UIN: 142N046V03 - A Non-Linked Non- Participating Group Term Insurance Product

SUD Life Group Term Insurance Plus is an annually renewable group term assurance plan that helps you to provide life cover to your group members in a cost-effective way and secure their peace of mind.

  • Financial protection for the insured member at competitive rates
  • Unmatched flexibility: i) to customize suitable protection for the group, ii) for new members to join in and existing ones to leave the group, iii) to pay premiums in various modes
  • Simplified procedures for insurability – No medical tests up to Free Cover Limit
  • Income Tax Benefits*. *Premiums paid by the master policyholder are tax deductible as business expense (section 37 of Income Tax Act, 1961) and are not taxable as a perquisite in the hands of the member. Premiums paid by the insured members are eligible for tax rebates (section 80C of the Income Tax Act, 1961) and benefits are exempted from income-tax in the hands of beneficiaries (section 10(10D) of Income Tax Act, 1961). Tax benefits are subject to change in tax laws from time to time. Prevailing benefits would be applicable as per the prevailing laws. Please consult your tax advisor for details.

1 Year renewable

  • For Groups other than Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance: Rs. 5000 per member
  • For Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance: Rs. 362,000 per member.

Disclaimer Bank of India is a registered Corporate Agent (IRDAI registration no. CA0035) for Star Union Dai-ichi Life Insurance Company (SUD Life) and does not underwrite the risk or act as an insurer. Participation by the Bank’s customer in the Insurance products is purely on a voluntary basis. The contract of Insurance is between SUD Life and the Insured and not between Bank of India and the Insured. This policy is underwritten by SUD Life Insurance Company. For more details on risk factors, associated terms and conditions and exclusions please read sales brochure carefully before concluding a sale.