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What is Group Term Insurance Plan?

No Medical Underwriting | Critical Illness Rider | Affordable Premiums

Financial security for your family comes with tax savings for you! ✓Buy a Term Plan & save up to ₹46,800* on tax | ✓₹1 Cr. Life Cover at just ₹23*/day!

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Introduction

The ever-rising rates of inflation, transforming lifestyles and growing cases of critical illnesses has made human life very unpredictable. One unfortunate event can change the course of your life and your family overnight. In such a scenario, all your life savings may not be enough to cover the crisis at hand, thus affecting your future goals. You will always want to ensure that your loved ones do not face any financial hardships due to such unfortunate events in life. This is where a Group Term Life Insurance plan (a type of term insurance plan) provides the perfect financial backup to ensure complete financial protection of your loved ones.

 

As the name implies, Group Term Life Insurance Plan offers life insurance to a group of people under a single policy. This plan provides financial assistance and independence to the insured individual's/employee's beneficiaries. Group term life insurance is relatively inexpensive compared to individual life insurance. Therefore, participation is also quite high. It also comes with myriad term insurance benefits, making the plan an ideal fit for your needs. A 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 insured's family in the unfortunate event of his death.

How does it work?

The policy works in the following way:

Policy Purchase: 

  • A master policy is first issued to the employer/an eligible individual from the community. 

  • The employer (master policyholder) pays the initial premium to initiate the group term plan. This initial premium amount paid by the employer covers all the members in the group for one year.

  • Next, the suitable group members can opt to choose the coverage. 

  • Further, to improve/enhance the basic coverage of the group insurance policy, the members need to pay the additional premiums themselves.

Policy Renewal:

  • The group term life insurance plans have to be renewed annually by the employer ( master policy holder) by paying the premiums for the members to enjoy the benefits of the group term insurance policy. 

Reasons to Buy Group Term Life Insurance

  • Death Benefit

    Group Term Life Insurance plan offers insurance coverage of about Rs. 1 Crore, which can provide 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 taxes under the IT Act Section 80C.

Key Features

The key features of a group term insurance plan are:

  • Members -

    The minimum size of the group is 50 members, and members can be added at any point of the year

  • Quick and Easy -

    The application process is quick and easy

  • Affordable -

    Group term life policy is more affordable than individual policy cover

  • Premium -

    The premium amount on a group term life insurance policy is usually paid by the employer. However, the members included under this scheme can also choose to contribute towards the premium and must contribute an additional amount to add their family members to the group.

  • Double Accident Benefits -

    With an extra premium, you can get the double-accident benefit, which covers you against an accident.

  • Riders -

    As riders, the add-on covers insure against accidental deaths, critical illnesses, disabilities etc.

Benefits

Benefits of a Group Term Insurance Plan to Employers:

  • Helps fund gratuity liability -

    Group term insurance policies help the employers in funding their gratuity liability.

  • Lower cost of premium -

    As schemes are administered on a group basis, the premium is low.

  • Double benefits -

    Double benefits both life insurance covers and gratuity benefits can be availed with a few policies.

Benefits of a Group Term Insurance Plan to Employees:

  • Financial assistance and security -

    Financial assistance and security in case of the employee’s death are provided to their family. Further, this scheme works in case of the employee’s critical illness.

  • Tax exemptions -

    Income tax exemptions by the employees’ families on the death benefits.

  • Customizable policy -

    The policy can be customised as per the needs of the employees.

Inclusions

A group term life insurance policy covers:

 

  • Addition of suitable/ eligible members at any time of the year.

  • The sum assured amount is paid to the beneficiaries in case of the unfortunate death of the insured.

  • Add-on covers allow the enhancement of the scope of the policy with the additional premiums on the opted benefits.

Exclusions

Group Term Life Insurance policy does not cover:

 

  • Attempted suicide, intentionally self-inflicted injury within one year from the date of commencement of membership. A ninety (90) days waiting period applies to critical illness from the policy's commencement date.

  • On committing or attempting a criminal act.

  • Infected with AIDS/ AIDS-related illness/ HIV infection.

  • Alcohol/ solvent abuse/ taking of drugs, unless taken under a registered medical practitioner's lawful directions and prescription.

  • In case of war, invasion, mutiny, riot/ civil commotion, strikes etc.

  • Participating in any military, naval, or air force operations during peace-time

  • Participating in racing, driving, diving or any race. Also in martial arts, hunting, mountaineering, parachuting, bungee-jumping etc.

  • Any Pre-existing medical condition. 

Claim Process

The filing of a claim is relatively easy and can be done by just following these steps:

  • 1

    First, register your claim online

  • 2

    Then upload the required documents

  • 3

    The insurer will then assess your claim

  • 4

    Finally, you can check the claim status online

Conclusion

Life insurance is a must for individuals with financial dependents. A group term life insurance policy is a type of term life insurance wherein the insurance coverage is provided to a group of people. You can avail of a group term insurance plan and thereby safeguard the future of your loved ones as they will receive financial assistance and security in the form of a death benefit in case something tragic happens to you.

Buy the Best Group Term Insurance at Finserv MARKETS

Term Insurance

FAQs

  • ✔️ What is Group Term Life insurance?

    It is a single life insurance policy that covers a group of people. 

  • ✔️What are the minimum and the maximum age for enrolling into a group term life insurance plan?

    The minimum age to enrol into a group term life insurance plan is 18 years, and the maximum age is 69.

  • ✔️What benefits does a Group Term Life Insurance offer?

    A Group Term Life Insurance is very beneficial as it not only provides a lump sum benefit amount in case of the death of an insured, but the premium amount under a group plan is quite affordable.

  • ✔️What is the policy tenure of a Group Term Life Insurance?

    Group Term Life Insurance policy is issued for one year and is renewed every year.

  • ✔️Why should I choose Group Term Life Insurance?

    Life insurance cover is offered at subsidised premiums. Individuals unable to get insured under an individual term life insurance policy can get a life cover as part of the group. Also, no medical examination is required even for a 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.