Group Term Life Insurance

Enhance your team's wellbeing by ensuring comprehensive care
from routine visits to specialized treatments

2 lakhs

Lorem, ipsum.

3 lakhs +

lorem

Get Quote

  Yes  No

What Is Group Term Life Insurance?

Group Term Life Insurance is a type of term insurance in which a single contract is issued to cover multiple people. The most common type of group is a company, where the contract is issued to the employer, who then provides coverage to employees as a benefit.

Employee benefit packages frequently include Group Term Life Insurance. Many employers offer a basic level of group coverage at no cost, as well as the option to purchase supplemental coverage and coverage for employees' spouses and children.

When compared to individual life insurance, Group Term Life Insurance is less expensive. As a result, participation is extremely high.Group Term Life Insurance pays a death benefit to your designated beneficiary if you die while the policy is in force.

Why Buy A Group Term Life Insurance Policy?

  1. This plan is financially suitable and appealing to employees because there is no waiting period, no pre-health checkups, and so on.
  2. Employees' dependents, such as their spouse, children, and dependent parents, are financially protected under group health insurance policies.
  3. It makes employees feel valued at work, which encourages them to work hard for a company that cares about them and their financial needs.
  4. This increases employee motivation and helps the company retain a hardworking group of employees.
  5. Offering a group health insurance policy with additional benefits can increase goodwill and attract talent.
  6. Simple Administration: Group policies are usually easier to manage than individual policies. Enrollment processes are straightforward, and there are fewer formalities involved
  7. Tax Benefits: Both employers and employees can enjoy tax benefits. Premiums paid by the employer are typically tax-deductible as a business expense.
  8. No Medical Exams Required: Often, Group Term Life Insurance doesn't require medical exams, which can be a hurdle in individual insurance applications. This makes the process quicker and less invasive for employees.

Advantages of Group Term Life Insurance

Tax Advantages

Purchasing health insurance for employees provides the company with tax advantages.

Customizable Plans

A group health insurance policy is always adaptable to the size and needs of your organization.

Employee Retention

Group health insurance for employees ensures financial security during medical emergencies, fostering job satisfaction and productivity

No Pre- Medical Checkups

Health insurance covers maternity, newborn care, air ambulance, bariatric surgery, hospital cash, and more, with automatic restoration of the sum insured.

What does Group Term Life Insurance Cover?

Unintentional Death

The sum insured under group personal accident insurance for employees will be paid to the deceased's nominee. If an insured's family member dies as a result of an injury, the family member receives compensation.

Transportation Charges

Group Personal Accidental Insurance Policy covers transportation (ambulance) costs. In the event of accidental death outside the residence disability, a lump sum of 2% of the capital insured will be paid for transportation.

Disability

  1. Total and Permanent Disability: Payment of the entire sum insured in the event of permanent total disability.
  2. Partially Permanent Disability: In the event of permanent partial disability, a specified percentage of the sum insured will be paid.

Documents required for Group Term Life Insurance

The following is a list of documents required to buy Group Personal Accident Insurance:

documents image

For Fresh Policy

  • Names of all the Employees
  • Covid status
  • Employee Id
  • Vaccination information
  • Employees' CTC
  • Gender
  • Designation
  • date of Birth
  • Grade
  • Date Of Joining

For Renewals

  • Active employee data (name, age, gender) with proof
  • Claim analysis report
  • Claim dump report from the insurer/TPA
  • Policy copy
  • Insurance Companies Offering Group Health Insurance Policy