Financial Daily from THE HINDU group of publications
Tuesday, Jul 27, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 27, 2004 |
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Money & Banking
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Life Insurance Small group term life plan from Allianz Bajaj Our Bureau
Kolkata , July 26 ALLIANZ Bajaj Life Insurance has launched a small group term life insurance scheme in Kolkata. The scheme is aimed at protecting smaller employer-employee groups, ranging from 10 to 50. The plan is a variant of the company's group term life plan, according to a note. It provides a minimum cover of Rs 62,000 and a maximum of Rs 2 lakh. The plan also offers accidental benefit along with the basic cover. The objective of the plan is to cover the risk of death, where the life insurance benefit (for all members of the scheme) is provided by a single policy document that is issued to the policyholder - the employer. The basic life cover can also be enhanced by including a few additional benefits. These may provide for coverage of risks arising out of accidents. The scheme may be set up by any employer. "The benefit is valuable because the amount available to an employee's family as gratuity, PF accumulation or pension, in case of a premature death, is often small," said Allianz Bajaj, adding that the scheme provides relief at a low cost to the family of an employee in the event of sudden demise.
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