Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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Group savings variable insurance products: The minimum size of the group shall be at least 20 and the maximum size of the group shall not exceed 5000. The term of the product shall be atleast 5 years.
The insurer, under an agreement with the group policyholder, may leverage on the existing infrastructure, if any, for better administration of the scheme with respect to the following services: Data management, Collection of premium, Issuance of Certificate of Insurance and Claims settlement.
Linked Insurance products shall be offered only under non-par individual products and non-par fund based group products in any of the following manner: Unit Linked Products and Variable linked Products.
A unit linked policy may only offer the following death benefits: The sum assured as agreed in the policy plus the balance in the unit fund or; Higher of the sum assured as agreed in the policy or the balance in the unit fund.
The grace period for payment of the premium for all types of linked insurance policies, except single premium policies shall be: Fifteen days, where the policyholder pays the premium on a monthly basis; Thirty days, in all other cases.
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