Group Savings Linked Insurance Scheme :
This scheme provides both death and savings benefit. It normally requires the group to consist of at least 50 members. The scheme is administered through the employer, with the first charge on salary for life insurance cover. The balance in this account is utilized for earning interest. The premium for providing risk cover is based on the age distribution of members of the group and balance amount of the premium after deducting for risk cover is used for savings (endowment).
This scheme provides both death and savings benefit. It normally requires the group to consist of at least 50 members. The scheme is administered through the employer, with the first charge on salary for life insurance cover. The balance in this account is utilized for earning interest. The premium for providing risk cover is based on the age distribution of members of the group and balance amount of the premium after deducting for risk cover is used for savings (endowment).
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