GROUP TERM LIFE INSURANCE

GET A FREE QUOTE On Group Term Life Insurance

WE CARE - we have strived to see the world through our clients' eyes. We are simply there for you - through good times and bad.

Contents

  1. Group Term Life Insurance
  2. What is a Group Term Life Insurance Policy?
  3. Who can purchase a Group Term Life Insurance Policy?
  4. Employer
  5. Affinity Group
  6. What are the Benefits and Features of a Group Term Life Insurance Policy?
  7. Free Cover Limit in Group Term Life Insurance:
  8. What are the Riders available in a Group Term Life Insurance Policy?
  9. Accidental Death Benefit:
  10. Total Permanent Disability Rider:
  11. Partial Permanent Disability Rider:
  12. Critical Illness Rider:
  13. What are the Tax Benefits of purchasing a Group Term Life Insurance Policy?
  14. What is the minimum number of employees needed for a Group Term Insurance Plan?
  15. How to Purchase a Group Term Life Insurance Policy?
  16. What is the Premium for a Group Term Life Insurance Policy?
  17. What are the Exclusions under a Group Term life Insurance Policy?
  18. What is the Claims Process for a Group Term Life Insurance Policy?
  19. Get the Best Quotes for Group Term Life Insurance Policy with Qian!
  20. FAQS
  21. Testimonials

What is Group Term Life Insurance?

Employees are an organisation's most vital assets. It is the employees who are responsible for the company's success.

Employees have spouse and children who are dependent on them. An employee's untimely death may seriously impact the family as they face a Loss of Income following his demise. Children's Education and Marriage Expenses, Regular Living Expenses take a toll on whatever savings they have.

At such a time, Compensation from the Insurance Policy would be of immense help to the family.

As an employer, you can provide security for your employees by purchasing a Group Term Life Insurance Policy.

Group Term Life Insurance

What is a Group Term Life Insurance Policy?

A Group Term Life Insurance Policy provides Insurance against Death to all the Insured People that are part of the group. It provides reimbursement to the Insured Person's Nominee as per the chosen Sum Insured in case of Insured Person's Death

Who can purchase a Group Term Life Insurance Policy?

  • Employer

    Employers commonly purchase a Group Term Life Insurance Policy for their employees. It helps attract new talent as well as retain existing employees. Employer-Employee relationship is a must to qualify as a part of this Group Policy.

  • Affinity Group

    Any Registered Group can buy a Group Term Life Insurance Policy as long as the group was not formed for the sole purpose of purchasing a Group Term Life Insurance Policy. Here there is no Employer-Employee relationship.

What are the Benefits and Features of a Group Term Life Insurance Policy?

  • A Group Term Life Policy provides reimbursement to the Nominee in case of an Insured Person's Death. The Compensation from the Group Term Life Insurance Policy allows the Insured Person's family members to accomplish their goals such as Children's Education Expenses or Marriage Expenses, Medical Expenses in case of an Emergency etc.
  • The Employer has the option to choose different Sum Insureds for different employees based on their Designation or Salary or Number of Years in Service or any other criteria that they internally deem appropriate for fair coverage for every member of the Group.
  • The Employer can also add or remove members actively to this Policy. Employees leaving the organisation in the middle of the year can be removed and Pro-Rata Premium is refunded while employees joining the Company can be also added to the Policy on payment of Pro-Rata Premium.
  • An organisation has frequent reviews and hence hikes or promotions can be given in the middle of the year. With this Policy, there is no need to wait till the end of the year to increase the Sum Insured of a Person that just got promoted. You can easily increase the Sum Insured during the Term of the Current Policy itself.
  • Free Cover Limit in Group Term Life Insurance:

    This is a Limit on the Sum Insured below which there is no need to undergo any Medical Tests or submit any Medical Questionnaire irrespective of the age. This is exceptionally important because Individual Term Life Cover is extended only after Medical Underwriting. This Limit depends on the Sum Assured and Group Size.
  • Single Start Date for the Policy makes it easier for the Company to manage Policy Renewal.
  • Purchasing a Group Term Life Plan is a cheaper option compared to purchasing an equivalent number of Individual Term Life Insurances.

What are the Riders available in a Group Term Life Insurance Policy?

In addition to providing a Cover for the Death of the Insured Employees, a Group Term Life Insurance Policy offers the following Riders:

  • Accidental Death Benefit:

    If the Group Term Life Insurance Policy has an Accidental Death Benefit Rider, the Nominee would receive the Sum Assured under this Rider in the event that the Insured Person dies of an Accident.

  • Total Permanent Disability Rider:

    If the Group Term Life Insurance Policy has a Total Permanent Disability Rider, then the Insured Person would receive the Rider Sum Insured in case he/she suffers from Total Permanent Disablement on account of an Accident.

  • Partial Permanent Disability Rider:

    If the Group Term Life Insurance Policy has a Partial Permanent Disability Rider, then the Insured Person would receive the Sum Insured chosen as per the Partial Permananent Disability Rider in case he/she suffers from Partial Permanent Disablement on account of an Accident.

