Group Term Insurance
Group term life plan is a type of protection coverage offered to a group of people. This coverage will provide a benefit to the beneficiaries if the covered individual dies during the defined covered period. As with other types of group benefits, group term plan is comparatively cheaper than individual policy coverage. Group term life plan is often a key component in employee benefit packages. Whatever the business, it is the people who make it a success. Everybody requires some type of life protection, especially when others depend on them financially Group Term Plan meets this need and serves as an ideal way for employers to reinforce their bond with their employees. Our company offers Group term plan which provides life cover to the member, by paying a maximum benefit to the beneficiary in case of an unfortunate event.
- Provides life cover at competitive rates to employees, customers or members.
- Flexibility to automatically secure the life of all your members or offer it as a voluntary scheme where your members may choose to participate.
- On the death of the life assured during the policy term, the sum assured is payable.
- Provides life cover to groups of people.
- One master policy covering all members of the group.
- Annually renewable term insurance plan.
- Addition and deletion of members anytime during the year.
- Sum assured payable to the nominee on death of the covered member.
- Employees can be additionally covered by riders e.g. accidental/ critical illness/ disability.
- Offers flexibility to cover the spouse of the member.
- Simplified enrolment process.
- Offers cover for policies issued in lieu of Employees Deposit Linked Insurance (Amendment) Scheme 2014 (EDLI).
- Easy claim settlement process enabling speedy & quick settlement.
- Life cover for all the group members under one policy.
- Easy and hassle-free financial help to the employee’s family, in case of an unfortunate event.
- A cost-effective method to buy a high cover at a low premium.
- GTI cover for future service gratuity liability.
- Serves as a strong retention tool.
- Premiums paid by the employer are tax deductible u/s 37 (1) of the Income Tax Act, 1961.
- Simple procedures for addition and deletion of members into the policy.
- Adequate financial support to loved ones against his accident, illness or untimely death.
- The convenience of no medical tests until free cover limits.
- Cover for housing or vehicle loans given by you to your employees.
- Premiums paid by the employer not treated as a perquisite.
- Death benefits exempt from tax under Section 10(10D).
Benefits to the employer
Benefits to the employee
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