New Jubilee Life Insurance -- Group Life --

“Ensure an assured future for your employees with NJI Life!”

We at NJI Life strive to provide your employees with customized life insurance products and services which will keep their minds at peace in the wake of several of life’s adversities.

Why it is important to offer Group Life Coverage to your Employees

Group life insurance itself can be an asset as it allows you to recruit and retain ingenious talent while keeping costs low through flexible and adaptive plans.

To Employers

Fulfilling Legal Requirements

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.

Obtaining Tax advantages

The total premium that the company pays for Insurance is deductable 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.

Attracting Ingenious Employees

When you offer life insurance as a part of your benefits package, you make employment with your company far more attractive. It provides a competitive advantage and helps you to gain and retain quality employees.

Keeping Costs Low

The Group Insurance scheme can be tailored to easily fit in your company’s budget, simultaneously creating goodwill among your workers.

Group Underwriting and Flexibility

Group Life Underwriting generally focuses on the characteristics of the Group and usually does not require assessment and evaluation of individuals. In Group Underwriting, a Free Cover Limit is allocated to each Group that means all eligible employees are automatically covered up to the Free Cover Limit. However, the employees with sum assured above FCL are required to complete certain documents and tests which may vary from filling out a Health Questionnaire to a comprehensive medical examination.

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.

To Employees

Affordable group rates and flexible premium plans help employees safeguard their financial future during their working years and it provides their families excellent monetary compensation in the unfortunate case of their death or disability.

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Our Coverage

In a short span of time NJI Life has covered over 1000 corporate clients and insured over 1.5 million lives.

Life Insurance

NJI Life under 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.

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:

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 asssured 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

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.

Additional Unique Benefits

• Exclusion-free Group Life Rider, i.e. AIDS, Suicide, War Risk etc.

• Comprehensive Group Accidental Disability Benefit

• Terminal Illness Benefit - Free of Cost

• Comprehensive Group Natural Disability Benefit

• Occupational and Non-Occupational Hazards covered

• 24 hours WorldWide Coverage

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Other Group Life Products

Group Provident Fund Insurance

In case of death of an insured, this benefit pays an amount equal to or in multiples of outstanding Provident Fund balance

Group Pay Continuation Insurance

Group Pay continuation is an insurance program designed specially to provide monthly income benefit to the employee or the dependents of an insured employee in the event of an employee’s death or disability from the date of death to the date of retirement or up to a specified time period.

This plan provides

Death Coverage

In the event of death of an insured employee NJI Life will pay an amount equal to the insured’s monthly salary or a percentage of salary up to a specified number of years from the date of death.

Permanent Total Disability

In the event of Permanent Total Disability of an insured employee NJI Life will pay an amount equal to the insured’s monthly salary or a percentage of salary up to a specified number of years from the date of disability.

Plan Feature

There are a number of options available for the employer to choose from between the percentage of salary and the number of years available for the benefit amount, such as

Percentage of Salary:

75% of gross/Basic salary
60 % of gross/Basic salary
50% of gross/Basic salary

Number of years:

For up to 10 years from the date of death or disability
For up to 5 years from the date of death or disability
For up to 3 years from the date of death or disability

Premium The premium will be paid by the employer on annual basis. Present value of monthly payment will be discounted at interest rate

Termination

Coverage of an employee under Pay Continuation Plan will automatically terminate if:

a) his employment terminates

b) the insurance policy terminates

c) a policy holder fails to make the payment when it is due.

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.

The diagnosis must take place at least 90 days after the commencement of insurance on employee’s life.

Payment will be made if the life assured survives 31 days after confirmation of diagnosis.

Critical Illness

1. Myocardial Infraction.

2. Coronary Artery Surgery.

3. Stroke.

4. Cancer.

5. Renal Failure.

6. Major Organ Transplant

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Who is covered?

What is the benefit amount?

How about changes in the coverage?

Will the premium be at a special rate?

Will coverage continue during leave?

What about claims payment?

What would be the duration of the policy?

Does accidental disability rider cover Medical Expenses?

What is Accidental Death Additional Benefit?

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Business Lines

Individual Life Insurance

Bancassurance

Group Insurance