Group Term Life Insurance

Safeguard your employees' and their families' from financial downfall due to unfortunate deaths
Introduction

Group term life insurance policy refers to the insurance coverage that is provided to a group of people such as an employer-employee group. Group term life insurance offers financial independence to employees’ family in the event of an employees’ death. Group term life insurance has become a fundamental constituent in benefit packages presented to employees by employers across the world.

Advantages of Group Term Life insurance Policies

Group Health insurance has many advantages for both Employers and Employees.

For Employers

  • Funding Gratuity Liability: Group Term Life insurance helps employers in funding the gratuity liability towards each employee.
  • Returns on funds: Based on the chosen fund, employers can also earn returns , which proves to be economical by decreasing gratuity liability of the employer.
  • Life insurance cover: Some plans also offer life insurance cover to the employees along with gratuity benefits.

    For Employees

    • Protection of family: Employees’ family will be protected against all liabilities and will not financially break-down in case of death of an employee.
    • Protection of family’s financial interest: The death of an employee can cause huge financial distress to his/her family. Group Term Life policies can help in the protection of financial interest of employees’ families in case of his/her death.
    • No medical tests will be conducted unlike Individual Term Life policies.

    Basic coverage

    Group Term life has the following key features;.

      • All employees of the company right from age 18-64 years can be covered under GTLI.
      • One-year renewable plan.
      • Sum Assured paid to the nominee on an employee’s unfortunate death.
      • Minimum sum assured can be calculated based on Cadre or Annual CTC of employee based on employer’s requirement.
      • No benefits on maturity or surrender to the employee of the company.
      • Riders such as Critical illness rider and Double-Accident benefit rider can be added with additional premium.

      Riders:

      • Critical illness riders – Covers major illnesses like Cancer, Heart attack, Kidney failure, etc to a specified amount mentioned in the policy.
      • Accidental death benefit – Covers death by accident as an additional benefit.

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