Voluntary Insurance Program
For those who pick things Smartly!
PRODUCTS AVAILABLE
✓ 100 percent customer paid
✓ Products can be launched within 5 days
✓ Financially strong Insurers recognized for service delivery & timely claim
pay-out
✓ Convenient, and seamless experience – saving valuable time
✓ Voluntary products Continue policy even after separation from
organization & the end to end program is governed & managed by Marsh
✓ No administration burden to client to manage enrolment process/Claims.
No Salary deductions as customer has to pay the premium by him/herself
✓ These Policies are issued in customer’s individual name. The
advantage of this being in customer name:
▪ It’s voluntary – customer can choose to buy or not buy & can also
decide the value of insurance cover as per his/her paying
capacity.
▪ There is no minimum enrolment requirement.
▪ The policy will continue as long as customer pays the premium
even if he/she exits the organization
✓ The premium will be paid directly by the customer online via net
banking/credit/debit card & thus customer can claim Tax benefit as
per Income Tax Act & Rules
Products Available - Retail
Term Life Insurance for Employee
Flexibility to select cover
of choice with riders
Guaranteed Payout to the
Family
1
2
Continuity of Policy even after
exit from company
Fixed premium for the entire
policy period
4
3
How will Retail Term Life Insurance help?
5
Service & Claim support
from Marsh
RETAIL TERM LIFE INSURANCE
Peace of Mind. Guaranteed
ICICI Prudential Life Insurance
Canara HSBC Life Insurance
Death due to COVID-19 is covered in all Products
Features
ICICI Pru iProtect Smart Term Plan
❑
Provide cover till the age of 99 Yrs.
❑
Waiver of Premium in event of accidental permanent
disability
❑
Option to add 34 critical ailments
❑
Smart Exit Option
❑
Inbuilt Free Terminal Illness rider up to Sum Assured
❑
Option to add accidental death cover
❑
Tax benefit under section 80(C) & 80(D)
Canara HSBC iSelect Smart360 Term Plan
❑
Provide cover till the age of 99Yrs.
❑
30% exclusive discount on the premium for the 1st year
❑
Waiver of Premium in event of accidental disability or
critical illness
❑
Special Exit Value
❑
Inbuilt Free Terminal Illness rider up to 2 Crore Sum
Assured.
❑
Option to add Spouse in the same policy
❑
Tax benefit under section 80(C) & 80(D)
Claim paid ratio- 97.8%
Claim paid ratio- 99.0%
Features ICICI Pru iProtect Smart Term Plan Canara HSBC iSelect Smart360 Term Plan
Minimum/Maximum Entry Age
18
-60 Yrs.
18
-65 Yrs.
Maximum
Maturity Age
99 Yrs.
99 Yrs.
Sum Assured
Minimum
– 50 Lacs
Maximum
– No Limit; subject to underwriting
Minimum
– 25 Lacs
Maximum
– No Limit; subject to underwriting
Premium payment Term
•
Regular Pay
•
Limited pay – 5,7, 10, Pay till 60 Yrs.
•
Single pay option
•
Regular Pay
•
Limited pay – 5/10/15/20 Years/Pay till 60 yrs.
•
Single pay option
Premium Payment Frequency
Yearly / Half Yearly / Quarterly / Monthly
Yearly / Half Yearly / Quarterly / Monthly
Summary
Sample premium rates for Male employees
ICICI Pru
Annual Premium Including GST
Age (in Yrs.) 50 Lacs 1 Crore
25
5,742 8956
30
6,155 9827
35
7,415 11,906
40
10,000 17,133
45
14,910 25,700
Notes :
