Group Term Life
Group Term Life Insurance offers life coverage to employees as a collective group, providing financial security to their families in case of unforeseen events.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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Affordable Plans from ₹300/employee/month.
Definition
Group Term Life Insurance is an employee benefit that provides life insurance coverage to members of a group, typically employees of a company. It offers financial protection to the beneficiaries of the insured employees in the event of their death, ensuring peace of mind for both employers and employees.
How does it work?
Employers purchase the policy for their employees, paying a group rate premium. If an insured employee dies, the policy pays a death benefit to the nominated beneficiary. This collective approach offers coverage at a lower cost per member compared to individual policies and is a valuable addition to employee benefits.
What’s Covered
Natural Deathcoverage includes death due to natural causes, providing financial support to the employee's family.Accidental Deathenhanced benefits in case of death due to an accident.
What’s Not Covered
Suicide Clause most policies have an exclusion for death by suicide within a specified period from the policy start date.
Fraudulent Claims benefits are not paid if the claim is found to be fraudulent.
Criminal Activity deaths resulting from involvement in criminal activities are typically excluded.
Pre-existing Conditions some policies may exclude death due to pre-existing medical conditions, depending on the policy terms
POLICYERA BENEFITS
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