A COMPOSITE PLAN TO PROVIDE INSURANCE PROTECTION AT

LOW COST AND TO GIVE ATTRACTIVE RETURNS ON SAVINGS

OFFERED ONLY TO SELECTED EMPLOYER-EMPLOYEE

GROUPS SUCH AS PUBLIC SECTOR CORPORATIONS AND REPUTED PUBLIC AND PRIVATE LTD. COMPANIES

GROUP SAVINGS LINKED INSURANCE SCHEME

GROUP SAVINGS LINKED INSURANCE SCHEME

G S L I SCHEME G S L I SCHEME

PREMIUMPREMIUM

PREMIUM IS GENERALLY PAID BY EMPLOYEES

PREMIUM HAS TWO COMPONENTS - RISK AND SAVINGS

RISK PART OF PREMIUM IS UTILISED FOR INSURANCE COVER AND BALANCE I.E.

SAVINGS IS ACCUMULATED AT A RATE OF INTEREST (PRESENTLY 10% P.A. COMPOUNDING YEARLY)

G S L I SCHEME G S L I SCHEME

INSURANCE COVER

EITHER GRADED OR UNIFORMEITHER GRADED OR UNIFORM

COVER WILL DEPEND ON SIZE OF COVER WILL DEPEND ON SIZE OF GROUPGROUP

FOR GRADED COVER EMPLOYEES MAY FOR GRADED COVER EMPLOYEES MAY BE DIVIDED INTO CATEGORIES BE DIVIDED INTO CATEGORIES (MAXIMUM 4)(MAXIMUM 4)

CATEGORISATION WILL BE ON THE CATEGORISATION WILL BE ON THE BASIS OF DESIGNATION OF BASIS OF DESIGNATION OF EMPLOYEES / OFFICERSEMPLOYEES / OFFICERS

G S L I SCHEME G S L I SCHEME

BENEFITSBENEFITS

ON DEATH: AMOUNT OF INSURANCE COVER, PLUS

ACCUMULATED SAVINGS PREMIUM WITH INTEREST

ON RETIREMENT OR LEAVING :

ACCUMULATED SAVINGS PREMIUM WITH INTEREST

G S L I SCHEME G S L I SCHEME

For Installation of Scheme, Employees have to ..For Installation of Scheme, Employees have to ..

GIVE CONSENT FOR JOINING THE SCHEME

GIVE AUTHORITY FOR PREMIUM DEDUCTION TO THE EMPLOYER

NOMINATE A PERSON TO RECEIVE DEATH BENEFIT

Note: The Scheme can be installed if 75% or more of existing employees agree to join the Scheme

G S L I SCHEME G S L I SCHEME

ELIGIBILITY / INSURABILITY CONDITIONS EMPLOYEES SHOULD NOT BE ABSENT

FROM DUTY ON GROUNDS OF SICKNESS AT ENTRY

NEW EMPLOYEES TO PARTICIPATE COMPULSORILY

EXISTING EMPLOYEES WHO DON’T OPT TO JOIN AT COMMENCEMENT MAY NOT

BE ALLOWED TO JOIN IN FUTURE

G S L I SCHEME G S L I SCHEME

THROUGH EMPLOYER

EMPLOYER DEDUCTS PREMIUM FROM EMPLOYEES’ SALARY AND REMITS TO LIC AFTER RECONCILIATION

EMPLOYER TO ADVANCE CONTRIBUTION WHERE AN EMPLOYEE NOT EARNS SALARY DURING A MONTH WHICH MAY BE TAKENFROM HIS SUBSEQUENT DUES

G S L I SCHEME G S L I SCHEME

TAX BENEFITS

TAX REBATE UNDER SECTION 88 ON EMPLOYEES’ CONTRIBUTIONTAX REBATE UNDER SECTION 88 ON EMPLOYEES’ CONTRIBUTION