| There are various term insurance providers in the | | | | of the business expenses, it is tax deductible under |
| market. ICICI Prudential Life Insurance is one of | | | | section 37 of Income Tax Act,9161. The benefit |
| leading providers in the market offers term insurance | | | | received under this plan is exempt under section |
| plan for the group of employees. | | | | 10(10D) of the Income tax Act,1961. |
| The product called ICICI Group Term Insurance Plan, | | | | The policy offers riders for extra benefit at a nominal |
| provides affordable cover to the employees. A single | | | | additional premium. |
| policy that can be issued to a group of employees | | | | Accident Death and Disability Benefit Rider- On death |
| of any organization. The benefit of the policy is | | | | due to an accident, the sum assured under this rider |
| payable to the nominee in case death of the | | | | will be payable. A double benefit is payable, in case |
| employee. It also offers conversion option to an | | | | death in public transport. In case of total and |
| individual policy and maximum age limit for the | | | | permanent disability due to accident, the sum assured |
| conversion is 45 years. | | | | will be payable under the installments. The maximum |
| The minimum entry age is 18 years and maximum | | | | limit is Rs.10Lakh. |
| entry age is 70 years or retirement age of the | | | | Accident Benefit Rider- It pays an amount equal to |
| employee. It is one year renewable contract and can | | | | sum assured in the event of death of the life |
| be renewed within specified time. The minimum 25 | | | | assured due to an accident. |
| employees are required. | | | | Critical Illness Rider- It provides cover in two |
| The amount of life cover is decided by a multiple of | | | | forms-accelerated and additional benefit. The total |
| the annual salary of the employee or a fixed sum | | | | sum assured is Rs.10Lakh per employee. It covers 9 |
| based on the category of the employees set by the | | | | critical illnesses such as Cancer, Heart Attack, Stroke, |
| employer. The minimum and maximum cover for per | | | | Coronary Artery Bypass Graft Surgery, Major Organ |
| employee is Rs.1Lakh and Rs.5Lakh respectively. | | | | Transplant, Paralysis, Aorta Surgery, Heart Valve |
| The premium paid by employer is considered as part | | | | Replacement Surgery, Kidney Failure, etc. |