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RULESGSLI FORM V LIFE INSURANCE CORPORATION OF DISCLAIM Former (CLAIMING BENEFITS PAYABLE UNDER THE GROUP SAVINGS LINKED INSURANCE SCHEME) (To be completed by the Grantees)1. Name of the Institution:2.
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Premium FAQ
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In case of death, the amount of assured as applicable to the groups to an employee belongs, will be payable along with the savaings and accumulated interest by LIC. In case of retirement, resignation, termination, etc., the savings accumulated, with interest, will be payable by LIC.
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The easiest way to file a Group Life insurance claim is to contact the group policyholder. This is generally the employer or association where the coverage was offered. They will be able to provide you with the information needed to ensure your claim is processed quickly and accurately.
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Then your insurer will ask you to submit the following documents: Duly filled claim form. Final hospital bill (Original copy) Doctor's prescription recommending admission to a hospital. Discharge card by hospital. Medical bills. Prescription supporting medical bills. Surgical implant invoice, if any.
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Group life insurance plans provide affordable insurance cover to each member covered in the group. Compared to having individual life insurance plans, group life insurance policy is cost-effective and provides a default life cover to the employees, often as an incentive.
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Because an insurance provider can spread their risk across a pool of policyholders participating in the group plan, costs are typically lower than other types of health insurance policies. This is considered to be the biggest advantage of group health insurance.
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Group life insurance can be a nice perk of your job, especially if it's free. However, in most cases, employer-provided policies are relatively small compared to what you're likely to need overall in terms of life insurance, so you probably won't want to rely solely on it to cover you in case the worst happens.
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What Is the Purpose of Group Life Insurance? Group life insurance is a common employee benefit that provides a death benefit to the insured's beneficiaries if they die while part of the organization. The purpose is to provide financial support to the families of such employees.
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