Benefits of Group Term Life Insurance Plans

A group insurance policy provides insurance cover to members by simply being part of the group. It ensures basic insurance to cover those who do not have a personal life insurance policy.

Employers are aided with a systematic method of building up funds for their future gratuity liability towards the employees. A group insurance policy assists the employers with the same, along with providing life insurance cover to employees, with greater ease.

Group Term Life Insurance plans offer tax benefits to both employers and employees. As per prevailing Tax Laws, Death benefits are exempt from tax underSection 10(10D) of the Income Tax Act, 1961. Moreover, group insurance plans are doubly effective - in employee welfare as well as retention.

Group insurance policy coverage can be extended with add-ons like education allowance, repatriation allowance, accidental death and more, thus covering a multitude of benefits along with the base cover.

Employees are relieved from the hassle of going through medical check-ups under Group Term Insurance Plans.

Since a group plan entails insurance cover for many people, its premium is much lower as compared to individual policies.

Undoubtedly, a group insurance policy is a smarter way to avail insurance protection against multiple risk factors, let alone life. Start by assessing the right group plan.

Disclaimer: Life Insurance coverage is available in this product. It is a group insurance plan which provides only death benefit and no maturity or surrender benefit. For more details on the risk factors, terms and conditions, please read the product sales brochure carefully before concluding a sale.