Group Insurance is universally acknowledged as the best way to safeguard employee’s interests. During the times of sheer misfortune such as Death, Disability and Sickness, Group Insurance yields a specified sum to the Insured & his family just when it’s needed the most.

A group Insurance scheme demonstrates a company’s concern for its employees’ welfare and provides them sense of security and peace of mind.

According to Clause 10-B of W.P(Standing orders) it is a mandatory obligation on the part of an employer to provide Group Life Insurance to his employees.

The premium that the company pays for Insurance are deducted from its taxable income. Furthermore, the benefits paid on death and disabilities are exempt from income and estate taxes. Hence, the employees and/or his family obtain tax free claim amounts.

Group Insurance is a standard benefit in most, if not all companies. It provides Competitive advantage to the employer and helps in attracting and retaining capable staff.

The Group Insurance scheme can be tailored to easily fit in with the company’s budget and simultaneously create its goodwill among its workers

No individual evidence of insurability is usually required in group cases from all the members of the group. Group underwriting takes into account the group characteristics rather than the health or other insurability aspects of individuals.

There is more Flexibility in group cases than in individual ones. The policyholder in most cases can mould the design and preparation of the group contract to meet his objectives.

In a short span of time NJI Life has covered around 650 corporate clients and insured over 350,000 employees. New Jubilee Life’s Group Life portfolio apart from providing financial protection against the death of the employee also provides some other unique benefits as follows:

Life Insurance:  This coverage assures payment of the sum assured in the event of death of a covered employee. This covers accidental as well as natural death.

Accidental Death Insurance:  If an insured passes away due to an accident, additional sum assured is payable. Twice the sum insured is payable in case of accidental death.

Terminal Illness Benefit:  If an employee becomes terminally ill the insurance company will advance 50% of the sum-insured payable under Group Life insurance rider. This cover is being offered free of cost with Group Life rider.

Permanent Total/ Partial Disability (Due to accident):  This coverage provides for payment of the sum assured, or a percentage thereof according to a specified schedule in the event of permanent total/partial disablement due to an accident.

Temporary Total Disability: If an insured becomes temporarily totally disabled due to an accident this benefit provides weekly payment of a specified amount during the period of disablement.

Permanent Total Disability (Natural): This benefit ensures payment of sum insured if Disability occurs, due to sickness, which prevent from performing all of the duties pertaining to an occupation for which the employee is reasonably suited by education or training and the disability is determined by the Insurer’s  medical examiners to be of a permanent nature.

Critical Illness: If an eligible employee while insured under this rider and under 60 years of age, is diagnosed to have a critical illness, as defined below, this benefit provides payment of the sum insured.

Critical Illness Covers: Myocardial Infraction, Coronary Artery Surgery, Stroke, Cancer, Renal Failure.

Accidental Medical Expense: If an employee incurs Medical expenses due to accidental injuries, this coverage provides payment of actual medical expenses subject to maximum of 10% of life sum assured.