1. Above Premium calculated for non-smoker, policy term of 10 years & lump sum payout.
2. Above premium details are without add-ons & inclusive of GST. The rates are as on date, subject to change as per Insurance company
Sample premium rates for Female employees
ICICI Pru
Annual Premium Including GST
Age (in Yrs.) 50 Lacs 1 Crore
25
5,648 8787
30
5,899 9376
35
6,832 10,876
40
8,728 14,896
45
12,935 21,737
Canara HSBC
Annual Premium Including GST
Age (in Yrs.) 50 Lacs 1 Crore
25
4774 7825
30
5104 8520
35
6246 10107
40
7361 13008
45
10257 19062
Canara HSBC
Annual Premium Including GST
Age (in Yrs.) 50 Lacs 1 Crore
25
4570 7478
30
4906 8097
35
5560 9154
40
6692 11267
45
8518 15430
Points To Remember
1. There is no change in premium with increasing age. Early you buy the better.
2. All types of death is covered under term insurance and suicide cover after one year.
3. This is a non-linked non participating (without profits) pure term insurance plan with life
insurance coverage
4. There is no maturity, no surrender value or paid –up value available
5. Medical test depends on age, sum insured and medical declaration. Policy issuance will be
subject to medical underwriting.
6. You get a grace period of 30 days for annual premium payment or 15 days for monthly
premium payment from the premium due date to pay your missed premium.
7
Ready To Buy Or Need More Details?
In case of queries or support to buy the policy, please write to:
Abhay[email protected] & you will be assisted within 48 working
hours
8
Step 1: Click HERE to get a quote
Step 2: Enter Basic details – Age,
Gender, Family members, select
sum insured
Step 5: Receive Policy once issued by
Insurance company
Step 3: Fill the proposal form & make
online payment
Step 4: Insurer will conduct medical
test
PLEASE NOTE:
• Enrolment for Voluntary Retail Insurance is available for all
employees.
• Premium is to be borne by the employee and paid online to the
insurance company directly through Credit card, debit card, Net
banking options.
• Retail Policies will continue as long as employee pays the premium
even if he/she exits the organization.
• Employee can choose policy, sum insured, riders etc. as per their
choice.
• Policies will be issued based on the underwriting decision of the
insurance company. Additional details like previous medical
reports, medical history etc. may be requested.
• Premium paid is eligible for tax benefit as per prevailing income
tax regime.
Canara HSBC
ICICI-PRU
Step 1: Click on excel sheet, fill
all the details
Step 2: Send it to Abhay.singh
@marsh.com along with PAN,
Aadhar, Passport size photo, 6
months bank statement with last 3
month’s salary slip
Step 3: You will receive payment link
from insurance company. Make
online payment
Step 4: Insurer will conduct medical
test
Step 5: Receive Policy once issued by
Insurance company
MARSH EMPLOYEE HEALTH & BENEFITS
Pre – Policy Medical Check Up And Policy Issuance Process
Proposal form filled Completely and payment done by
Employee
Employee will receive call from the Insurance company for
confirmation of medical test. Insurance company will arrange
medical test in near vicinity of insured person.
Medical test cost will bear by insurance company
Once medical test is done within 7-10 working days Insurance
company will do underwriting of proposal and let us know their
final decision on the basis of medical underwriting
There can be there 3 outcome after medical underwriting
Insurance company
may accept the
proposal with
standard terms &
conditions
Insurance company
may increase the
premium(loading)
on the basis of risk
assessment
Insurance company
may decline the
proposal in case
they find adverse
finding in medical
reports
Insurance company will issue the
policy and share the soft copy with
customer on registered mail id
Insurance company will send the
loading amount link to customer and
issue the policy once the amount paid
by customer . If customer disagree to
pay loading amount then proposal will
cancelled by insurance company and
refund the amount within 10 working
days.
In case of rejection of proposal after
medical test Insurance company will
refund the amount within 10 working
days
Why Choose Marsh?
10
General Support : Marsh will help you in choosing the right
product, inform about the policy terms & conditions. Also help
in purchase process.
Renewals : We will connect with you via call/e-mail for
renewal of your policy. So that your policy is renewed on time.
Endorsements : We will assist you in case any
changes/rectification is required in policy.
Escalations & Complaints : Marsh will also handle your
escalations/complaints related to services or any other aspect
related to your policy.
Claims Assistance : We will guide you/your family through the
every step of the claim process. You will get contact details of
Marsh representative who will assist in event of claims.
