Group Term Insurance

  • Buy Group Term Insurance policy in India

Group term life insurance is a type of insurance coverage offered to a group of people. This coverage will  provide  a  benefit  to  the beneficiaries if  the  covered  individual  dies  during  the  defined  covered period.  As with other types of group benefits, group term insurance is comparatively cheaper than individual policy coverage.  For  this  reason,  group  term  life  insurance  is  often  a  key  component  in employee benefit packages. Whatever the business, it is the people who make it a success. Everybody requires some type of life insurance, especially when others depend on them financially. Group  Term  Insurance  Plan  (GTI)  meets  this  need  and  serves  as  an  ideal  way  for  employers  to reinforce  their  bond  with  their  employees.  Insurance manager offers Group term Insurance which provides life cover to the member, by paying a maximum benefit to the beneficiary in case of an unfortunate event.

Key Benefits

  • You can now provide life cover at competitive rates to your members – be it your employees or your customers or members
  • You have the flexibility to automatically secure the life of all your members or offer it as a voluntary scheme where your members may choose to participate.
  • On death of the Life Assured during the Policy term, the Sum Assured is payable

Features

  • Provides life cover to groups of people
  • One master policy covering all members of the group
  • Annually renewable term insurance plan
  • Addition and deletion of members anytime during the year
  • Sum assured payable to nominee on death of the covered member
  • Employees can be additionally covered by riders e.g. accidental/ critical illness / disability
  • Offers flexibility to cover the spouse of the member
  • Simplified –Enrolment process
  • Offers Cover for policies issued in lieu of Employees Deposit Linked Insurance (Amendment) Scheme 2014 (EDLI)
  • Easy claim settlement process enabling speedy & quick settlement.

Advantages

Benefits To employer

  • Life cover for all the group members under one policy.
  • Easy and hassle free financial help to the employee’s family, in case of an unfortunate event
  • Cost-effective method to buy a high cover at a low premium
  • GTI cover for future service gratuity liability
  • Serves as strong retention tool
  • Premiums paid by the employer is tax deductible u/s 37 (1) of the Income Tax Act, 1961
  • Simple procedures for addition and deletion of members in to the policy

Benefits To employee

  • Adequate financial support to loved ones against his accident, illness or untimely death
  • Convenience of no medical tests till free cover limits
  • Cover for housing or vehicle loans given by you to your employees
  • Premiums paid by the employer not treated as perquisite
  • Death benefits exempt from tax under Section 10(10D)

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