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Buy Group Term Life
Insurance for your team.

Get your employees the love they deserve with Pazcare. Secure their families with the Group Term Life Insurance.

group term life insurance
Table of contents
group term life insurance Pazcare
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What is a group term life insurance plan?

A Group Term Life Insurance Plan, as the name suggests, refers to a life insurance plan that covers a group of employees under a single policy. The premium of a group term life policy is generally borne by the company.

In case of death of an employee, the nominee of the employee gets a sum assured in the group term life policy.

What are the benefits of buying a group term insurance plan?

Tax benefit

Tax benefits

Group Term Life Insurance plans provide tax benefits to employers. According to the Tax Laws, under Section 10(10D) of the IT Act, 1961, employers can claim the premium paid for group term life insurance.

customizable riders

Customizable riders

Group Term Life Insurance plans provide tax benefits to employers. According to the Tax Laws, under Section 10(10D) of the Income Tax Act, 1961, employers can claim the premium paid for group term life insurance.

no medical check up

No medical check-ups

Employees are relieved from the hassle of going through medical check-ups under Group Term Life Insurance Plans. We don't require medical check-ups and reports to buy a group term insurance from Pazcare.

employee retention

Employee retention

With many companies opting for a group term life insurance policy, it adds extensively to the competitive market in retaining talent. It can not only attract top-notch talent but also contribute to their retention.

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Group term life insurance companies in India

S.No.

Insurers

Claim settlement ratio

1
TATA AIA Life insurance
99.07%
2
SBI life insurance company
95.03%
3
Edelweiss Tokio life insurance company
95.82%
4
ICICI prudential life insurance company
98.58%
5
Reliance nippon life insurance company
97.71%
6
HDFC life insurance company
99.04%
7
Bajaj Allianz life insurance company
95.01%
8
Max life insurance company
99.20%
9
Aditya Birla Sun life insurance company
97.15%
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What should your group term life insurance cover?

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Accidental death benefit rider

An accidental death benefit rider is an add-on feature that can be added to term life or whole life insurance policy. This rider gives the nominee of the employee the sum insured in case of an accident.
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Critical illness rider

Critical illness rider is additional coverage. It can be added to the insurance policy in exchange for an additional premium. A lump sum amount is provided to the family of the life assured in case of the employee demises with a listed critical illness during the policy tenure.
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Permanent and partial disability rider

This rider becomes very crucial if your employees go through a partial or permanent disability following an accident that leads them to travel to the office. In cases like this, the insurance company provides them with a certain percentage (eg: 10%) of the sum assured for the next 5-10 years depending on the group term life policy.
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Waiver of premium rider

In case of income loss or disability, and the policyholder is unable to pay future premiums this rider assures the waiver of premiums.
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Income benefit rider

Along with the sum assured the family can benefit from the additional income for a span of 5 to 10 years through this rider.
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Key features of group life insurance policy

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Bereavement benefit

In case of death, the nominee gets payment equivalent to the sum insured.
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Age or salary based cover

Provide different coverage based on salary/age/ grade/CTC of employees.
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Increase cover easily

When there’s a grade/age/salary revision, the cover can be increased.
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Minimum employees

Group term life insurance can be offered to companies with as low as 50-100 employees.
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No medical reports

The previous medical reports of employees aren’t required to get insured which makes the process faster and easier.
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Critical illness rider

Employees can buy add-ons voluntarily in the event of critical illness
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Why should you buy group term life insurance from Pazcare?

One point of contact

One point of contact

No waiting on customer support calls. From the day you purchase the GHI policy, you will have a dedicated SPOC to handle your employees and help you out at all times.
easy claims

Easy claim process

Even though the claim process differs from case to case. Pazcare ensures to help you out at every level of claim reimbursement journey.
go beyond insurance

Go beyond insurance!

Now go a level further by adding health and wellness plans like therapy, wellness sessions, unlimited doctor consultations, and many more to your group personal accident policy.
admin dashboard

Admin dashboard

Employers can use the Pazcare admin dashboard to make endorsements, manage and track their policy.
Mobile app for employees

Mobile app for employees

Your employees can easily access their life insurance claims through the app or the dashboard.
Hassle-free claim process

Hassle-free claim process

Instead of you nudging the insurer and TPA, Pazcare stands in the queue for you so that you can sit back and relax.
HRMS integration

HRMS integration

Your employees can easily access their life insurance claims through the app or the dashboard.
Competitive costs

Competitive costs

Instead of burning your pockets, get the best quotes for group term life insurance from Pazcare.

Prioritise Employee Health

Your employees’ health should be of utmost importance to you.

Increase Employee Productivity

Enhanced healthcare benefits help keep your employees focused at work.

Give more than they ask

Shower your employees with abundance of care and affection
by offering a comprehensive
group plan.

What does your Group Health Insurance Include?

