A) Nature of the Scheme:
LIC Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people. Administration of the scheme is on group basis and cost is low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. Scheme offers covers only on death and there is no maturity value at the end of the term.
B) Premium Chargeable:
Group (Term) Insurance Scheme is at present offered under One Year Renewable Group term assurance plan (OYRGTA). Every year on Annual Renewal date LIC charges the premium depending upon the changes in size and age distribution of the age group.
C) Different Schemes:
Group (term) Insurance Scheme has a number of varieties . The Scheme may provide for a uniform cover to all members of the group or graded covers for different categories of members, cover for all amounts of outstanding housing loans or vehicle advances, or some other benefits (e.g., life cover to supplement pension or PF benefits in case of death). The schemes may have add-ons like Double Accident Benefit,Critical Illness Benefit, Disability benefit etc.
D) General Featues of various Group Insurance Schemes:
PREMIUM:
The premium under such scheme may be wholly paid by the employer or the Nodal Agency. However, the scheme may be contributory i.e. the members may also contribute.
DOUBLE ACCIDENT BENEFIT:
Double Accident Benefit, i.e. payment of double the sum assured on death due to accident (without permanent disability benefit), may be allowed under Group Insurance Schemes for an extra premium.
ELIGIBILITY:
For Group Insurance Scheme in lieu of EDLIS the insurability condition is that should be a member of the Provident Fund Scheme of the employer. For other GI Schemes of employer-employee groups the insurability condition is that the member should not be absent on ground of sickness on the entry date. For all non-employer-employee Group Schemes the basic insurability condition is that the member should be in good health on the date of entry.
ADMINISTRATION OF THE SCHEME:
At the commencement and thereafter on each Annual Renewal Date, the Group Policyholder will have to send all the member's data (and particulars of the new entrants from time to time) to the P & GS unit of LIC. Detailed OYRGTA premium calculation will be made on each Annual Renewal Date.
When a claim arises, the particulars of the respective member are to be intimated together with the claim form and death certificate.
Special Features of each Group Insurance Schemes can be obtained from the P&GS units of the Corporation.
For more Detail on LIC Group Term Insurance Scheme Life Insurance Plan Visit Avdhoot Investment
Showing posts with label Group Insurance. Show all posts
Showing posts with label Group Insurance. Show all posts
Sep 11, 2008
Group Mediclaim Policy
Group Mediclaim Policy
Brief Description :
Mediclaim Insurance is a cover which takes care of medical expenses following Hospitalisation/Domiciliary Hospitalisation of the Insured in respect of the following situations: (A) In case of a sudden illness (B) In case of an accident (C) In case of any surgery which is required in respect of any disease which has arisen during the policy period. The major benefit for taking a Group Mediclaim policy is that the insured gets a Group discount, hence the premium per person is lower.
Covered Risks :
This cover is a hospitalisation cover and reimburse the medical expenses incurred in respect of covered disease /surgery while the insured was admitted in the hospital as an in patient.The cover also extends to pre- hospitalsation and post- hospitalisation for periods of 30 days and 60 days respectively
Major Exclusions :
Any pre-existing disease,any expense incurred during first 30 days of cover except injury due to accident,all expenses incurred in respect of any treatment relating to pregnancy and child birth. Treatment for Cataracts,Benign prostatic hypertrophy,Hysterectomy, Menorrhagia or Fibromyoma, Hernia,Fitula of anus,Piles, Sinusitis, Asthma,Bronchitis, All Psychiatric or Psychosomatic disorders are excluded from the scope of the cover
For more detail visit Avdhoot Investment
Brief Description :
Mediclaim Insurance is a cover which takes care of medical expenses following Hospitalisation/Domiciliary Hospitalisation of the Insured in respect of the following situations: (A) In case of a sudden illness (B) In case of an accident (C) In case of any surgery which is required in respect of any disease which has arisen during the policy period. The major benefit for taking a Group Mediclaim policy is that the insured gets a Group discount, hence the premium per person is lower.
Covered Risks :
This cover is a hospitalisation cover and reimburse the medical expenses incurred in respect of covered disease /surgery while the insured was admitted in the hospital as an in patient.The cover also extends to pre- hospitalsation and post- hospitalisation for periods of 30 days and 60 days respectively
Major Exclusions :
Any pre-existing disease,any expense incurred during first 30 days of cover except injury due to accident,all expenses incurred in respect of any treatment relating to pregnancy and child birth. Treatment for Cataracts,Benign prostatic hypertrophy,Hysterectomy, Menorrhagia or Fibromyoma, Hernia,Fitula of anus,Piles, Sinusitis, Asthma,Bronchitis, All Psychiatric or Psychosomatic disorders are excluded from the scope of the cover
For more detail visit Avdhoot Investment
Sep 9, 2008
LIC Group Term Insurance Scheme Detail
A) Nature of the Scheme:
Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people. Administration of the scheme is on group basis and cost is low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. Scheme offers covers only on death and there is no maturity value at the end of the term.
