Group Saving linked Insurance Scheme

 
  • On unfortunate death of an Executive for any reason whatsoever the insured amount of Rs.1,00,000/- will become due for payment.
  • In addition, the savings amount with interest standing to the credit of the deceased will be paid to the person nominated by the employee.
  • On cessation of service and on retirement the entire accumulated amount (saving portion) with interest standing to the credit of the employee , will be refunded.
  • Under this scheme,death claim of Rs. 11,00,000/- has been settled by LIC of India and the amount has been released in favour of the eligible legal heir of one deceased employee.