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Group Term Life Insurance

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  • Covers death by any cause
  • Get quotes from leading insurers such as Birla Sun Life, ICICI Prudential , Bajaj Allianz and DHFL Pramerica
  • Accidental Death, Disability and Critical Illness riders available
  • Risk held letter issued in 48 hours.
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Advantages of Group Term Life Insurance

Comprehensive Cover
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
Graded Sum Insured
Options to cover multiple sum insureds under our group term insurance plan. Coverages can vary by grade, designation, number of employees, gender, profile of work, industry, salary and retirement age
Increase in Sum Assured
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
Fast Claim Settlement
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

  • 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.
  • Free cover limit benefit is of great value because no medical tests are required if the sum assured is below this limit.
  • Single policy start date for all the employees which makes it easy for the HR team to manage insurances for employees.

Advantages for Employers

  • Group term life insurance plan can help maintain healthy retention ratio for the employer. It can also play an important in attracting new talent to the company.
  • 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)

FAQs

A group term life insurance plan, which is a one year policy, primarily covers death of the insured. It provides a per-decided sum insured as a compensation to the beneficiary of the insured in case of unfortunate event of death. Our group life insurance plan also provides various multiple benefits in the policy in the form of riders.

A free cover limit is a sum insured limit, below which an insured is not required to submit any medical questionnaire and also need not to go through any medical underwriting. Hence, it becomes one of the major differentiators when compared to individual term plan as after a certain age, medical underwriting is mandatory in an individual term plan.

A group term life insurance plan provides multiple additional benefits to the insured along with death coverage which can be introduced in a policy by paying an additional premium. Following are the add-ons :-
  • Permanent Total Disability Rider
  • Permanent Partial Disability Rider
  • Accidental Death Benefit Rider
  • Critical Illness Rider

There is no exclusion in the group term life insurance policy in terms of type of death. All kinds of death are covered under the policy. Exclusion such as suicide which are not covered or if covered are covered after one year in an individual term plan, is covered from day 1 in this policy. Having no major exclusions,makes group term a superior plan in comparison to individual term.

Claims Process for this policy is very straightforward and hassle free. Foremost thing is to intimate the claim to us within the maximum allowed time in case of arising of any claim. Then you would need to timely submit all the required claim documents to us mentioned in your policy documents. After submission of documents, our claim team will submit the same documents after reviewing to the insurance company. Our team will follow up with the insurer until the claim gets closed.

As there are no exclusions in a group term policy, most of claims generally get processed without much of a hassle. Although, it is still recommended to be transparent and declare all the information correctly to the insurer while buying and aswell as during the claim. Major reasons for rejection of claims in life insurance is the discrepancy between the information arises after the claim and information provided before buying the policy. Hence, it is important to declare all the information during buying of the policy.

Documents required to file a death claim under this policy is as follows:-
  • Natural death:- Claim Form, Original Death Certificate and Hospitalization Report , any other document as required by insurance company
  • Accidental Death (in addition to the documents above) :- Copies of FIR and Post-mortem report, any other document as required by insurance company. Above is a standard list, insurer might request for more documents depending upon the type of claim

The claim amount in the group term life insurance goes to the person nominated by the insured during buying of the policy. The nominated person has to be an immediate family member such as children, spouse, parents. During the claim, a relationship proof needs to be provided to the insurance company in order for them to verify the relation and transfer the claim amount.

Premium for a group life policy depends upon various factors such as age, gender,designation, salary, free cover limit and the limit of sum insured. Premium for death cover is computed by multiplying the total sum insured by the rate(per thousand) quoted by the respective insurer. To include add-ons, respective premium of add-ons also has to be loaded on base premium.

Companies with dynamic and ongoing hiring can add new hires easily by a process called endorsement in the group life policy. Employer will have to just pay the pro-rata premium i.e premium proportional to the number of days left in the policy from the date of joining. It is also required by an employer to maintain an advance balance with the insurance company in order to cover newly added employees from day 1 of their joining.

Group term life insurance policy is bought in the name of the companies for it's employees. To start the coverage for GTL below is the standard list of documents required :-
  • Filled & signed proposal form
  • Premium cheque in favor of the respective insurer
  • Filled & signed declaration form
  • Any other document as required by the insurer

There are few additional benefits available under a group term life insurance policy such as accidental death benefit rider, permanent disability rider, total or partial, both and critical illness rider. Insurance companies charges the premium differently as per the rider type. Critical illness rider is the costliest of all the riders due to the high probability of occurrence and disability & accidental death riders are cheaper to add.

A group term life insurance plan is provided to cover members of a certain group, subject to the group qualifies the basic criteria of a group as per IRDA. Below are the few groups types who can take a group term for their members :
  • Employer-employee groups
  • Non employer- employee groups
  • Professional groups
  • Banks
  • Non-banking financial institutions
  • Micro finance institutions

The premium payable by employer under an group term life insurance plan is treated as a business expenses and so is subject to tax deductions. It just not only benefits the employer but also benefits employees as the claim amount paid under this scheme is exempted from income tax under sec 10(10 D) of the Income Tax Act, 1962

Claim would be paid under the group life insurance policy aswell as under his personal insurance, subject to no exclusions and other condition in his/her policy . Under group term, sum paid would be only upto the sum insured declared during the enrollment for the policy. Assuming it is a legit claim then family would get claim from both the policies.

No, linking of one's loan is not available under group term life policy. This is an additional benefit provided by the employer in order to safeguard and provide financial support to the family in case of unfortunate demise of any of it's employee. Having said that, in case of demise the family can use the claim amount to pay the outstanding loans, if any.

Insuropedia

What affects the Premium of Group Term Life Policies?

A Group term policy is purchased by an organization, to cover a minimum number (group) of employees. The very nature of this policy affects the premium amount. An employer usually chooses to cover all insured members under the same risk and therefore, pays a lump sum premium to the insurance company. It means
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Why Premiums Are Lower in Group Term Policy Than Individual Term Policies?

The premiums for the group term policies are dependent on various factors, like number of people insured in the group, the average sum insured per person, average age of the group members, occupational risk of the group, etc. Insurance premium consist of three components: Risk Premium Loading for Office Expenses Investment
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How to decide coverage under the Group Life Insurance Policy?

The employer can choose different benefit calculations to determine the amount of coverage for the employees. For group insurance contract, employees are assigned to different classes and schedule of benefits are attached to different classes that determine the amount of coverage that will be provided to the employee of each
Read More

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Blogs

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