Group Term Insurance
Protect all your employees from medical emergencies
A Group Term Life Plan provides affordable life coverage for employees, ensuring financial security for their families in case of unforeseen events. It’s a valuable addition to employee benefits, reinforcing the employer-employee bond.
Key Benefits
- Accidental & Natural Death
- Cover Double Accident Benefit
- Terminal Illness Cover
Other Group Life Products
- Employee Deposit Life Insurance
- Superannuation & Gratuity
- Leave Encashment
Health Cover Up
to ₹50 Lacs
What is Group Term Insurance?
Group Term Insurance to cover life insurance protection against accident, illness, or untimely death. Under Group Term Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence.
Why do you need Group Term Insurance?
Comprehensive Life Protection
Securing your employees’ futures with life coverage during the policy term.
Affordable Group Coverage
Cost-effective life insurance benefits for all your employees.
Strengthen Employee Loyalty
Build stronger bonds by providing financial security to employees & their families.
Financial Support for Families
Ensure peace of mind by protecting employees’ dependents during uncertain times.
Why choose Insurance Manager to protect your business?
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Comprehensive Protection for Your Workforce
Ensure employee well-being with complete health insurance coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Cost-Effective Group Insurance Plans
Affordable plans with benefits like maternity, critical illness, and dependent coverage.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Peace of Mind for Employers and Employees
Reduce financial stress with cashless claims and reimbursement options.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
Boost Employee Productivity and Retention
Build loyalty and motivation by easing economic and mental burdens.
What are the Features and Advantages of
Group Term Insurance?
Features
Comprehensive Group Coverage
Life insurance for all group members under a single master policy.
Annual Renewal
Flexible, annually renewable term insurance plan for ease of management.
Member Flexibility
Add or remove members anytime during the policy term.
Assured Financial Security
Guaranteed sum assured paid to nominees in case of a member's demise.
Enhanced Protection with Riders
Additional coverage options like accidental, critical illness, or disability riders.
Family Inclusion
Flexible and convenient option to extend coverage to the member's spouse.
Simplified Processes
Easy enrolment and quick claim settlement for hassle-free management.
Compliance with EDLI Scheme
Coverage aligned with EDLI (Amendment) Scheme 2014 for employee benefits.
- In-patient treatment 24 hours a day
- Pre-existing disease
- Pre and Post hospitalization
- Domiciliary hospitalization expenses
- Reimbursement of cost of health check-up
- All day care procedure
- Family floater to covers member’s immediate family such as a spouse, dependent children, dependent parents, etc.
- Maternity benefits
- Dental treatment
- Cost of spectacles, contact lenses
- Waiver of waiting period
- Waiver of first-year exclusions
- Reimbursement of ambulance costs
- Baby day one care
- Vaccination benefits
- Increased room rent limits
- Corporate buffer
- Out-patient treatment (OPD Card)
- Root canal surgery
- In-hospitalization expenses due to sickness or accidents
- Room and boarding expenses as provided by the hospital/nursing home.
- Nursing expenses.
- Surgeon, anesthetist, medical practitioner, consultants or specialist fees.
- Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, medicines and drugs, diagnostic materials and X-Ray, dialysis or chemotherapy.
Advantages
Comprehensive Group Coverage
Life cover for all employees under a single, easy-to-manage policy.
Cost-Effective Protection
High coverage at low premiums, reducing financial burden on the employer.
Future Gratuity Liability Coverage
Helps manage future service gratuity obligations efficiently.
Retention and Loyalty Tool
Strengthens employer-employee relationships, boosting employee retention.
Financial Assistance in Crisis
Provides quick & hassle-free support to an employee's family in unforeseen events.
Tax Benefits for Employers
Premiums paid are tax-deductible under Section 37(1) of the Income Tax Act.
Financial Security for Loved Ones
Offers protection against accidents, illness, or untimely death with tax-free death benefits.
Convenient Enrollment Process
No medical tests up to free cover limits and seamless policy inclusion for housing or vehicle loans.
- If the appropriate waiver is not opted for, then the policy will not cover
- Treatment of pre-existing illnesses.
- Any treatment for illnesses/diseases within the first 30 days of the policy, unless it is an accident.
- Treatment of specified illnesses for the first year of the policy.
- Certain diseases like hernia, cataract, piles, sinusitis, etc are excluded during the first year of operation in the cover.
- Any claim arising out of or traceable to pregnancy.
- Ayurvedic, homeopathy, naturopathy or any other form of local medication.
- Alcoholism, drug abuse, and AIDS.
- Dental treatment or surgery unless it requires hospitalization.
- Cost of spectacles.
- Vaccination and inoculation.
- Cosmetic treatment.
Your Journey to Insurance Manager
When can I Claim?
A claim under Group Term Insurance can be registered in the below circumstances:
- Death of the Insured Member: The benefit can be claimed if the insured member passes away during the coverage period.
- Accidental Death: If the insured member dies due to an accident, the beneficiary can claim the benefit under the plan.
- Natural Causes: The policy covers deaths due to natural causes, such as illness or aging, during the covered period.
Claim what’s yours with Insurance Manager
Have more questions?
Submission
Assessment