Group Life Protection

Edelweiss Life Group Life Protection is a one-year renewable life insurance product,

designed to provide financial security to the family of the members under the group policy. The Group is insured against any unfortunate event such as death and/or terminal illness. The policy covers the member even beyond working hours and anywhere in the world. Additionally, it has special features for financial institutions.  

The minimum group size required to enroll for this plan is of 50 members.

 The minimum and maximum entry ages as per the last birthdays are 16 and 80 years respectively.

 The maximum maturity age as per last birthday is 81 years.

Both the minimum and maximum policy terms are of 1 year, as this is a one-year renewable group life insurance plan.

The minimum sum assured is Rs. 10,000 per member. For the maximum sum assured, there is no defined upper limit, as it will be subject to Board-approved underwriting policy.

 You can make your premium payments annually, semi-annually, quarterly or monthly.

 Terminal Illness refers to any condition from which an insured member is suffering, which in the opinion of two Registered Medical Practitioners specializing in the relevant field of medicine and appointed by the Company, is likely to lead to death / loss of life within six months. The Insured Member must no longer be receiving treatment other than that for symptomatic relief.

This plan provides some special benefits for financial institutions. It protects against loan/credit liability in case of an unfortunate demise of the loan/liability holder by ensuring that the dependents are not burdened with the loan/liability amount. Also, this policy offers a feature that covers the members’ financial objectives by ensuring continuity of their financial plans.

Yes, there is a Spouse Cover benefit, which you can avail if you are opting for Option I: Death Benefit.

 The convertibility option allows a group member to purchase a replacement death cover with Edelweiss Life Insurance Company Limited, under an individual policy, subject to our premium rates, terms and conditions available at that time.

 As it is a term life insurance plan, no benefits are payable on maturity.

You have a freelook period of 30 days from the date of the receipt of the policy document for the policy issued after 1st April, 2024 and processing TAT for same is 7 days.

 In case of death due to suicide within 12 months from the date of risk commencement or the date of revival, the beneficiary shall be entitled to at least 80% of the total premiums paid, provided the coverage is in force.

If the annual premium payment mode is chosen, grace period is not available for single payment. Ifhalf-yearly and quarterly modes are chosen, the grace period offered is of 30 days. Lastly, if the monthly payment mode is chosen, the grace period offered is of 15 days.