HDFC Life Insurance - Group Term Assurance Plan

HDFC Life Group Term Insurance is a non-participating, non-linked, life, group, pure risk premium product wherein:
The product is offered to employer employee groups and non-employer employee
homogenous groups
The product covers death of the members due to any reason
A single master policy is issued to the group administrator who will be the master policyholder
The Sum Assured applicable for each member is as notifi ed by the master policyholder to
the company, subject to the underwriting

Convenient medical procedures, where the members do not need to undergo any medical
examination up to the Free Cover Limit. This limit is dependent upon the sum assured and the size of the group.
Premium options, allow premium to be borne by employer or employee or both in some
agreed proportion. The premium may be paid as a single installment at the start of the
cover or half-yearly, quarterly or monthly installments.
A grace period of 15 days for monthly Premium paying frequency and 30 days for quarterly and half-yearly Premium paying frequencies is allowed for the payment of each renewal Premium after the first Premium. We will not accept part payment of the Premium. The policy is considered to be in-force with the risk cover during the grace period without any interruption. If a Premium is not paid within the grace period then policy will lapse. If death occurs during the grace period, the Death Benefit payable shall be Sum Assured after deduction of the due and unpaid premiums for the policy year.
Total flexibility, where the sum assured could be constant for all eligible employees or could vary according to grade or salary. The minimum sum assured is Rs.5,000/- per member and there is no pre-defined cap on the maximum cover extended for each member.
Total adaptability, which does not restrict new eligible employees joining the group or
outgoing employees leaving the group during the policy term. Optional provision for
members joining in the middle of the policy year to have a risk covers of one year from the
date of joining the scheme.

Customised service, where a dedicated Relationship Manager serves as a single-point
contact to offer you customised policies, quick effi cient service and speedy settlement of
your claims.
Option to extend insurance cover to the spouse of the insured members.

Minimum
16 years for Employer Employee schemes (18 years if rider is chosen)
18 years for Non Employer Employee schemes
Maximum
79 years (64 years if rider is chosen)

Employer-Employee Groups - 10
Others - 50

Minimum Sum Assured - Rs. 10000
Maximum Sum Assured - No limit (depends on the age and occupation profile of the employee) As per Board Approved Underwriting

In the event of death of the member, provided the policy is in force, the sum assured for such member shall be payable to the nominee.

In case of surrenders, the individual members of the group will be given an option to continue the policy as an individual policy. For Non-Employer Employee and voluntary schemes, in case of surrender of the policy before the completion of the term, the surrender benefit will be as per the terms and conditions mentioned in the policy document. For Employer Employee, surrender value will be proportionate premium for the unexpired risk term.