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Group Term LIfe Insurance Plan

Group Term Life Insurance

No Medical Underwriting | Critical Illness Rider | Affordable Premiums
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Group Term Life Insurance

Every individual wants to ensure that his loved ones do not face any financial hardships due to any eventualities in life. This is where a financial backing seems necessary. Term life insurance plans like the Group Term Life Insurance plan are the perfect financial back-up that one can avail to ensure complete financial protection of their loved ones.   

What is Group Term Life Insurance?

A group term life insurance is nothing, but an insurance coverage provided to a group of people or anyone who is a part of the community. It offers financial independence to the insured individual’s beneficiaries. A group term life insurance plan not only is inexpensive compared to individual term plans but also comes with a whole lot of other term insurance benefits, making the plan a perfect fit for your needs.

Apart from being available for a community, group term insurance is one of the employee benefits offered by companies to their employees. Under this group term insurance policy, a lump sum death benefit is paid to the family of the insured in the unfortunate event of his death.

How does Group Term Life Insurance Work?

The working of Group Term Insurance is explained below –

  • An eligible individual from the community or organisation (the employer) is issued a master policy.

  • To initiate the group term plan, the primary policyholder has to pay the initial premium amount. This amount covers all the members in the group for one year.

  • Then the eligible group members are given the option to choose the coverage. This amount can be a lump sum or linked to a salary account.

  • In case any member wants to enhance the basic coverage of the policy, they will have to pay the additional premiums from their pocket.

Group term life insurance plans are annually renewable. The master policyholder has to continue paying the premiums so that the members of the community/organisation can enjoy the benefits of the policy.

Reasons to Buy Group Term Life Insurance

  • Death Benefit

    The Bajaj Allianz Group Term Life Insurance plan offers life insurance coverage of up to Rs. 1 Crore, thereby offering a financial assurance to your family in your absence.

  • No Medical Underwriting

    A unique Group Insurance plan that offers high life insurance coverage of up to Rs. 1 Crore without the need to undergo any medical examination.

  • Critical Illness Rider

    You can enhance your protection and customize your Group Insurance plan with an add-on cover for Critical Illnesses like Cancer, Kidney failure, Heart Attack, etc. with coverage of up to Rs. 10 Lakh.

  • Cost Effective

    A Group Term Insurance plan is an extremely cost-effective option for any individual as the premiums are significantly low in comparison to that of individual term insurance plans

  • Tax Benefits

    As per the prevailing Tax Laws, the premium paid towards a Group Term Life Insurance plan is exempt from any taxes, under Section 80C of Income Tax Act.

Why Choose Finserv MARKETS for buying the Group Term Life Plan

Here’s why you should choose to buy Bajaj Allianz Group Term Life Insurance at Finserv MARKETS online –

Swift Claim Settlement

With no third party involved, Bajaj Allianz Insurance boasts a 92% settlement success rate and promises to settle your claims within an hour!

Trusted Companion

Finserv MARKETS has a customer base of 100+ million across the country. It’s time you choose us as your financial partner.

Extensive Coverage

Group Term plans come with extensive coverage, which helps ensure complete financial security of your family.

Tailor-made Insurance Plans

You can customize your term insurance plan at Finserv MARKETS in a way that best suits your needs.

Inclusions under Bajaj Group Term Life Insurance Plan

Bajaj Allianz Group Term Life Insurance covers the following things –

  • It allows the addition of eligible members at any point in time over the year.

  • In case the insured individual dies, the decided sum assured amount is paid to their beneficiaries.

  • The insured can enhance the scope of the policy with add-on covers. However, he/she has to take care of the additional premiums charged on the opted benefits.

Exclusions under Bajaj Group Term Life Insurance Plan

The things that are not covered under Bajaj Allianz Group Term Life Insurance are as follows –

  • No critical illness benefit shall be paid on diagnosis of critical illness due to attempted suicide, or intentionally self-inflicted injury, within one year from the date of commencement of membership.

  • There is a waiting period of 90 days applicable to critical illness, from the date of commencement of the policy.

  • If the insured commits or attempts a criminal act, whether alone or with anybody else.

  • AIDS, any AIDS-related illness or HIV infection.

