Employees are very important for the growth of any organisation. They are the backbone and one of the important reasons behind a company’s success. If the employees are peaceful at workplace it improves their overall productivity. Many organisation, for this very reason, come up with innovative ideas to keep their employees engaged and to boost their moral. Employers should ensure their employees’ well-being especially when it comes to their financial security. One of the best ways to do this is to avail Group Insurance Plans for them. Having a insurance plan that covers the employee and their loved ones improves their morale and greatly helps in employee retention.
DHFL Pramerica provides some of the best group insurance products in the market which is designed to take care of the employees’ financial well-being and security. This plan is also extremely advantageous for employers as they stand to receive a number of benefits. These plans would be a part of the benefit package and also helps to increase employee retention and satisfaction. Additionally, tax benefits can also be availed on the same. DHFL Pramerica provides five plans under its Group Insurance portfolio namely, DHFL Pramerica Dengue Group Shield, DHFL Pramerica Group Credit Life, DHFL Pramerica Group Term Plan, DHFL Pramerica Life Group Term Care, and DHFL Pramerica Life Sarv Suraksha.
The most sought-after group plan among these is the DHFL Pramerica Group Term Plan. This plan provides security to all members who have availed the plan along with their family members and is a part of the overall benefits package for the group members. This plan covers all schemes such as Employer-Employee Scheme, Non Employer-Employee Scheme and Employee Deposit Linked Insurance Scheme. It is a one-year renewable plan that can be renewed every year. The plan comes with assured protection as it disburses a lump sum amount in case of the unfortunate demise of the insured.
The eligibility criteria to buy a DHFL Pramerica Group Term Plan depends on the type of scheme that a policyholder selects at the inception. There are three schemes under the DHFL Pramerica Group Term Plan, namely Employer-Employee Scheme, Non Employer-Employee Scheme and Employee Deposit Linked Insurance Scheme.
|Parameter||Employer-Employee Scheme||Non Employer-Employee||Employee Deposit Linked Insurance Scheme|
|Plan Type||One-year renewable group term life insurance plan||One-year renewable group term life insurance plan||One-year renewable group term life insurance plan|
|Minimum Entry Age||18 years||18 years||18 years|
|Maximum Entry Age||75 years||75 years||85 years|
|Maturity Age||76 years||76 years||86 years|
|Minimum Group Size||50 members||50 members||20 members|
|Maximum Group Size||No limit||No limit||No limit|
Under the DHFL Pramerica Group Term Plan, each member would have sum assured benefit. The master policyholder will be allowed to choose the sum assured amount. The sum assured will also depends on the type of scheme selected at inception. For more details on the sum assured and premiums, read on.
|Parameter||Employer-Employee Scheme||Employee Deposit Linked Insurance Scheme||Non Employer-Employee|
|Premium Paying Mode||Annual/Half-yearly/Quarterly/Monthly||Annual/Half-yearly/Quarterly/Monthly||Annual/Half-yearly/Quarterly/Monthly|
|Policy Term||One-year renewable plan||One-year renewable plan||One-year renewable plan|
|Minimum Sum Assured||Rs.1,000 per member or Rs.1 crore per scheme||Rs.3,61,000 per member or the amount as per the provision under the Employee’s Provident Fund & Miscellaneous Provisions Act, 1952, whichever is higher. Or Rs.72,20,000 per scheme.||Rs.1,000 per member or Rs.1 crore per scheme|
|Maximum Sum Assured||There is no upper limit for the maximum sum assured under this plan. However, it depends on the participation rate, underwriting, and the nature of the group.||Rs.10,00,000 per member.||There is no upper limit for the maximum sum assured under this plan. However, it depends on the participation rate, underwriting, and the nature of the group.|
DHFL Pramerica Group Term Plan helps many people protect their loved ones in case of any eventuality. It makes sure that the debt is not passed on to the family members but is rather insured.
