General Featues of various Group Insurance Schemes:
- PREMIUM:The premium under such scheme may be wholly paid by the employer or the Nodal Agency. However, the scheme may be contributory i.e. the members may also contribute.
- DOUBLE ACCIDENT BENEFIT:
Double Accident Benefit, i.e. payment of double the sum assured on death due to accident (without permanent disability benefit), may be allowed under Group Insurance Schemes for an extra premium. - ELIGIBILITY:
For Group Insurance Scheme in lieu of EDLIS the insurability condition is that should be a member of the Provident Fund Scheme of the employer. For other GI Schemes of employer-employee groups the insurability condition is that the member should not be absent on ground of sickness on the entry date. For all non-employer-employee Group Schemes the basic insurability condition is that the member should be in good health on the date of entry. - ADMINISTRATION OF THE SCHEME:
At the commencement and thereafter on each Annual Renewal Date, the Group Policyholder will have to send all the member's data (and particulars of the new entrants from time to time) to the P & GS unit of LIC. Detailed OYRGTA premium calculation will be made on each Annual Renewal Date.
When a claim arises, the particulars of the respective member are to be intimated together with the claim form and death certificate.
Special Features of each Group Insurance Schemes can be obtained from the P&GS units of the Corporation.
Special Features of each Group Insurance Schemes can be obtained from the P&GS units of the Corporation.
