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Group Term Life Insurance

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Advantages of Group Term Life Insurance

Group term life insurance covers death benefit and also provides options to cover additional riders such as permanent disability (total and partial) and critical illness at an additional premium
Options to cover multiple sum insureds under our group term insurance plan. Coverages can vary by grade, designation, number of employees, gender, the profile of work, industry, salary and retirement age
Option to increase the sum insured under group term policy during the year due to salary hike, promotions or other reasonable reasons, without changing the definition for the cover for the group
Easy and prompt claim settlement within specified turn around times. All aspects related to claims such as faster communication, timely submission of claim documents to insurers are handled by experts centrally

Benefits of a Group Term Life Insurance

Better Coverages Offered
The primary benefit is to cover any kind of death of the insured person. A pre-decided sum insured is paid to the beneficiary as a compensation. It also offers add-on covers for accidental death, disabilities, and critical illnesses.
The free cover limit benefit is of great value because no medical tests are required if the sum assured is below this limit.
The single policy start date for all the employees which makes it easy for the HR team to manage insurances for employees.

Advantages for Employers
A group term life insurance plan can help maintain a healthy retention ratio for the employer. It can also play an important in attracting new talent to the company.
A cost-effective way of purchasing a valuable health benefit. The rates are more economical than individual term plans.
Tax benefits for employers as the premium is a business expense.

Advantages for Employees
Higher financial security for families of employees in case of their demise. Cost-effectiveness makes this policy a must-have for employees.
No medical examination for employees upto the free cover limit. This makes issuance simple.
Death benefits payable to the beneficiary under a group term life insurance are exempted from tax under Section10(10D)