Some of the benefits of the DHFL Pramerica Group Term Plan are as follows:
|Death Benefit||In the event of the death of the insured person, the death benefit will be payable under the DHFL Pramerica Group Term Plan irrespective of the scheme chosen. Death benefit will be payable in all the three schemes available. Please note that the death benefit is payable only when the policy is active and all premiums are paid.|
|Maturity Benefit||Unfortunately, there is no maturity benefit under any schemes in the DHFL Pramerica Group Term Plan.|
|Surrender Value||There is no surrender value under the DHFL Pramerica Group Term Plan as it is a pure protection policy. If the master policyholder decides to surrender the policy, the individual member will be given an option to either continue or terminate the policy.|
|Free Cover Limit||This option is available only applicable on Employer- Employee Scheme. Free Cover Limit is a limit on the insurance over that a member can get under this policy. Up to this limit, the insured can enjoy the benefits without submitting evidence of health. Above the Free Cover Limit, members will be asked to submit a health certificate.|
Following are some of the other key features of the DHFL Pramerica Group Term Plan:
|Assured Protection||Under the DHFL Pramerica Group Term Plan, irrespective of the scheme chosen by the policyholder, sum assured will be payable in case of the unfortunate demise of the insured.|
|Renewable Plan||This is a one-year renewable plan which can be renewed at the end of every policy term.|
|Staggered Payment||After the death of the insured person, the nominee will have an option to receive the sum insured amount in staggered payments. In this case, the beneficiary is eligible to receive regular payouts as monthly or annual installments for a period of 2 years to 15 years. An interest rate of 5% p.a. Is also applicable on the staggered payments. If the nominee chooses this option, then the first installment will be paid immediately on the date of the death of the insured.|
|Modal factors||The modal factors are 0.52, 0.265, and 0.09 for half-yearly, quarterly, and monthly premium payment modes, respectively.|
|Grace Period||Under this policy, policyholders get a grace period of 30 days to make their premium payment for half-yearly and yearly mode and 15 days for monthly and quarterly mode.|
|Free Look Period||The DHFL Pramerica Group Term Plan has a free look period of 15 days within which the master policyholder can return the policy after reviewing the terms and conditions. The member of the policy can also return the plan within 15 days if they do not agree to any of the terms and conditions of the plan.|
|Nomination||Nomination facility is available as per Section 39 of the Insurance Act, 1938.|
|Revival||If the policyholder does not make the payment within the grace period, such policy will be lapsed. Once can revive a lapsed policy by paying the total outstanding premium amount within 3 months from the date of the missed payment.|
Please read the suicide exclusion under the DHFL Pramerica Group Term Plan.
Suicide Exclusion: If the insured person commits suicide, whether sane or insane, resulting in death, within one year from the date of issue of the policy, the insurance company will pay 80% of the premiums paid by the policyholder to the nominee or the beneficiary, provided the policy is active.
Policyholders who have purchased the DHFL Pramerica Group Term Plan will enjoy tax benefits under Section 80C of the Income Tax Act, 1961 and under Section 10(10D) of the Income Tax Act, 1961.
Group Plans are one of the best ways in which a company can take care of its employees and ensure their well-being and happiness. Group plans are quick and easy to avail and come with enormous benefits. One of the foremost providers of insurance plans, DHFL Pramerica is known for its myriad offerings under the life insurance sector. As part of its diverse portfolio, DHFL Pramerica provides a number of plans ranging from life insurance policies to group plans. This insurance company is a joint venture between the second largest housing finance company in the private sector, Dewan Housing Finance Corporation Ltd. and Prudential International Insurance Holdings, Ltd. which is a financial services company that has its headquarters in the U.S.
Quality products, robust customer service and latest technology are some of the reasons why DHFL Pramerica’s products are highly sought after. Individuals can avail plans and even pay for them online without having to visit the office directly. Individuals can also make use of calculators available on their website to calculate their premium or taxes. DHFL Pramerica has also been the recipient of a number of awards such as ‘Website of the Year’ in 2016 and ‘Skoch Technology for Growth Silver Award’, again in the year 2016.