Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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The premium per thousand at scheme level, class of member wise, for uniform cover or graded cover is quoted to the master policy holder for mortality/morbidity cover.
In case of death of the member, the claim payout is made to the nominee or to the master policyholder who handovers the claim amount to the nominee.
In Group Savings Linked Insurnce (GSLI), the quote is given for mortability/morbidity cover.
The members of a group scheme have the option to convert under certain restrictions, their group life cover into an individual whole of life or endownment policy.
The evidence of insuranbility is not required at the time of conversion and the premium rates on the converted policies are based on the insurers standard attained rates for the plan of insurance being converted to.
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