The Group Term Life Insurance Plan of ING Vysya Life Insurance safeguards the interest of the employees. It secures the future of the employee’s family in case of any unfortunate accident leading to death.
The main features of Group Term Life Insurance Plan of ING Vysya Life Insurance are:
- The duration of cover of this policy is 1 year and renewable thereafter.
- The minimum entry age of the policy is 18 years as on the last birthday.
- The maximum entry age of the policy is 64 years as on the last birthday.
- The minimum group size is 50 members.
- There is no limit for maximum group size.
- The premium payment frequencies are yearly, half-yearly or quarterly.
- The profit sharing is optional to share part of the mortality experience profits of IVL if the scheme experience is favorable. This is adjusted against future premiums.
- The premium guarantee is for 1 year specifications.
There are certain exclusions of Group Term Life Insurance Plan of ING Vysya Life Insurance. The exclusions are:
- Intentional self-inflicted injury, suicide or attempted suicide, while sane or insane
- Death due to war (Declared or undeclared), invasion, civil commotion, riots, revolution or any war-like operations.
- Any infection or disease
- Life Assured being under the influence of drugs, alcohol, narcotics or psychotropic substances unless taken in accordance with the lawful guidelines and instruction of an experienced and registered medical practitioner
- Participation by the Life Assured in a criminal or unlawful act
- Participation in hazardous sports, hobbies or pastimes including (but not limited to) racing, parachuting, mountaineering etc
- Participation by the Life Assured in any flying activity, except as a bonafide passenger in a commercially licensed aircraft
- Any injury incurred before the Risk Commencement Date