Why is ICICI Pru Group Term Plus special?
ICICI Pru Group Term Plus offers Life Cover to the members of your group. In case of an unfortunate event, the member’s loved ones will receive a lump sum amount to ensure their financial security.
How does this plan work?
This plan is offered through a Master Policy that is issued to you. As the Master Policyholder or the group administrator, you pay premiums that cover the members of your group. The members of your group are covered for a period of one year.
How will the member’s nominee receive the lump sum amount?
As the Master Policyholder, you can choose the lump sum amount that will be provided to the member’s nominee*. It can either be a flat or graded cover amount. When all members of the group have the same Life Cover, it is called the flat cover. On the other hand, when different individuals are offered different Life Cover on the basis of pre-decided grades, it is known as a graded cover.
In case of formal groups, this lump sum amount can also be linked to loan amounts, other financial liabilities or even the employee’s salary. When linked to the salary, the Life Cover amount is equal to a multiple of the annual salary. For example, if a member has an annual salary of `10,00,000 and the multiple considered is 2, then his Life Cover amount will be `20,00,000.
*Nominee is the person who will receive the Life Cover amount in the absence of the member.
Benefits of ICICI Pru Group Term Plus:
Your members can enjoy a Life Cover at a low cost
A Life Cover is a strong retention tool and loyalty building measure for employers
You can avail tax deductions on the premium paid, as per prevailing tax laws
The administration process for addition and deletion of members is simple
This plan is ideal for employees as it offers them a Life Cover to secure the future of their loved ones. Apart from this, it provides the employees the following benefits:
Coverage without the need for a medical examination for Life Cover up to the free cover limit*
Coverage to your employees in case of an unfortunate event
*Free cover limit is the maximum amount of Life Cover that can be offered without any medical tests. This limit varies from group to group.
ICICI Pru Group Term Plus provides distinct benefits to the members and group administrator of an Informal group. In addition, this plan has a simple administration process for your convenience.
Who pays the premiums for the members?
With this plan you can choose to offer the members of your group a Life Cover by paying their premiums. Alternatively, the members of your group can pay the premiums themselves while enjoying the low premium rates of a group plan.
The person paying the premiums (either you or your members) can also avail tax benefits as per the existing Income Tax rules.*
*Tax laws are subject to amendments from time to time.
How does this plan help the members?
The members of the group availing this plan get the benefit of a Life Cover at a nominal cost. In case of an unfortunate event, this plan provides a lump sum amount to the member’s nominee. This amount can provide protection against liabilities such as loans taken by the members.