B) Premium Chargeable:
Group (Term) Insurance Scheme is at present offered under One Year Renewable Group term assurance plan (OYRGTA). Every year on Annual Renewal date LIC charges the premium depending upon the changes in size and age distribution of the age group.
C) Different Schemes:
Group (term) Insurance Scheme has a number of varieties . The Scheme may provide for a uniform cover to all members of the group or graded covers for different categories of members, cover for all amounts of outstanding housing loans or vehicle advances, or some other benefits (e.g., life cover to supplement pension or PF benefits in case of death). The schemes may have add-ons like Double Accident Benefit,Critical Illness Benefit, Disability benefit etc.
D) General Featues of various Group Insurance Schemes:
PREMIUM:
The premium under such scheme may be wholly paid by the employer or the Nodal Agency. However, the scheme may be contributory i.e. the members may also contribute.
DOUBLE ACCIDENT BENEFIT:
Double Accident Benefit, i.e. payment of double the sum assured on death due to accident (without permanent disability benefit), may be allowed under Group Insurance Schemes for an extra premium.
ELIGIBILITY:
For Group Insurance Scheme in lieu of EDLIS the insurability condition is that should be a member of the Provident Fund Scheme of the employer. For other GI Schemes of employer-employee groups the insurability condition is that the member should not be absent on ground of sickness on the entry date. For all non-employer-employee Group Schemes the basic insurability condition is that the member should be in good health on the date of entry.
ADMINISTRATION OF THE SCHEME:
At the commencement and thereafter on each Annual Renewal Date, the Group Policyholder will have to send all the member's data (and particulars of the new entrants from time to time) to the P & GS unit of LIC. Detailed OYRGTA premium calculation will be made on each Annual Renewal Date.
When a claim arises, the particulars of the respective member are to be intimated together with the claim form and death certificate.
Special Features of each Group Insurance Schemes can be obtained from the P&GS units of the Corporation.
For more Detail Visit Avdhoot Investment
Source: LIC of India, Life Insurance Corporation of India
Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people. Administration of the scheme is on group basis and cost is low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. Scheme offers covers only on death and there is no maturity value at the end of the term.
B) Premium Chargeable:
Group (Term) Insurance Scheme is at present offered under One Year Renewable Group term assurance plan (OYRGTA). Every year on Annual Renewal date LIC charges the premium depending upon the changes in size and age distribution of the age group.
C) Different Schemes:
Group (term) Insurance Scheme has a number of varieties . The Scheme may provide for a uniform cover to all members of the group or graded covers for different categories of members, cover for all amounts of outstanding housing loans or vehicle advances, or some other benefits (e.g., life cover to supplement pension or PF benefits in case of death). The schemes may have add-ons like Double Accident Benefit,Critical Illness Benefit, Disability benefit etc.
D) General Featues of various Group Insurance Schemes:
PREMIUM:
The premium under such scheme may be wholly paid by the employer or the Nodal Agency. However, the scheme may be contributory i.e. the members may also contribute.
DOUBLE ACCIDENT BENEFIT:
Double Accident Benefit, i.e. payment of double the sum assured on death due to accident (without permanent disability benefit), may be allowed under Group Insurance Schemes for an extra premium.
ELIGIBILITY:
For Group Insurance Scheme in lieu of EDLIS the insurability condition is that should be a member of the Provident Fund Scheme of the employer. For other GI Schemes of employer-employee groups the insurability condition is that the member should not be absent on ground of sickness on the entry date. For all non-employer-employee Group Schemes the basic insurability condition is that the member should be in good health on the date of entry.
ADMINISTRATION OF THE SCHEME:
At the commencement and thereafter on each Annual Renewal Date, the Group Policyholder will have to send all the member's data (and particulars of the new entrants from time to time) to the P & GS unit of LIC. Detailed OYRGTA premium calculation will be made on each Annual Renewal Date.
When a claim arises, the particulars of the respective member are to be intimated together with the claim form and death certificate.
Special Features of each Group Insurance Schemes can be obtained from the P&GS units of the Corporation.
For more Detail Visit Avdhoot Investment
Source: LIC of India, Life Insurance Corporation of India
Sep 8, 2008
Group Insurance
Group insurance is an insurance that covers a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group.
Group insurance may or may not be converted to individual coverage. As group insurance gets big business for an insurance company with minimum operational expenses (under one master policy issued to an employer, union or any recognised group), it is usually less expensive than individual policies.
For more Detail Visit Avdhoot Investment
Group insurance may or may not be converted to individual coverage. As group insurance gets big business for an insurance company with minimum operational expenses (under one master policy issued to an employer, union or any recognised group), it is usually less expensive than individual policies.
For more Detail Visit Avdhoot Investment
Sep 4, 2008
Max New York India Health Life Insurance
Max India inks pact with UK firm for health insurance business
Private insurance-provider Max India has entered into an agreement with the UK-based Bupa to set up a standalone health insurance company.
