{"id":2441,"date":"2016-03-05T08:31:58","date_gmt":"2016-03-05T08:31:58","guid":{"rendered":"http:\/\/securenow.in\/blog\/?p=2441"},"modified":"2026-02-08T09:16:26","modified_gmt":"2026-02-08T09:16:26","slug":"few-insurers-give-group-term-cover-even-for-10-employees","status":"publish","type":"post","link":"https:\/\/securenow.in\/insuropedia\/few-insurers-give-group-term-cover-even-for-10-employees\/","title":{"rendered":"Few insurers give group term cover even for 10 employees"},"content":{"rendered":"
<\/div>

Published in Mint on, Dec 04 2012, Written by Kapil Mehta<\/em>
\nMy adviser has asked me to purchase a keyman insurance. What are the benefits?
\n\u2014Singh<\/strong>
\nKeyman is a term insurance that is purchased by a company on the life of its key personnel. If the key person dies, the death benefit is paid to the company. If you are a majority shareholder in the company, then purchasing keyman has several advantages. First, the entire premium is treated as an expense and is tax deductible. Second, the sum assured is linked to the company\u2019s profitability and can be much higher than what you may be able to take in an individual capacity. Some insurance companies restrict keyman insurance<\/a> for personnel having less than 75% shareholding.
\nI am 29 years old and have no dependants. But I want to buy a term insurance<\/a> before I turn 30 as the premiums will go up after that. How do I buy online?
\n\u2014Dharma<\/strong>
\nIt is an excellent idea to purchase term insurance early. The prices are low and you are well covered for the future when you may have dependants. A few companies will offer online plans that cost less than Rs.8,000 per year for a 30-year cover of Rs.1 crore. In comparison, the offline term cover will cost 50% more.
\nThe price difference between age 29 and 30 is small, so do not worry about that. It is more important to do your research thoroughly. Visit a good insurance information site that provide quote comparisons across insurers and, if required, help you through the purchase process.
\nI have a small company with 20 people. I want a group term life insurance for my employees. Please advise.
\n\u2014Manish<\/strong>
\nMost insurers provide group term life cover<\/a> if the employee base is 50 or higher. However, a few insurers offer this even for groups as small as 10 people. Ask your insurance adviser to identify these companies and get you premium quotes.
\n
\nThe government may increase foreign direct investment (FDI) in insurance. Should I wait for that before purchasing a plan?
\n\u2014Astha<\/strong>
\nThere will be a little short- to medium-term impact of an FDI increase on insurance products. So do not hold up an insurance purchase. Ensure that you purchase term insurance first. Term insurance rates in the market are already low and may not drop materially with new entrants or FDI hikes.
\nI want to get a Rs.5 lakh cover for my driver. What documentation is required?
\n\u2014Mathew<\/strong>
\nSeveral companies will offer this amount of cover to your driver. You will need to provide age and address proofs, which could be the driver\u2019s licence, along with an income proof. The income proof could be a letter from you stating the salary you pay him or a copy of the driver\u2019s bank statement.<\/p>\n

About The Author<\/b><\/h4>\n

Himanshi<\/strong><\/p>\n

MBA Insurance Management<\/span><\/p>\n

With over 8 years of dedicated experience in the insurance industry, <\/span>Himanshi <\/span>has established herself as a leading expert in group insurance. As a prolific writer for SecureNow, she produces informative and engaging blogs and articles that shed light on the intricacies of group insurance, helping businesses and individuals make informed decisions about their coverage options. Throughout their career, <\/span>Himanshi<\/span> has developed a deep understanding of various aspects of group insurance, including employee benefits, policy selection, and risk management. Their expertise allows them to translate complex insurance concepts into clear, actionable insights, making their content an essential resource for readers looking to navigate the world.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Published in Mint on, Dec 04 2012, Written by Kapil Mehta My adviser has asked me to purchase a keyman insurance. What are the benefits? \u2014Singh Keyman is a term insurance that is purchased by a company on the life of its key personnel. If the key person dies, the death benefit is paid to […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_lmt_disableupdate":"no","_lmt_disable":"no","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[389],"tags":[],"class_list":["post-2441","post","type-post","status-publish","format-standard","hentry","category-group-insurance"],"acf":[],"modified_by":"SecureNow","_links":{"self":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/comments?post=2441"}],"version-history":[{"count":5,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2441\/revisions"}],"predecessor-version":[{"id":31825,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/posts\/2441\/revisions\/31825"}],"wp:attachment":[{"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/media?parent=2441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/categories?post=2441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/securenow.in\/insuropedia\/wp-json\/wp\/v2\/tags?post=2441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}