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Group Term Life Insurance

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  • Risk held letter issued in 48 hours.
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Group Term Life Insurance Advantage

Comprehensive Cover
Life cover with flexibility in choosing the plan, offer secure income in event of disability and flexibility to increase the amount of coverage at key stages of life like marriage and child birth.
Graded Cover
It is possible to have multiple sums assured in the policy. Coverage can vary by grade, designation, number of dependents, marital status, profile and salary.
Increase in Sum Assured
Policyholders can increase the sum assured of the members during the year due to salary hike, promotions or any other valid reasons, but the definition for the cover should not change for the group.
Fast Claim Settlement
Easy and prompt claim settlement within specified turn around time.

Why Claims Get Rejected?

Incorrect occupation disclosure

Under a group term life insurance policy, it is important to disclose exact nature of work. Since the risk varies considerably based on a person’s occupation, claims are rejected if information is found to be false at the time of claim.

Submitting incorrect personal information

It is necessary to reveal complete information to insurers. If customers hide any important facts or information like age, current medical conditions or existing policy details while submitting the form, then your claims are likely to be rejected.

Non-timely renewal

If customers do not renew their insurance on time then claims filed after the renewal date are rejected. We prevent this by sending timely renewal reminders.

How does Group Term Life Insurance work?
How to Get a Quote?

Fill your contact details in the form above and our team will share multiple quotes with you within 24 hours.

Documents Required to Get the Policy?

Following documents are needed to avail group term life insurance:


  • Proposal Form
  • Declaration Form
  • Reports as required by the Insurer
  • Any other Document as required by the insurer

Group term life insurance is a part of group insurance family, to check other group insurance policies check here.

How to file a Claim?

Only death claim can be filed under this insurance. Here is the list of documents that for filing claim under group term life insurance:


  • A. Death Claim in case of Death by Natural Causes
    • Claim Form
    • Original Death Certificate from competent authority
    • Hospitalization documents (Discharge summary, all investigation reports) if Life assured has taken treatment for illness leading to death
    • For Non-Employer–Employee groups following additional documents are needed:
      • Certificate of Insurance
      • Bank account details and know-your-customer (KYC) documents of the nominee
  • B. Death Claim in Case of Unnatural/Accidental Death (in addition to the documents above)
    • Copies of FIR (First Information Report, Final Investigation Report) attested by police officials
    • Copy of post-mortem report attested by police officials

Any additional documents as required by the insurance company.

Why SecureNow

Deep
Product Knowledge

We have specialized employee benefits underwriters and tie-ups with international experts.

Cost-effective
Insurance

We work with all insurers to get you the best options- both in terms of price and features.

Quick Turnaround

Cover notes are issued within hours of request. This documentation is sufficient for any contractual requirement.

Strong Claim Support

We manage all aspects of your claim - from preparing documentation to follow-up with the insurer.

Value Added
Services

We will advice you on risk management best practices.

Policy Administration
System (PAM)

See all your contracts and renewal information in one place. Place service requests on PAM.

PROPOSAL FORMS
CLAIM FORMS
POLICY WORDINGS
NETWORK HOSPITAL LIST

FAQs

The following entities can take group life insurance cover:
  • Employer & employee groups
  • Banks
  • Micro finance institutions
  • Non finance institutions
  • Other professional groups

In most cases, the premium amount is paid by the employer. At the same time the scheme can also be contributory, wherein the employee may also contribute to the amount.

The premium rate of group life term insurance is subject to change and is largely determined by size, aggregate sum assured, claim experience in previous year and the age of the members of the group.

Yes, new members can be added during the course of the year. Similarly, member who are no longer a part of the group can be deleted from the group.

The minimum age to enroll in to group life insurance scheme is 18 years.

The upper limit in group term life insurance policy is decided based on the retirement age of the particular group. Generally the retirement age is considered to be 60 but can go upto 70 years.

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