Group Provident Fund Insurance Scheme

Group Provident Fund Insurance Scheme provides life insurance coverage to the members of the provident fund scheme of an employer. The amount of coverage of each member depends upon his age and the amount of his provident fund balance at any time.

Young employees normally have short service to their credit and consequently their Provident Fund balance is also quite meager. In case of unfortunate death of such a person the provident fund amount is not adequate for meeting the financial needs of the family such as schooling of the children, their marriage expenses and housing accommodation. Group Provident Fund Insurance Scheme is specially designed to meet such an eventually since the benefits under the scheme are on a sliding scale.

The benefits under a typical scheme are as follows:-


 
Age Bracket Benefits
18 30 4 times the fund balance.
31 40 3 times the fund balance.
41 50 2 times the fund balance.
51 55 1 times the fund balance.
56 59 1/2 times the fund balance.
 

The younger employees enjoy a higher multiple of the fund balance since the average amount of their fund balance is smaller but their requirement for insurance is greater.

Kindly Email us to areamanager@statelifrareaoffice.com for further detail.

This Plan doesn't have any retirement benefits if you want to add retirement benefit go to Life Insurance Through Provident Fund and Salary Saving Scheme Page.
 
 
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