  • Alcohol or solvent abuse or taking of drugs, narcotics or psychotropic substances unless taken in accordance with the lawful directions and prescription of a registered medical practitioner

  • War, invasion, an act of a foreign enemy, hostilities (whether war be declared or not), armed or Unarmed truce, civil war, mutiny, rebellion, revolution, insurrection, military or usurped power, riot or civil commotion, strikes

  • Taking part in any naval, military or air force operation during peacetime

  • Engaging in or taking part in hazardous activities, including but not limited to, diving or riding or any kind of race; martial arts; hunting; mountaineering; parachuting; bungee-jumping; underwater activities involving the use of breathing apparatus or not. Hazardous Activities mean any sport or pursuit or hobby, which is potentially dangerous to the Insured Member whether he is trained or not

  • Participation by the insured person in any flying activity, except as a bona fide, a fare-paying passenger of a recognized airline on regular routes and on a scheduled timetable

  • Any Pre-existing medical condition. “Pre-existing medical condition” definition will be as per health regulation.

If you are looking for individual term insurance, you can consider Bajaj Allianz Life Smart Protect Goal Term Insurance available on Finserv MARKETS.

How to Apply for Group Term Life Insurance

Applying for Bajaj Allianz Group Term Life Insurance at Finserv MARKETS is no rocket science. Just follow the three simple steps and you are done!

  • Verify/Edit Your Details

  • Make Payment

  • Policy Issued

Requirements of Group Term Life Insurance

  • To be eligible to reap the benefits of the group term life insurance plan, one has to be a member of the community or organisation.

  • All the members of the community/organisation can avail the benefits of the policy.

  • The master policyholder is the only one who can add members to the existing policy.

  • The newly added members can begin to avail the benefits of the policy immediately after the addition to the group.

  • This term insurance policy offers basic coverage to the members. However, the members will have to pay the extra premium if they opt for additional benefits.

Claim Process for Group Term Life Insurance

Filing a claim is quite straightforward. Just follow the steps below and you are done.

  • 1

    Register your claim online

  • 2

    Upload the requested documents

  • 3

    The insurer will assess your claim

  • 4

    Check claim status online

Family/nominee should contact Finserv MARKETS who will work with Bajaj Allianz for speedy claims processing. The claim can be raised within 30 days after the requisite documents are ready with Finserv MARKETS, from where the claim request can be taken after checking the documents and the same will then be sent to the Insurance servicing department at TCS Bhosari – Centralized ops. Once Bajaj Allianz Life Insurance Corporation (BALIC) receives all the documents, the same will be processed within 30-60 working days of the timeframe to settle the claim.

Buy the Best Group Term Insurance at Finserv MARKETS

Term Insurance

Group Term Life insurance FAQs

  • ✔️What does Group Term Life insurance mean?

    A single life insurance policy which covers a group of people is known as a Group Term Life
  • ✔️What is meant by group insurance?

    A group insurance is one master policy that covers all the members of a group under it. An individual must be part of that group in order to be able to take group insurance. A group can consist of lawyers, members of credit societies, doctors, members of cooperative banks, etc.
  • ✔️What are the benefits of a Group Term Life Insurance?

    A Group Term Life Insurance is a very beneficial insurance policy for two major reasons: (a) It provides a lump sum benefit amount in case of the death of an insured (2) The premium amount for the insurance policy under a group plan is substantially affordable as compared to that of an individual term life insurance plan.
  • ✔️What is the policy term of a Group Term Life Insurance?

    This Group Term Life Insurance policy is issued for a period of one year and can be renewed every year.
  • ✔️Why should I choose Group Term Life Insurance?

    You should choose a Group Term Life Insurance available on Bajaj Finserv MARKETS for the following reasons: (1) The plan offers a life insurance cover at subsidized premiums (2) Individuals who might otherwise not be able to get insured under an individual term life insurance policy become eligible to get a life cover as part of the group. (3) Group Term Life Insurance is substantially affordable than an individual retail term life insurance policy. (4) No medical examination required even for higher sum assured.

Group Term Life Insurance Reviews

Group Term Life Insurance Reviews

3.7out of 5

5 reviews

Affordable term plan

The Group Term Insurance plan is an extremely cost-effective option and the premiums are also low compared to that of individual term insurance plans. Glad to be a part of the community.

Simple Application Process

The application process for getting registered in the community and then getting group term life insurance is very simple and quick. My group term life insurance policy was issued within minutes.

Trustworthy platform

With no medical examination required even for greater sum assured, the group term life insurance policy was easy to avail through Finserv MARKETS.

Group Term Insurance is very affordable

When I was looking for a term plan online, my friends suggested getting myself registered in the Bajaj Allianz Group for the Group term life insurance plan. The plan was not just affordable, but the buying was process was so simple, it completed within minutes.

Process was completed in just 10 minutes

I was majorly impressed with the group term life insurance buying process on Finserv MARKETS. It was just a 3-step process and I got my policy within minutes. Really happy with the quick response. Awesome platform.