Description |
HRM Department HRM/ GLI-534/ 2023-24 Dat»:18.07.2023 | All Life Insurance Companies Registered on IRDA website as on 01.07.2023 Renewal of Group Life Insurance Policy for employees of Tamil Nadu Grama Bank from 07.09.2023 to 06.09.2024. Our existing Scheme of Group Life Insurance Policy for all Officers and Award Staff employees of our Bank covering natural/accidental death with Insurance Company will expire on 06.09.2023 and will be due for renewal for the period from 2023-2024 w.e.f 07.09.2023. 1. The main features as well as the operating guidelines of the Scheme for Group Life Insurance Policy are furnished as under; a) All Officers and Award Staff employees on the rolls of the Bank as on the date of commencement of the Policy i.e. 07.09.2023 will be covered. The insurance premium for the Group Life Insurance Policy will be borne by the Bank. b) Minimum & maximum age of the employees will be 18 years and 60 years respectively. c) Life Insurance coverage for death due to any reason (natural/accidental/suiddal) of the member employees will be effective immediately from the date of joining the Scheme. d) The member employees should be covered automatically without Individual good health certificate and claims should be settled accordingly. e) There will be retirements/recruitments and promotion from cadre to cadre/scale to scale during the insurance period and such employees will be excluded/included or upgraded to higher insurance coverage accordingly. The data will be shared on monthly basis with the Insurance Company. Any additional premium on account of upgradation of the member employee and also on recruitment will either be adjusted with the premium paid for retiring member employees or Bank will pay the premium on prorata basis for remaining period of insurance year, as the case may bo. f) In case of unfortunate death of the insured member employee, the insurance amount will be paid on submission of a claim form together with the death certificate. g) The payment will be made by the Insurance Company to Head Office, which in turn will credit the amount in the name of the claimant widow/widower/PF nominee/legal heir(s) of the deceased employee, as the case may be. |