  • Critical Illness Rider:

    A Group Term Life Policy with a Critical Illness Rider will pay the Sum Insured under this Rider, in one lumpsum payment, if the Insured Employee suffers from a Specified Critical Illness. These Critical Illnesses can be Cancers of Specified Severity, Heart Bypass Surgery, Kidney Failure Requiring Regular Dialysis and much more.

These Riders are provided in a Group Term Life Policy on payment of Additional Premium.

What are the Tax Benefits of purchasing a Group Term Life Insurance Policy?

A Group Term Life Insurance Policy offers the following Tax Benefits for the Employer and Employee:

  • The Employer or Insured that pays the Premium for this Policy can use this as a Tax-Deductible Business Expense.
  • Death Benefits paid to the Beneficiary of the Employee are also Tax-Exempt.

What is the minimum number of employees needed for a Group Term Insurance Plan?

What is the minimum number of employees needed for a Group Term Insurance Plan?

How to Purchase a Group Term Life Insurance Policy?

The company needs to submit the following details to purchase a Group Term Life Insurance Policy for its employees:

  • Name of Each Employee
  • Date of Birth of each Employee
  • Designation of each Employee
  • Annual CTC of each Employee
  • Sum Insured required for each Employee
How to Purchase a Group Term Life Insurance Policy?
What is the Premium for a Group Term Life Insurance Policy?

What is the Premium for a Group Term Life Insurance Policy?

The Premium of a Group Term Life Insurance depends on the following factors:

  • Age of each Insured Employee
  • Sum Insured chosen for each Employee
  • Annual CTC of each Employee

Additionally, the Insurance Company also looks at factors such as Gender, Designation, Free Cover Limit and Riders opted for as part of Group Term Life Insurance Policy.

What are the Exclusions under a Group Term life Insurance Policy?

The Exclusions under a Group Term life Insurance Policy are as follows:

Exclusions under a Group Term life Insurance Policy
Death due to Suicide is not covered under a Group Term Life Insurance Policy Death due to Self Inflicted Injury is not covered under a Group Term Life Insurance Policy
Death due to Driving under the Influence of Alcohol or Drug is excluded under a Group Term Life Insurance Policy Death due to the participation in racing activities like bike racing or car racing is also not covered under Group Term Life Insurance

What is the Claims Process for a Group Term Life Insurance Policy?

The first step is to intimate the Claim to the Insurance Company within the maximum stipulated time as per the Terms and Conditions of the Policy.

Following documents are required for processing of a Death Claim under a Group Term Life Insurance Policy:

  • Duly Filled and Signed Claim Form
  • Insurance Policy
  • Death Certificate
  • Copy of Medical Records (Discharge Summary, Test Reports, Doctor Reports) in case of an Accidental Death
  • Photo Identification Proof and Address Proof of the Nominee
  • FIR Report and Post - Mortem Copy in case of a Medico Legal Case
What is the Claims Process for a Group Term Life Insurance Policy?
Financial Security For employees and their families

Financial Security For employees and their families

Choose Sum Insured for employees based on Designation, No of Years in Service

Choose Sum Insured for employees based on Designation, No of Years in Service

Tax Benefits

Tax Benefits

Expert Claims Settlement

Expert Claims Settlement

Get the Best Quotes for Group Term Life Insurance Policy with Qian!

Qian has an established track record for serving Corporates for their Group Term Life Insurance needs. We assure you of Competitive Premiums, Comprehensive Coverage and 24/7 FREE Claims Assistance for your Group Term Life Insurance Policy.

If you are an Individual looking to avail of an Individual Term Life Insurance for yourself, you can read everything about Term Life Insurance Policy here.

You can get a FREE 1 Hour Consultation with the experts at Qian for your Group Term Life Insurance Policy by reaching out to us at 📞 022-35134695 📞 022-35134695 > or email us at support@qian.co.in or fill this Contact Form.

We will get back to you within 24 hours, guaranteed.

Get the Best Quotes for Group Term Life Insurance Policy with Qian!

FAQS

Does a Group Term Life Insurance Policy have surrender benefits?
No, a Group Term Life Insurance Policy does not have any surrender benefits
Does a Group Term Life Insurance Policy have maturity benefits?
No, a Group Term Life Insurance Policy does not have any maturity benefits
How many employees are needed to purchase a Group Term Life Insurance Policy?
A Company can purchase a Group Term Life Insurance Policy for as little as 10 employees.
Who pays the Premium for a Group Term Life Insurance Policy?
Premium for a Group Term Life Insurance Policy can be paid either by the Employer or Employee or both Employer and Employee can pay the premium as well in some agreed proportion.
What are the Premium Payment Options in a Group Term Life Insurance Policy?
The Premium for a Group Term Life Insurance Policy Can be paid as a Single Lumpsum Installment at the start of the Policy or Half-Yearly, Quarterly or in Monthly Installments.

Testimonials

Average Customer Rating:

0 / 5 Star (0 reviews)