Group Term Life Insurance

Helps companies secure their current financial state and builds strong financial foundation for employee families in case of unfortunate death

Financial Security for Your Team's Future
Corporate Term Life insurance products offer benefits to a group of people, often taken by Corporate, Institutional societies, co-operative societies etc. Group Life Insurance helps companies protect their finances and gives an employee's family financial support if something unfortunate happens to them. Additionally with other products such as Group Gratuity, EDLI, Corporates are able to maintain their other employee benefit related compliances with tax saving & investment options.
Permanent Total Disability Rider
Permanent Partial Disability Rider
Accidental Death Benefit Rider
Critical Illness Rider
What We can get you Covered Under Group Term Life Insurance?

Death Benefit Coverage

Employee legal beneficiary receives coverage amount in case of death of employee, providing financial security to the family.
Additional Benefits Available
Enhanced protection riders that can be added to the base policy

Permanent Total Disability Rider

Provides benefits if the employee becomes permanently and totally disabled, ensuring financial support during challenging times.

Permanent Partial Disability Rider

Covers partial disability scenarios, offering proportionate benefits based on the degree of disability sustained.

Accidental Death Benefit Rider

Provides additional coverage in case of death due to accidents, offering enhanced financial protection for families.

Critical Illness Rider

Offers coverage for specified critical illnesses, providing lump sum benefits upon diagnosis of covered conditions.

Key Features of Group Term Life Insurance
Coverage up to 5-10 times of Annual CTC
No medical examination required for standard coverage
Immediate coverage upon policy commencement
Family members can be included with additional premium
Tax benefits under Section 80C and Section 10(10D)
Portability options available with some insurers
What is Not Covered (Exclusions) Under Group Term Life Insurance?
Suicide within the first two years of policy commencement
Death due to self-inflicted injuries or intentional self-harm
Death while under the influence of alcohol or drugs
Death due to participation in illegal activities or criminal acts
Death due to war, terrorism, or nuclear contamination
Death while participating in hazardous sports or activities
Non-disclosure of material facts during policy application
Death occurring during the waiting period for certain conditions
Benefits under Group Term Life Insurance

Benefits for Employees:

Financial Protection

Provides financial security for the employee's family in case of untimely death.

Affordable Coverage

Generally more affordable than individual life insurance policies.

Peace of Mind

Employees have peace of mind knowing their loved ones are protected.

Benefits for Employers:

Enhanced Benefits Package

Improves the overall benefits package offered to employees.

Tax Advantages

Potential tax benefits for providing group life insurance.

Employee Satisfaction

Contributes to higher employee satisfaction and loyalty.

Compliance and Additional Benefits
How Group Term Life Insurance helps with employee benefit compliance

Group Gratuity Compliance

Helps maintain compliance with gratuity requirements alongside other employee benefits.

EDLI Compliance

Complements Employees' Deposit Linked Insurance for comprehensive employee protection.

Tax Saving Options

Provides tax-efficient investment and benefit options for both employers and employees.

Who can buy Group Term Life Insurance?
Corporate Organizations - Private and public companies of all sizes
Manufacturing Units - Industrial and production facilities
Institutional Societies - Educational and professional institutions
Co-operative Societies - Member-owned cooperative organizations
Government Organizations - Public sector undertakings and departments
Professional Associations - Trade unions and professional bodies
Why Choose Group Term Life Insurance?
Comprehensive life coverage for all group members and their families
Cost-effective group rates compared to individual life insurance policies
Quick and easy enrollment process without extensive medical examinations
Enhanced employee benefits package improving workplace satisfaction
Tax advantages for organizations providing life insurance benefits
Additional riders available for comprehensive protection
Coverage Amount Guidelines

Standard Coverage

You may easily choose to cover your members for up to 5 times of Annual CTC with any insurer.

Extended Coverage

Few insurers can provide extended coverage for up to 10 times of Annual CTC for higher protection.

Group Term Life Insurance FAQs
Common queries about Group Term Life Insurance

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