Staff Gratuity Deposit Administrative Scheme

Group Life Assurance Policy or Death-In-Service Benefit Scheme is a contract of insurance designed to provide for the payment of capital sum (sum assured) to the dependants of an employee who dies while in the service of the employer.

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This is the cheapest form of assurance cover and the cost is borne by the employer. The underwriting requirements are very favorable and not as stringent as in individual life cases.
- The Employer is the policyholder while the Employees are the insured lives.
- The scheme is arranged to provide benefits in the event of death only.
- Policy grants cover for both accidental and natural death. Premiums are usually paid by the Employer only.
- Policy is renewable annually.
- Coverage is on 24 hours basis.
- Provides Lump Sum cash benefits for the dependants.
- Scheme is essentially non-medical, except for individuals with insurance in excess of the Group Free Cover Limit.
- All or part of the benefits can be converted to Dependants Annuity until the last dependant attained the age of 21years.
- Benefits under the group policy can be converted to individual policy after separation.