disability Rider – Sum Assured under this rider is paid if the Life assured is totally and permanently disabled due to an accident, sickness or disease (defined as per the policy conditions).

Group Critical Illness Rider – Under this rider, the employee will get the benefit if he/she survives 28 days after contracting any of the below critical illnesses.

ƒ Cancer
ƒ Stroke
ƒ Heart Attack
ƒ Coronary Artery by Pass Graft Surgery (CABG)
ƒ Kidney Failure
ƒ Major Organ Transplant
ƒ Heart Valve Surgery
ƒ Aorta Surgery
ƒ Major Burns
ƒ Paralysis
ƒ Total Permanent Disability

Under this rider, the death benefit is partly or fully ‘accelerated’; so this benefit is available on earlier death or the diagnosis of any of the above critical illnesses.

Eligibility Criteria for the Future Group Term Life Insurance Plan

Your employees need to meet the below age criteria to get this plan –

  • Minimum Entry Age – 18 years
  • Maximum Maturity Age – 70 years

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