Cashless Claims
Walk into any network hospital and get yourself treated cashless.
Covid 19 Coverage
With unprecedented outbreak nearing anytime, coverage for covid related diseases is necessary.
Maternity Coverage
You can opt for maternity coverage in your group plan at low cost.
Pre-existing
diseases covered
Your pre-existing diseases will be covered from day 1.
More benefits at a
lower premium
Employee health insurance plan is more cost effective and can cover the healthcare needs of your family.
Pre and Post
Hospitalisation Expenses
Depending on the policy, your employees can claim pre and post hospitalisation charges
Covers family
You can include spouse, children and parents in your group plan. Costs are very low compared to a retail policy.

How to claim your group term life insurance?

Insurer → nominee

In case of an employee’s death, the insurance company pays the sum assured directly to the nominee after the submission of relevant documents.

Insurer → employer → nominee

The other way the claims can be done is by the insurance company paying the sum assured to the employer who passes it on to the employee’s nominee.

Common documents required in case of disability

  • Submit claim form
  • Related medical reports
  • Sick leave certificate by the employer
  • Disability certificate by the health practitioner.
  • Police FIR in case of accidents

Common documents required in case of death

  • Submit claim form
  • Death certificate
  • Letter from HR
  • Post-mortem report in case of unnatural death
  • Salary Slips
  • Police FIR

Documents required to buy a group term life insurance policy

  • Name of employees
  • Covid status
  • Employee ID
  • Vaccination details
  • Employees’ CTC
  • Gender
  • Designation
  • Grade
  • Date of birth
  • Date of joining the company

Who should buy group term life insurance?

YOU!
HR leaders

HR leaders

For a 10/10 employee experience and satisfaction
Founder/CXO

Founders/CXO

For staying on top of your employer branding
Finance controllers

Finance controllers

Healthcare benefits that are “value for money”

Frequently asked questions about group term life insurance policy

What is the age requirement to enter a group term life insurance?

Although the term insurance for employees can vary when it comes to age, generally it ranges from 18 to 65 years of age.

What is the tenure of a group life insurance plan?

The tenure of a group life insurance plan is 1 year.

What is the maximum age requirement to enrol in a group life insurance plan?

The maximum age to enrol in a group term life insurance plan is 70 years

What is the minimum sum assured under the group term life insurance scheme?

The group life insurance scheme assures a minimum of Rs 1000 - Rs 5000 depending on the plan.

Can I continue with my group term life insurance coverage if I leave my current employer?

No, the policy ends with the termination of your service with your employee. However, the employer can port your policy into individual term insurance in certain cases.

What is a death benefit?

In case of premature death of the insured, the insurance provider pays the assured amount as a death benefit to the designated nominee.

Are riders available with the group term insurance plans?

By paying some extra amount to your group term insurance policy, riders can be added. Some riders include critical illness cover, total permanent disability rider etc.

Do I get a maturity benefit under the group term life insurance plan?

No, there is no maturity benefit included in your group term life insurance cover.

Buy Group Term Life
Insurance for your team.

Secure the most important asset of your employees - their families. Get the best policy to protect your employees’ families with Pazcare.

Why buy group health insurance for your team?

Care for family

Mental peace in securing employees’ loved ones and making it easy for them

Improve employee retention

Retain your top talent with these wholesome healthcare benefits

Employee-centric

Show how much your employees and their families are a part of your organization

What does your Group Term Life Insurance Include?

Bereavement Benefit
In case of death, nominee gets payment equivalent to sum insured
Age or salary based cover
Provide cover based on salary/age/grade of employees.
Increase cover easily
When there’s grade/age/salary revision limit can be increased.
Easy cashless claim
File, track and process claims hassle-free with Pazcare dashboard
No medical reports
Previous medical reports of employees aren’t required to get insured
Critical illness rider
Employees can get buy add ons voluntarily in the event of critical illness
Minimum employees
We offer policies for companies with as low as 100 employees

Group Term Life Insurance from Pazcare

Give your employees’ the insurance plan they want. Pazcare ensures a seamless experience while they exercise their insurance claims.

Admin Dashboard to manage insurance.

Employers can use the Pazcare admin dashboard to add/remove employees, check CD balance and customize their plans. You can also invite your employees to add themselves do the endorsements.

Employee App and dashboard for accessing Insurance

Your employees can easily access their insurance claims and add benefits on top of their group plan through the app or the dashboard.

Claims processed in minutes

Gone are the days when you have to keep nudging your insurance vendors to process your claims. Pazcare escalates and solves your claims before time, everytime.

Over 200 enterprises provide healthcare benefits for employees through Pazcare.

The most loved employee healthcare benefits in 2021

What is Pazcare offering?
Pazcare lets you design, administer and manage the right employee benefits program for your employees. We are bridging this gap by creating awareness around healthcare plans, encouraging employees to take care of their health on a priority.
What is a typical budget while buying insurance for employees?
The budget depends on factors like the city, terms/conditions of the insurance, family coverage (employee vs dependents), and average age of employees. At Pazcare, we customize the plans to suit your budget.
Can I add or remove members after the initial setup?
Yes, you can add new employees, add new dependents and remove employees who exit the company.