This is a special type of Group Term Life Insurance Scheme which provides for the stated sum assured on death of an insured while in service (except suicide in the first year of insurance coverage and AIDS) with provision for payment of Sum Assured in case of survival of an insured up to retirement age or maturity.
Benefit offered to an insured under GTR Scheme:
Death Benefit: Payment of sum assured on death of an insured while in service, for any reason (except suicide in the first year of insurance coverage and AIDS) occurring anywhere in the world.
Maturity Benefit: Payment of full sum assured or a % thereof, in case of survival of an insured to retirement age (e.g. 60 years).
Insurance Discontinuation: Payment of surrender value of premium paid (except extra premium if any) for the period of actual membership, if premium payment is stopped after at least 3 (three) consecutive years of payment in respect of an insured, for any reason other than death or retirement.
Few Variants of GEN Schemes:
- GEN/100-60:
Group Endowment Scheme that provides for payment of full Sum Assured on retirement age at 60 years - GEN/50-60:
Group Endowment Scheme that provides for payment of 50% Sum Assured on retirement age at 60 years - GEN/25-60:
Group Endowment Scheme that provides for payment of 25% Sum Assured on retirement age at 60 years
Note: Policy Maturity may be set at retirement age (e.g. 60 years) or 10/15/20 years term.
Scope for taking Supplementary Covers:
There shall be scope for taking supplementary covers along with GTR Scheme as described under GT Scheme/later on.
Other important Aspect of GEN Scheme:
| Sum Assured | As desired by the Employer |
|---|---|
| Eligibility for Coverage | All regular and permanent employees/members of an organization who are in good health and not past 60 years |
| Contract Period | 10/15 Years with renewal option or Contract to run continuously according to type of scheme chosen by Employer |
| Inclusion of new member | Scope for inclusion of new member under insurance coverage at any time during the contract period upon payment of full yearly Premium. |
| Exclusion of existing members | Scope for exclusion of existing member from insurance coverage at any time during the contract period when surrender value of paid premium is refundable as per insurance discontinuation clause of the contact. |
| Premium Payment | Premium is payable annually in advance before commencement of risk and subsequently on anniversary date thereof. However, one-month’s grace period is allowed for payment of subsequent premium after the first. |
| Available Supplementary covers and Benefits. |
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| Conversion Privilege | Scope to take out individual life insurance policy by an insured in case of insurance discontinuation, on special terms-conditions. |
| Underwriting Requirements | A free cover limit is determined for each organization by insurance company. Medical examination reports and tests required for members having sum assured above Free Cover Limit (FCL) |
| Claim Procedure and Settlement procedure | Claim notification to insurance company about death, disability, retirement, discontinuation etc. as per contract within 30 days of incident.Requisite document to be submitted as per contract following notification. Claim settlement made by insurance company as per contract. |
| Criteria of a Group | A group should comprise of a least 10 members |
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