One-stop shop for employee-benefit solutions

HDFC Standard Life has the most comprehensive list of products for
progressivee m p l o y e r s w h o w i s h t o p r o v i d e t h e b e s t a n d m o s t
i n n o v a t i v e e m p l o y e e b e n e f i t s o l u t i o n s t o t h e i r e m p l o y e e s . We
o f f e r d i f f e r e n t p r o d u c t s f o r d i f f e r e n t n e e d s o f employers ranging
from term insurance plans for pure protection to voluntary plans such as
superannuation and leave encashment.We now offer the following group products
to our esteemed corporate clients:

Group Term Insurance

Group Variable Term Insurance

Group Unit-Linked PlanA n i n v e s t m e n t s o l u t i o n t h a t p r o v i d e s f u n d i n g

v e h i c l e t o m a n a g e c o r p u s e s w i t h Gratuity, D e f i n e d B e n e f i t o r
D e f i n e d C o n t r i b u t i o n Superannuationor Leave Encashmentschemes of your
companyAlso suitable for other employee benefit schemes such as salary saving
schemes andwealth management schemes
Social ProductDevelopment insurance plan
Development Insurance plan is an insurance plan which provides
l i f e c o v e r t o m e m b e r s o f a D e v e l o p m e n t Ag e n c y f o r a t e r m o f o n e
y e a r. O n t h e d e a t h o f a n y member of the group insured during the
year of cover, a lump sum is paid to those member beneficiaries to help meet
some of the immediate financial needs followingtheir loss.
Eligibility

Members of the development agency and their spouses with:

Minimum age at the start of the policy 18 years last birthday

Maximum age at the start of policy 50 years last birthday

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Employees of the Development Agency are not eligible to join the group. The
groupto be covered is only eligible if it contains more than 500 members.
Premium Payments
The premium to be paid will be quoted per member in the group and will be the
samefor all members of the group.The premium can only be paid by the
Development Agency as a single lump sum thati n c l u d e s a l l p r e m i u m s f o r
t h e g r o u p t o b e c o v e r e d . C o v e r w i l l n o t s t a r t u n t i l t h e premium and
all the member information in our specified format has been receivedThe premium
rate is Rs. 25 per Rs. 10,000 of lump sum, per member.
Benefits
On the death of each member covered by the policy during the year of cover a
lumpsum equal to the sum assured will be paid to their beneficiaries or legal heirs.
Wherethe death is as a result of an accident, an additional lump sum will
be paid equal tohalf the sum assured. There are no benefits paid at the
end of the year of cover andthere is no surrender value available at any time.
The role of the Development Agency
Due to the nature of the groups covered, HDFC Standard Life will be passing
certainadministrative tasks onto the Development Agency. By passing on
these tasks the premium charged can be lower. These tasks would include:

Submission of member data in a specified computer format

Collection of premiums from group members

Recording changes in the details of group members

Disbursement of claim payments and the mortality rebate (if any) to

groupmembers.These tasks would be in addition to the usual duties of a
policyholder such as:

Payment of premiums

Reporting of claims

Keeping policy holder information up to date

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Training and support will be available to give guidance on how to

completethe tasks appropriately.Since these additional tasks will impose a
burden on the Development Agency, the Development Agency may charge a
Rs. 10 administration fee to their members.
Prohibition of rebates
Section 41 of the Insurance Act, 1938 states No person shall allow or offer to
allow, either directly or indirectly, as an inducementto any person to take out or
renew or continue an insurance in respect of any kind of r i s k r e l a t i n g t o l i v e s
or property in India, any rebate of the whole or part of
t h e commission payable or any rebate of the premium shown on the policy, nor
shall any person taking out or renewing or continuing a policy accept any rebate,
except suchrebate as may be allowed in accordance with the published prospectus
or tables of theinsurer If any person fails to comply with sub regulation (previous
point) above, he shall beliable to payment of a fine which may extend to rupees
five hundred

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