What is group term life insurance?
Life can be unpredictable. Be it a business trip, a family dinner or a normal day at work, you live through risks from time to time. But more than that, you seek the safety of your loved ones twice as much as you do for yourselves.
Measuring all the risks and grievances, a group term life insurance comes into play to protect our fears. A company can get a single group term life insurance policy that covers a number of employees under it. A group term life insurance policy helps the family by providing death benefits on the demise of an employee. To understand it clearly, it can be said that when an employee expires, their loved ones, i.e. the nominee can avail of a pre-decided amount of money that is provided by the insurance company.
Features of group term life insurance.
If you are considering buying a group term life insurance for your company, you must be well equipped with insights on how it will be advantageous for you.
The group term life insurance policy is purchased to cover the loved ones of the employee in his/her sudden demise. In case of death, the nominee of the insured gets the sum assured as a bereavement benefit.
The employer can provide group life insurance cover based on the current age or salary of the employee. That is, employees can be grouped based on age or get a sum insured as multiples of their salary.
Number of employees
A minimum of 100 employees are required to avail of a group term life insurance policy. However, Pazcare is one of the few companies in India to offer group term life insurance policies to companies with as low as 17 lives.
No medical reports
A group term life insurance policy comes without the requirement of any previous medical reports. This makes the process hassle-free and quick to buy.
Voluntary facility to choose suitable riders
Along with the death benefit that comes as default, the group term life insurance can be purchased with a number of riders depending on the buyer. You can get a detailed understanding of some of the various riders below. Some examples of riders include accidental death benefit rider, critical illness rider, permanent and partial disability rider, income benefit rider etc.
Benefits of a group life insurance policy for employees
Here are some of the advantages of group term life insurance for employees-
Easy process of claim-settlement
The employee or their beneficiaries have to submit the relevant documents to claim the sum assured. In the claim process, either the insurer pays the sum assured directly to the nominee or the insurer pays to the employer which is passed on to the nominee.
Boosts employee morale
The brighter side of a group term life insurance policy lies in the fact that it boosts employee morale. With this as an employee benefit, the employees can feel safe and secure about their families and that leads them to increased dedication to the organization.
Benefits of a group life insurance policy for employers
Here are some of the advantages of group term life insurance for employers-
Under the Tax Laws, under Section 10(10D) of the IT Act, 1961, employers have the authority to claim the premium paid for group term life insurance. With this clause, employers can save a great chunk of their tax and benefit from it.
Read also: Tax benefits in group health insurance
Nowadays, almost all companies are providing various employee benefits. Post-Covid, health concerns have becomes a widely discussed topic, and people no longer only look for financial security, but they also seek healthcare security as well. With group life insurance in your employee benefits program, employees tend to appreciate it as a perk that motivates them to retain their stay within the organization.
Employers can customize the riders according to the nature of their organization. For eg: for a construction company with heavy machinery, many of the employees might be under constant risk. In such cases, an accidental death benefit rider can be opted to secure their loved ones.
Why choose Pazcare to get the right group life insurance policy?
One point of contact
From the day a policy is purchased, there are many instances when you or your employees might face numerous queries. Pazcare makes sure that someone is always there to answer your questions and create a smooth experience. In Pazcare, the goal is to not only get you the best group life insurance policy but also to provide the best customer service. Pazcare provides you with a dedicated SPOC to answer all your questions for your employees.
Pazcare makes sure that you get the best policy suited for you at the best rates! While you search for the policy that fits your budget and the nature of the company the most, Pazcare brings all that along with the best cost to your table.
With HRMS integration, the process gets easier and smoother. Pazcare dashboard can be easily integrated with the company HRMS to automate endorsements. This saves an ample amount of time and effort and makes the process faster.
Claims getting easier
As mentioned above, Pazcare’s main motto is to create a hassle-free environment for the customers. One of the most crucial yet tedious tasks is claim processing. Pazcare takes care of the claims processing while you can sit back and relax! The claims are taken care of without you having to run around multiple processes.
Mobile app and admin dashboard
Pazcare does not only help you get the best policy but also makes sure that you have a seamless experience post-purchase. For that, Pazcare has its own mobile app and admin dashboard. The dashboard has two sides, one for employers and the other for employees. Not only can one manage their policy easily using the application, but can also view the various features like inclusions, exclusions, download their health e-card, etc using the same.
Last but not the least, the group term life policy comes with various other benefits. Pazcare provides a range of other complementary add-ons like mental wellness sessions, free doctor consultations, discounted medicines, and much more! Without much effort, you can now provide the best employee benefits to your employees through Pazcare.