ICICI Pru Group Term Plus is a group term life insurance plan which enables you to secure the financial well-being of your employees and their families. This plan offers life cover to a group of individuals. Under this plan, if the member meets with an unfortunate demise, the nominee receives a lump sum amount. The Group Term Plus from ICICI Prudential offers benefits to both formal and informal employer-employee groups at an affordable rate. ICICI Prudential provides this group plan for non-banking financial institutions, micro-finance institutions, banks, and other professional groups.
The following eligibility criteria must be fulfilled when applying for the ICICI Pru Group Term Plus Plan:
|Minimum age at entry||15 years|
|Maximum age at entry||79 years|
|Type of Plan||Group Term Life Insurance|
The sum assured, the policy term and the premium payment mode under the ICICI Pru Group Term Plus is indicated in the table below:
|Minimum Sum Assured||Rs.5,000 (each member)|
|Minimum Members||Formal group – 10 members Informal group – 50 members|
|Maximum Policy Term||1 year|
|Minimum Premium||Rs.10,000 p.a.|
|Premium Payment Mode||Monthly, quarterly, half-yearly, and yearly|
*Premiums vary based on age, location, plan term and other factors
The ICICI Pru Group Term Plus offers the following benefits:
|Death Benefit||Payable in case of death of the member covered, the Sum Assured is granted to the respective member’s nominee|
|Surrender Benefit||Payable on voluntary termination of policy with a 30-day notice to the company|
|Maturity Benefit||Not available|
|Single Rate Benefit||New Members can avail the same premium rate as in the master policy at inception|
|Member Level Renewal Benefit||On renewal, new members can continue to pay the same premium|
|Sum Assured Reset Benefit||Right to increase or decrease the Sum Assured of the member by the Master Policyholder|
|Earning Spouse/Earning Guardian Cover||Extendable cover to member’s earning spouse|
|Voluntary Top-up Benefit (Employer-Employee group)||Members under Master Policy can top-up benefits and increase the Sum Assured|
|Terminal Illness (Employer-Employee group)||Benefit that allows acceleration of all of or a part of the Sum Assured in case of terminal illness|
|Conversion option (Employer-Employee group)||Option to convert into an individual policy on leaving service|
Death Benefit: In case of death of a member covered under the Master Policy, the Sum Assured is paid to the respective nominee.
Surrender Benefit: The policy can be surrendered by giving a notice of 30 days to the company. The members, however are presented with the option to continue life cover.
There are no add-on plans under the ICICI Pru Group Term Plus.
Suicide Exclusion: Applicable to non-employer-employee groups, this clause states that if a member commits suicide, whether in sanity or insanity, within a year of joining the policy, the policy will cease to exist for that member.
If in case a member meets with a natural death within 45 days since the policy’s inception, the cover is considered void for that member and the premiums paid till date are refunded after certain deductions.
|Policy Revival||Master Policy can be revived after expiry of the grace period|
Some of the other benefits that can be utilised by a policyholder while purchasing the ICICI Pru Group Term Plus are:
The Group Term Plus from ICICI Prudential is a plan offered through a Master Policy and issued to either the group administrator or the master policyholder. ICICI Pru Life is a company that has continued to dominate the Indian life insurance sector since its inception. As one of the company’s core values is customer focus, it is an ideal choice to buy the Group Term Plus from ICICI.
A. If a formal group is undertaking the plan, the minimum number of members allowed is 10.
A. No, ICICI Prudential does not offer loans under the Group Term Plus Plan.
A. Members under the plan can opt for withdrawal, in which case the premium is pro-rated to reflect the life cover that has not been provided yet.
A. A 15-day grace period is allowed for premiums made on monthly basis and a 30-day period is allowed for other mode of payments under Group Term Plus from ICICI Prudential.
A. The minimum life cover available under the plan is Rs.5,000 for each member.
A. You can apply for the plan at any time between the ages of 15 to 79 years.
A. The longest policy term under the plan is one year.
A. Yes, ICICI Prudential charges stamp duty fees, medical examination expenses, and the proportionate risk premium for the period of cover. These charges are deducted from the premiums paid till date, before returning.
A. Under the Member Level Renewal Benefit, the grace period commences from the respective Member Renewal Date.
A. You can pay the premiums monthly, quarterly, half-yearly, or yearly under the plan.