Group Life Insurance

Default Insurance Cover

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.

2. Gratuity Funding

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.

3. Tax Benefits

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

4. Customizable to suit employee needs

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

5. No medical check-ups

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

6. Cost-Effective

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