Group Term Life Insurance

 About Group Life Insurance (GTL)

In this age of competition where technology and systems are available to every organization, it’s the people that differentiate the good from the great. Your organization has people – Your customers as well as your employees – that are of immense value to you. One of their prime concerns is the security and safety of their families. Being an organization of repute you would like to share this responsibility by providing them with a solution that meets their need.

Never compromise on the dreams of your employee’s family and children. If you believe in this, you must make your employees believe in the same too. We offer protection cover for your employees to ensure that their families are financially well secured in the event of unforeseen and unfortunate circumstances.

Consistent lifestyle and financial security for self and family is what we all aspire for. But, how do we ensure both in a life that is so uncertain? Children’s education, family’s health, personal loans and much more – we need to ensure that our family is not deprived of anything even in our absence. Group Term Life, a non-linked non-participating yearly renewable group term product, allows you to plan ahead and secure the future of our loved ones.

We provides life cover to the member, by paying a lump sum benefit to the beneficiary in case of an unfortunate event. There is also an option available for the member to opt for additional voluntary life cover for self and spouse. There is also a range of riders available to cover other risks like disability, dismemberment, illness, family benefit and functional impairment. It is an ideal solution that provides security to the families of your members in case of an adversity.

Group Term Life plan is an offering to both Employer-Employee groups and non-employer – employee groups, which include microfinance institutions, non-banking financial institutions, banks and other professional groups. The plan provides for a lump sum benefit (Sum Assured) at an affordable cost in the event of death of a member. The plan is offered through a single master policy issued to the group administrator.

 

Eligibility Details

Minimum group size: 50

Maximum group size: No Limit

Minimum premium: Rs. 10,000 at policy level

Minimum sum assured: Rs. 5,000 at member level

Maximum sum Assured: No Limit.

Minimum / Maximum age at entry: 18 to 84 years (age last birthday or As per scheme rules whichever is lower)

Maximum age at policy expiry: 85 years (age last birthday)

Policy term: 1 year (Annually Renewable)

Benefits payable:  Multiples of salary.

Policy Payment Mode: Annual / Half-yearly / Quarterly / Monthly

Premium Modal Factor: 100% / 51% / 26% / 8.75% respectively.

Group term life insurance plans “Great Advantages” Key Features

• One of the affordable life insurance product

• It offers a cover with no or limited medical examination

• Simple enrolment: Easy to fill enrolment form, no extra documents

• Easy premium payment

• Ease of administration through simple documentation process

• Simple and faster claim processing

• Coverage 24-hours-a-day, 7-days-a-week, anywhere in the world

• Death benefits & administration process can be customized to meet your requirement

• Worldwide insurance coverage.

• Voluntary cover for employees’ spouses.

• Comprehensive coverage with simplified underwriting

• Additional protection Enhance your protection with these riders:

  • a. Accidental Death Benefit
  • b  Accidental Disability Benefit
  • c. Accidental Dismemberment Benefit
  • d. Accidental Death, Disability and Dismemberment Benefit
  • e. Critical Illness Benefit (CI)
  • f.  Family Benefit : Life cover provided for the member’s spouse and children’s
  • g.  Daily Task Benefit (Additional premiums apply with these riders.)

How does Group term life insurance plans work ?

Group term life insurance cover is offered through a master policy issued to the group administrator. The master policy holder pays an initial premium covering all the members for a period of one year.

There is an option to choose sum assured to be provided to the members. This can either be a flat cover amount, graded or even linked to salary or loan amounts etc.

Once you as a master policy holder make the premium payment to Insurer, the members are covered for a period of one year from the date of risk commencement subject to receipt of premium. In the event of death of a member due to any cause the nominee of the member is paid the death benefit or sum assured. This ensures the financial security of the family of the member.

Tax benefits & Disclaimer:

Premiums paid for employees may be listed as business expenses and are tax-deductible as per Income Tax Act,1961. Tax laws are subject to change. Please consult your tax advisor for details.

Insurance is the subject matter of the solicitation. This is a non-participating term group plan. For more details on risk factors, terms and conditions please read sales details / brochure carefully before concluding a sale.

We provide above services for following Insurance Companies:-  AEGON Religare Life Insurance Company Ltd. , Aviva Life Insurance Company India Ltd, Bajaj Allianz Life Insurance Company Ltd ., Bharti AXA Life Insurance Company Ltd., Birla Sun Life Insurance Co. Ltd, Canara HSBC Oriental Bank of Commerce Life Insurance Company Ltd., DLF Pramerica Life Insurance Co. Ltd.,  Edelweiss Tokio Life Insurance Co. Ltd. , Future Generali India Life Insurance Company Ltd, HDFC Standard Life Insurance Co. Ltd , ICICI Prudential Life Insurance Co. Ltd, IDBI Federal Life Insurance Company Ltd., IndiaFirst Life Insurance Company Ltd, ING Vysya Life Insurance Company Ltd., Kotak Mahindra Old Mutual Life Insurance Ltd , Life Insurance Corporation of India , Max Life Insurance Co. Ltd , PNB Metlife India Insurance Co. Ltd,  Reliance Life Insurance Company Ltd., Sahara India Life Insurance Co, Ltd.  , SBI Life Insurance Co. Ltd , Shriram Life Insurance Co, Ltd., Star Union Dai-ichi Life Insurance Co. Ltd, Tata AIA Life Insurance Company Ltd ,

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