Human Resource Management System
   

Insurance Guidelines

LIC's GROUP TERM LIFE COVER FOR SERP EMPLOYEES (FTE(Field Staff), MSCC,FTE(Ministerial and Support Staff) & PRP)
  1. Nature of the Scheme
    • Group Term Life Insurance Scheme is meant to provide Life insurance protection to all SERP employees.
    • Administration of the scheme is on group basis and at low cost.
    • No medical examination is required - simple insurability conditions without medical examination.
    • The insurance coverage is for Rs.500,000/- uniform for all employees.
    • Minimum and maximum age limit for eligibility of cover is 18 & 60.
    • Participation of minimum of 75 % of eligible members of the group and compulsory participation of all new members
  2. Premium Chargeable
    • Offered under one year renewable group term assurance plan (OYRGTA)
    • Premium depends upon the size of the group and age distribution of the group. The premium for the group Size and age profile of SERP Employees will be approximately at Rs 1200/- per annum (i.e. Rs100/- Per Month inclusive of service tax@12.36%) for Rs.5,00,000/- Sum Assured. In case of monthly mode of premium payment, 3 monthly instalments have to be paid in advance.
    • Premium also depends upon the nature of work, occupation and working conditions of the group.
    • Premium rates are reviewed on basis of actual experience year after year.
    • The Scheme provides for updating the list of employees as on date of commencement by providing actual data. Inclusion of new joiners can be dealt on pro rate basis.
  3. Insurance Coverage
    • Insurance coverage as decided by the SERP, either uniform cover or on graded basis.
  4. Benefits
    • In case of death of the member/employee, the sum assured is payable.
    • This Group Insurance Scheme covers Death due to any reason and any time for one year from date of receiving the premium. There is no specific exclusion operative in the Scheme, except for one year suicide clause.
    • The Cover offered is worldwide. The Claim amount shall be paid in Indian Rupees.
  5. Restriction on benefits
    • In case the premium is not paid during the stipulated period, the coverage of insurance ceases.

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