The joint venture partner British United Provident Fund (Bupa) will hold 26 per cent of the stake in Max Bupa Health Insurance Ltd with Max holding the rest. However, Bupa will have an option and right to go up to maximum amount of FDI allowed by the government in case FDI reforms take place, Max India Chairman Analjit Singh said here today.
The initial share capital of the JV will be Rs 100 crore and the business is expected to be up and running in 12-15 months, Singh added.
He said, "We are not in a hurry to launch (the JV) immediately. We want to have ground preparation first which will take at least 12-15 months".
The company has expertise in healthcare facilities, which, at present, has a customer base of 2.7 million, he added.
Singh said the products will be rolled-out phase wise as "that would be prudent for us". It will be a phased, region-wise roll-out that would make the presence of the company efficient.
The JV plans to consider all possibilities like individual, retail and group insurance and is targeting one million customers initially.
Pointing out the favourable demographics of India, Director Max India Anuroop Singh said the country has huge potential for health insurance as the average age is expected to be 29 years in the next 12 years with people getting more spending power
Avdhoot Investment
Private insurance-provider Max India has entered into an agreement with the UK-based Bupa to set up a standalone health insurance company.
The joint venture partner British United Provident Fund (Bupa) will hold 26 per cent of the stake in Max Bupa Health Insurance Ltd with Max holding the rest. However, Bupa will have an option and right to go up to maximum amount of FDI allowed by the government in case FDI reforms take place, Max India Chairman Analjit Singh said here today.
The initial share capital of the JV will be Rs 100 crore and the business is expected to be up and running in 12-15 months, Singh added.
He said, "We are not in a hurry to launch (the JV) immediately. We want to have ground preparation first which will take at least 12-15 months".
The company has expertise in healthcare facilities, which, at present, has a customer base of 2.7 million, he added.
Singh said the products will be rolled-out phase wise as "that would be prudent for us". It will be a phased, region-wise roll-out that would make the presence of the company efficient.
The JV plans to consider all possibilities like individual, retail and group insurance and is targeting one million customers initially.
Pointing out the favourable demographics of India, Director Max India Anuroop Singh said the country has huge potential for health insurance as the average age is expected to be 29 years in the next 12 years with people getting more spending power
Avdhoot Investment
Sep 3, 2008
Group Mediclaim Insurance Policy
Group Mediclaim Insurance Policy
Brief Description :
Mediclaim Insurance is a cover which takes care of medical expenses following Hospitalisation/Domiciliary Hospitalisation of the Insured in respect of the following situations: (A) In case of a sudden illness (B) In case of an accident (C) In case of any surgery which is required in respect of any disease which has arisen during the policy period. The major benefit for taking a Group Mediclaim policy is that the insured gets a Group discount, hence the premium per person is lower.
Covered Risks :This cover is a hospitalisation cover and reimburse the medical expenses incurred in respect of covered disease /surgery while the insured was admitted in the hospital as an in patient.The cover also extends to pre- hospitalsation and post- hospitalisation for periods of 30 days and 60 days respectively
Major Exclusions :
Any pre-existing disease,any expense incurred during first 30 days of cover except injury due to accident,all expenses incurred in respect of any treatment relating to pregnancy and child birth. Treatment for Cataracts,Benign prostatic hypertrophy,Hysterectomy, Menorrhagia or Fibromyoma, Hernia,Fitula of anus,Piles, Sinusitis, Asthma,Bronchitis, All Psychiatric or Psychosomatic disorders are excluded from the scope of the cover. Visit this website for more detail Avdhoot Investment
Brief Description :
Mediclaim Insurance is a cover which takes care of medical expenses following Hospitalisation/Domiciliary Hospitalisation of the Insured in respect of the following situations: (A) In case of a sudden illness (B) In case of an accident (C) In case of any surgery which is required in respect of any disease which has arisen during the policy period. The major benefit for taking a Group Mediclaim policy is that the insured gets a Group discount, hence the premium per person is lower.
Covered Risks :This cover is a hospitalisation cover and reimburse the medical expenses incurred in respect of covered disease /surgery while the insured was admitted in the hospital as an in patient.The cover also extends to pre- hospitalsation and post- hospitalisation for periods of 30 days and 60 days respectively
Major Exclusions :
Any pre-existing disease,any expense incurred during first 30 days of cover except injury due to accident,all expenses incurred in respect of any treatment relating to pregnancy and child birth. Treatment for Cataracts,Benign prostatic hypertrophy,Hysterectomy, Menorrhagia or Fibromyoma, Hernia,Fitula of anus,Piles, Sinusitis, Asthma,Bronchitis, All Psychiatric or Psychosomatic disorders are excluded from the scope of the cover. Visit this website for more detail Avdhoot Investment
Aug 12, 2008
Can I apply for a Health insurance policy when I am already diagnosed with some disease or ailment?
Yes, you can apply for a Health Insurance policy. But the policy will be issued excluding the diagnosed disease and other diseases pre-existing at the time
of inception of the cover.
of inception of the cover.
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