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.
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
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.
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)
We work on your behalf to get you the best rates. Fill the from below to here from us