Life Insurance Coverage for L & T Employees Policy Name : Group Term Life Policy Scope of the Policy:

This policy covers S&E and Covenanted Cadre employees (excluding Trainees and FTCs) of L&T excepting L & T Construction Group employees Purpose of the Policy: To support the employees family in event of death while in employment Coverage of the policy: For Employees only between 18 to 69 years of age.

Policy Benefits Death covered either natural or accidental Employees above 60 years of age will be covered subject to medical checkup

Details of the Policy Policy limit is Rs 20 lakhs per employee Premium will be borne by the employee and the same will be deducted in equal installments @ Rs.111.24 per month through the monthly payroll. Policy Period is from 1st February 2014 to 31st December 2014 Premium will change every year based on claim ratio

This is a Group Insurance Policy covering Life of the Employees. The Employee needs to exercise his/her option on the link provided on SSC site (https://ssc.larsentoubro.com/). If any employee wishes to opt for this Insurance Scheme he /she needs to indicate by clicking on the page provided for accepting the contribution to the scheme

For further clarification please refer to FAQs

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FAQs For Group Term Life Insurance Policy

1. Please explain the Group Term Life Insurance Policy This Policy is a Life Insurance Policy which will cover Covenanted and S&E Employees between the age of 18 and 69 years. Employees above the age of 60 will be covered subject to medical check-up, cost for which will be borne by the Insurance Company This Insurance covers both Natural and Accidental death. 2. Please let me know the Policy Limit, Premium and Policy Period. The Group Term Life Insurance Policy is for Rs.20 lakhs per employee. The premium will be Rs.1335/- per annum and will be borne by the Employee. The Policy Period is from 1st February 2014 to 31st December 2014 and premium will be recovered on a monthly basis @ Rs. 111.24 per month effective January, 2014 3. Can I increase the limit beyond Rs. 20 Lakhs? Sorry, the limit is Rs.20 lakhs. 4. Can I include my family members under this Policy? Sorry, Only Employee is covered under this Policy 5. Will the Premium get changed every year? Yes. The annual premium will depend on the market trend and the claim ratio of Group. 6. How are the Claims to be lodged? Respective HR departments will co-ordinate with Corporate Insurance Team. 7. Can I enter into the scheme at a later date? Entry into the scheme is only once a year i.e. on the policy renewal date. In case of new employees, they can join the scheme within 30 days of joining the Company

8. Is there any Tax Benefit? Yes, Employee will be eligible for tax deduction under Section 80C on the premium paid for this Policy.

9. Is it compulsory for me to enroll under this Life Insurance Scheme? No. It is not compulsory. However, premium will be lower, as this Life Insurance is on a group cover basis. If you try to get a similar cover directly from other Insurance service providers the cost will be quite high

10. In the event, I resign/retire from the Company, what happens to the premium paid? Since the premium is deducted and paid to the Insurance Company on a monthly basis, no pro-rated refund of premium is possible. However, employee will get the benefit of insurance cover till the date he is in the service of the Company.

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