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Reasons Why Your Company Needs This Plan

  • Benefits to the Master Policyholder

    Add or Subtract!

    You can accommodate new employees into your existing plan. Similarly, you have measures in place when employees leave.

  • No Medical Test

    This is a hassle-free plan as the members need not go through a medical test in order to be a part of it.

  • Flexible Coverage

    Flexibility to choose a flat cover or a cover which is graded according to designation, salary or any other parameter of your choice.

  • Additional Critical Illness Cover

    You can enhance the plan’s offerings by opting for Riders - Group Critical Illness Rider or Group Extended Critical Illness Rider.

  • Add Spouse Cover

    When you opt for the Life Cover, you can add your employees’ spouse to the plan and provide them cover as well.

Benefits of Group Life Protection Plan

How it works

1

Start Planning

  • Conduct need analysis
  • Select your group size
2

Make Your Selections

  • Choose the sum assured per member
  • Choose between Option I and Option II (Life Cover)
3

Seal the Deal

  • Choose your premium paying frequency
  • Opt for additional benefits
4

Sit Back and Relax

  • Submit the requested documents
  • Let us verify your details so you can activate your plan!

More Products You Will Love

Choice of 2 Riders⁹

  • Group Critical Illness Rider

    This rider gives you a lump sum pay-out upon diagnosis of any one of the 6 covered critical illnesses including Cancer, Heart Attack or Kidney Failure.


  • Group Extended Critical Illness Rider

    This rider gives you a lump sum amount on diagnosis of any one of the 12 covered critical illnesses including Cancer, Heart Attack or Kidney Failure.


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FAQs

Like teachers say, there are no silly questions

Why do I need a group employee insurance plan?

As an employer, you would like to cover your employees in case they meet any unprecedented situation in their lives, such as terminal illness and/or demise. Therefore, a group employee insurance plan enables you to provide financial security to the family members of your employees, in case they encounter any such eventuality.

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Why should I opt for Edelweiss Tokio Life Group Life Protection?

Edelweiss Tokio Life Group Life Protection is a one-year renewable life insurance product,

designed to provide financial security to the family of the members under the group policy. The Group is insured against any unfortunate event such as death and/or terminal illness. The policy covers the member even beyond working hours and anywhere in the world. Additionally, it has special features for financial institutions.  

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Does this plan cover COVID-19 claims?

Yes, this plan covers death due to COVID-19.

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What is the minimum group size required to take this plan?

The minimum group size required to enroll for this plan is of 50 members.

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What is the minimum and maximum entry age?

 The minimum and maximum entry ages as per the last birthdays are 16 and 80 years respectively.

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What is the maximum maturity age?

 The maximum maturity age as per last birthday is 81 years.

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What is the minimum and maximum policy term?

Both the minimum and maximum policy terms are of 1 year, as this is a one-year renewable group life insurance plan.

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What is the minimum and maximum sum assured?

The minimum sum assured is Rs. 1,000 per member. For the maximum sum assured, there is no defined upper limit, as it will be subject to Board-approved underwriting policy.

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How often do I need to pay my premiums?

 You can make your premium payments annually, semi-annually, quarterly or monthly.

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What is Terminal Illness?

 Terminal Illness refers to any condition from which an insured member is suffering, which in the opinion of two Registered Medical Practitioners specializing in the relevant field of medicine and appointed by the Company, is likely to lead to death / loss of life within six months.

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What is a Rider?

 A rider is an additional benefit you can opt for, to enhance your plan.  

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What are the riders available with this plan?

For this plan, you can choose between Group Critical Illness Rider and Group Extended Critical Illness Rider.

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Any special benefits for financial institutions?

This plan provides some special benefits for financial institutions. It protects against loan/credit liability in case of an unfortunate demise of the loan/liability holder by ensuring that the dependents are not burdened with the loan/liability amount. Also, this policy offers a feature that covers the members’ financial objectives by ensuring continuity of their financial plans.

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Is there a Spouse Cover benefit?

Yes, there is a Spouse Cover benefit, which you can avail if you are opting for Option I: Death Benefit.

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What is the Convertibility Option?

 The convertibility option allows a group member to purchase a replacement death cover with Edelweiss Tokio Life Insurance Company Limited, under an individual policy, subject to our premium rates, terms and conditions available at that time.

 

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Does this plan have a Surrender Value?

Yes, this plan has a surrender value.

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Does this plan have a Maturity Benefit?

 As it is a term life insurance plan, no benefits are payable on maturity.

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Does this plan have a Free Look Period?

This plan offers a free look period of 15 days and 30 days if obtained through distance mode.

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Are there any Exclusions to this plan?

 In case of death due to suicide within 12 months from the date of risk commencement or the date of revival, the beneficiary shall be entitled to at least 80% of the total premiums paid, provided the coverage is in force.

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Does this plan have a Grace Period?

If the annual premium payment mode is chosen, grace period is not available for single payment. Ifhalf-yearly and quarterly modes are chosen, the grace period offered is of 30 days. Lastly, if the monthly payment mode is chosen, the grace period offered is of 15 days.

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Additional Resources

0-Provided the premium paying term is more than or equal to 10 years.

1- This is applicable only if all due premiums are paid and the policy is inforce.

2- Policy loan are subject to terms & conditions of the product. Refer product brochure for more details.

3- As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.

9- Riders are available at extra cost.

Edelweiss Tokio Life - Group Life Protection is only the name of a Group, Non-Linked, Non-Par, Life, Pure Risk Premium One Year Renewable Insurance Product and does not in any way indicate the quality of the contract, its future prospects, or returns. Please know the associated risks and the applicable charges from your Financial Advisor. Tax benefits are subject to changes in the tax laws.  For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding a sale.

IRDAI Reg. No.: 147. CIN: U66010MH2009PLC197336. UIN: 147N008V05

ARN No : WP/1414/Feb/2021

 

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