Group Term Life Insurance: Compare & Buy Group Term Insurance Online

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

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

Benefits of group term life insurance policy

Tax benefits

Group Term Life Insurance plan provide tax benefits to employers. According to Income Tax Act 1961, employers can claim the premium paid for group term insurance under section (37)1 avail tax benefits.

Customizable riders

Group term insurance plan comes with multiple add-ons/riders. You can choose to include the add-ons for an affordable increase in the premium and make your policy as comprehensive as possible for your budget.

No medical check-ups

Employees need not undergo medical check-ups for their group term insurance policy. Depending on the terms and conditions of the group term plan, employers can purchase the policy from Pazcare.

Employee retention

When companies opt for a group term life insurance, it can not only attract top talents but also contribute to their retention.

Group term life insurance companies in India

S.No.	Insurers	Claim Settlement Ratio
1	Aditya Birla Sun Life Insurance Company	97.15%
2	Kotak Life Insurance	98.50%
3	Shriram Life Insurance	95.12%
4	Bajaj Allianz Life Insurance Company	95.01%
5	SBI Life Insurance Company	95.03%
6	TATA AIA Life Insurance	99.07%
7	Edelweiss Tokio Life Insurance Company	95.82%
8	ICICI Prudential Life Insurance Company	98.58%
9	Reliance Nippon Life Insurance Company	97.71%
10	HDFC Life Insurance Company	99.04%
11	Max Life Insurance Company	99.20%
12	Life Insurance Corporation of India	98.62%
13	IndiaFirst Life Insurance Company	96.81%

What should your group term insurance for employees cover?

Accidental death benefit rider

An accidental death benefit rider is an add-on feature that can be added to the group term plan. This rider gives the nominee of the employee the sum insured in case of an accident.

Critical illness rider

Critical illness rider is additional coverage. It can be added to the group term life insurance policy in exchange for an additional premium. A lump sum amount is provided to the family of the deceased employee who was demised from a listed critical illness during the policy tenure.

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 insurance scheme.

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.

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.

Key features of group term insurance

Bereavement benefit

In case of death, the nominee gets payment equivalent to the sum insured.

Age or salary based cover

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

Increase cover easily

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

Minimum employees

Group term insurance plans can be offered to companies with as low as 50-100 employees.

No medical reports

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

Critical illness rider

Employees can buy add-ons voluntarily in the event of critical illness

Why should you buy group term insurance plan from Pazcare?

One point of contact

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

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!

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

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

Mobile app for employees

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

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

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

Competitive costs

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

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 insurance plan

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 insurance?

YOU!

HR leaders

For a 10/10 employee experience and satisfaction

Founders/CXO

For staying on top of your employer branding

Finance controllers

Healthcare benefits that are “value for money”

Frequently asked questions about group term life insurance policy for employees

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

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.

Group Term Life Insurance for your team.

Comprehensive policy with best pricing assured

Benefits of group term life insurance policy

Tax benefits

Customizable riders

No medical check-ups

Employee retention

Group term life insurance companies in India

What should your group term insurance for employees cover?

Accidental death benefit rider

Critical illness rider

Permanent and partial disability rider

Waiver of premium rider

Income benefit rider

Key features of group term insurance

Bereavement benefit

Age or salary based cover

Increase cover easily

Minimum employees

No medical reports

Critical illness rider

Why should you buy group term insurance plan from Pazcare?

One point of contact

Easy claim process

Go beyond insurance!

Admin dashboard

Mobile app for employees

Hassle-free claim process

HRMS integration

Competitive costs

How to claim your group term life insurance?

Insurer → nominee

Insurer → employer → nominee

Common documents required in case of disability

Common documents required in case of death

Documents required to buy a group term insurance plan

Who should buy group term insurance?

HR leaders

Founders/CXO

Finance controllers

Frequently asked questions about group term life insurance policy for employees

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

What is the tenure of a group life insurance plan?

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

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

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

What is a death benefit?

Are riders available with the group term insurance plans?

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