Meaning

Ú Life insurance protection to groups of people.

Ú Allows to enjoy group benefits at really low
costs.
Ú Provides coverage for individuals and
sometimes their dependents.
 ároup Schemes Offered by LIC
Ú ároup LIC's Superannuation Plus
Ú ároup Term Insurance Schemes
Ú ároup Insurance Scheme in Lieu Of EDLI
Ú ároup áratuity Scheme
Ú ároup SuperAnnuation Scheme
Ú ároup Savings Linked Insurance Scheme
Ú ároup Mortgage Redemption Assurance Scheme
Ú áratuity Plus
Ú ároup Critical Illness Rider
 ároup LIC's Superannuation Plus

Ú Suitable for companies with employees desiring

to have flexibility of choice of investment.
Ú Scheme can be surrendered at any time after the
date of payment of first contribution.
Ú Policyholder may choose to pay contributions at
any time during the policy year.
 Contd͙͙

Ú The Value of the units is subject to market and

other risks and there can be no assurance that
the objectives of any of the above funds will be
achieved.
Ú Facility of Switching between various funds. Four
switches every year are free of cost.
 ároup Term Insurance Schemes
Ú Is meant to provide life insurance protection to
groups of people.
Ú Scheme offers covers only on death and there is
no maturity value at the end of the term.
Ú Every year on Annual Renewal date LIC charges
the premium depending upon the changes in size
and age distribution of the age group.
 Contd͙͙
Ú The Scheme may provide for a uniform cover to
all members of the group or graded covers for
different categories of members.
Ú The premium under such scheme may be wholly
paid by the employer.
 á
 
 




Ú The employer may be exempted from

contributing to this scheme.
Ú Settlement of claim is quicker.
Ú Premium paid by the employer is treated as
normal business expenses for Income-Tax
purpose.
Ú Every employee/ worker can be covered for
a uniform sum assured which will be
decided depending upon the group size.
 áROUP áRATUITY SCHEME

Ú It provides for life insurance cover at a very

minimal cost.
Ú The policy can be surrendered at any time.
Ú The value of units within each Fund can go up or
down depending on the different factors
affecting the capital markets.
Ú Facility of Switching between various funds. One
switch every year is free of cost.
 á

Ú The employer contributes a certain fixed

percentage of salary of each member.
Ú Contributions are accumulated by LIC and the
accumulated amount is utilized to provide
various benefits:
ON RETIREMENT
ON DEATH
ON WITHDRAWAL
The annual contributions are treated as
deductible business expenses.
 áá

Ú Protection at low cost without individual

evidence of health.
Ú Attractive returns on savings to meet post
retirement needs.
Ú Simple procedures for granting life cover to large
groups under one umbrella.
Ú Premium is decided on the basis of group size
and the occupation of the group.
 ááá

Ú ároup Insurance Scheme for the borrowers of

Housing/Vehicle Loans from Financial Institutions
where Loan is recovered under EMI.
Ú The minimum term of assurance is 3 years.
 á
Ú Only full time permanent employees who are
actively at work will be eligible for Critical Illness
cover.
Ú The relevant premium is to be paid by the ároup
Policyholder.
Ú The difference between the base sum assured
and the critical illness benefit already paid is
payable on death.
 á
Ú Suitable for companies who wish to have the
flexibility of choice of investments.
Ú In case of death of member, life insurance cover
as opted for by Policyholder will also be paid by
the Corporation.
Ú The policy can be surrendered at any time.
Ú The value of units within each Fund can go up or
down depending on the different factors affecting
the capital markets.
 Number of schemes & the sum assured by LIC
Year No. of Schemes Sum Assured/Annuity Per Annum
Group Insurance (incl.Social
Security)
2008-2009 20,771 75,256.56
2007-2008 22,113 67,784.93
2006-2007 20,434 1,52,864.62
Group Superannuation
2008-2009 540 347.52
2007-2008 445 279.04
2006-2007 263 212.09
Linked Business G Plus*
2008-2009 24 62.21
2007-2008 46 138.38
2006-2007 20 97.68

*Scheme introduced during 2006-07

 
 
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Ú To provide life insurance protection to the rural and
urban poor persons below poverty line and marginally
above the poverty line.
Ú In the events of
*Death (other than by accident) of the member, an
amount of Rs.30,000/- is payable.
*death/total permanent disability, due to accident, an
amount of Rs.75,000/-is payable.
*Permanent partial disability, due to accident, an
amount of Rs.37,500/- is payable.
Ú The premium under the scheme is Rs.200/-per annum
per member.
 ("
)
%
Ú This is a scholarship scheme launched on
31.12.2001 for the benefit of children of members
of Janashree Bima Yojana.
Ú The benefit is restricted to two children per
member(family) only.
Ú No premium is charged for the scholarship.
  * $ 
%
Ú In the event of death of a member prior to the
terminal date, the Sum Assured of Rs.30,000/- will
become payable to the nominee.
Ú A free add-on scholarship benefit for the children
of the members.
Ú The premium shall be payable in yearly mode.