Group Term Life Insurance for your team.

Ensuring protection for your employee’s and their families with group term life insurance policy. Buy the best GTL policy from the top insurers now!

800+

Satisfied customers

2.5 Lakh+

Lives Insured

Comprehensive policy with best pricing assured

What is group term life insurance?

A group term life insurance (GTL) provides term life insurance to employees or members of an organization securing employees’ as well as their family members’ future by receiving a death benefit in case of an unfortunate event.

While ensuring financial protection to the family of an employee, group term life insurance policy also acts as an employee retention instrument for many organizations.

Talk to our experts for a detailed consultation
Group Term Life Insurance

Benefits of group term life insurance policy

Why buy GHI

Tax benefits

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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

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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

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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

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

How does group term life insurance work?

01

Do your policy research well

Always consider the sum assured amount while purchasing group term life insurance. The sum assured amount is the total amount an employee’s dependent receives if they pass away during the term.

02

Opt for add-ons/ riders

Adding riders to your existing group term plan will make your policy more comprehensive. Knowing the right requirement from your employees and opting for add-ons is the right way to go about adding riders to your policy.

03

Get a competitive quote

Make sure you get the right premium estimate for your policy. Your policy for group term life insurance depends on several factors like the number of employees, average age, industry and so on.

04

Rolling out to your employees

Once you purchase the policy, let your employees add their beneficiaries. If the employee passes away during the term, the sum assured cover will be paid to the employee’s beneficiaries.

What should your group term insurance for employees cover?

Fire

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.

Lightning

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.

Explosion/Implosion

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.

Fire

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.

Lightning

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.

Bereavement benefit

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

Age or salary based cover

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

Increase cover easily

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

Minimum employees

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

No medical reports

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

Why should I buy a group term insurance policy?

One point of contact

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.

Pazcare dashboard advantage

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.

Policy coverage from day 1

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

Pazcare dashboard can be easily integrated with your HRMS to automate endorsements.

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
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Submit claim form

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Related medical reports

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Sick leave certificate by the employer

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Disability certificate by the health practitioner

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Police FIR in case of accidents

Common documents required in case of death
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Submit claim form

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Death certificate

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Post-mortem report in case of unnatural death

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Letter from HR

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Salary Slips

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Police FIR

Documents required to buy a group term insurance plan

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Name of employees

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Employee ID

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Employees’ CTC

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Designation

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Date of birth

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Covid status

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Vaccination details

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Gender

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Grade

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Date of joining the company

Frequently asked questions

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

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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?

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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?

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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?

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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?

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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?

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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?

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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?

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

Best pricing along with an easy-to-use platform made managing team insurance much easier for startups like us.

Aquibur Rahman

CEO, Mailmodo

The attention to detail and response time of Pazcare has made us their customer for life

Supriya Paul

Founder & CEO,
Josh Talks

The attention to detail and response time of Pazcare has made us their customer for life

Nikunj Verma

CEO, Cutshort

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They love their employee benefits!

You can easily choose and build your benefits package. We have it all.

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Prakash

4.5 / 5

4.5 / 5

The Pazcare team was very helpful in helping us with the details and the documents needed for the claim process. Everything about the company is impressive.

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Shreya Roy

4.5 / 5

4.5 / 5

The Dashboard is very easy to use and additions and deletion have become extremely easy and seamless. Employees have easy access to insurance details on the app

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Hemanth Kumar Addada

5 / 5

5 / 5

The dashboard is also very user-friendly with a very good UI/UX.

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Vishwanath HY

5 / 5

5 / 5

Dashboard really helps in getting quick response for any queries and reimbursement

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Shraddha Shikhare

4.5 / 5

4.5 / 5

Hassle-free and quick onboarding of employees into the medical service and queries resolved asap.

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Manasa Deval

5 / 5

5 / 5

Everything online. Buying, onboarding, claims— everything is digital and easy. The onboarding experience specifically was good.

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Ranjith Singh

4.5 / 5

4.5 / 5

My leadership team is happy that the HR team has made the right choice. Have got the best policy for the best premium. The dashboard is really time-efficient.

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Sumaya Begum

4.5 / 5

4.5 / 5

We have had employee insurance before. But with Pazcare our employees understand it much better and have easy access. This has helped a lot in reducing the dependency on HR.

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Ankita Mishra

4 / 5

4 / 5

Loved having options to get add-ons along with group insurance.

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Singram Sharma

4.5 / 5

4.5 / 5

I got a GMC policy for my 4-month-old startup with amazing wellness benefits. Love everything about it.

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Divya

5 / 5

5 / 5

My team enjoys the wellness activities conducted by Pazcare. They actually participate and look forward to it.

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Prakash

4.5 / 5

4.5 / 5

The Pazcare team was very helpful in helping us with the details and the documents needed for the claim process. Everything about the company is impressive.

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Arundhati Pai

4.5 / 5

4.5 / 5

Claim management is top-notch. Insurance experience for employees really boils down to claims and we are very happy with it.

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Vijaykumar

5 / 5

5 / 5

Got approval in time

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Shivani Prasad

4 / 5

4 / 5

Employees are happy with quick responses to their queries, especially with claims. Easy to coordinate.

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Dhvanil Pipaliya

5 / 5

5 / 5

I got quick and satisfactory replies and the entire process was fast. I got the claim amount in less than one week after submitting my claim.

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Sarlaksha Ganesh

5 / 5

5 / 5

I really appreciate Darshan from your team from the bottom of my heart. His patience, support and availability for queries are all a cut above the rest. His ability to connect with people, empathize with client needs and be super responsive are excellent. We have already got 2 claims settled without effort.

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Aman Yadwadkar

4 / 5

4 / 5

Customer support team is prompt. WhatsApp Chatbot is helpful too.

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Ranjith Singh

4.5 / 5

4.5 / 5

My leadership team is happy that the HR team has made the right choice. Have got the best policy for the best premium. The dashboard is really time-efficient.

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Sumaya Begum

4.5 / 5

4.5 / 5

We have had employee insurance before. But with Pazcare our employees understand it much better and have easy access. This has helped a lot in reducing the dependency on HR.

userface

Ankita Mishra

4 / 5

4 / 5

Loved having options to get add-ons along with group insurance.

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Shreya Roy

4.5 / 5

4.5 / 5

The Dashboard is very easy to use and additions and deletion have become extremely easy and seamless. Employees have easy access to insurance details on the app

userface

Hemanth Kumar Addada

5 / 5

5 / 5

The dashboard is also very user-friendly with a very good UI/UX.

userface

Vishwanath HY

5 / 5

5 / 5

Dashboard really helps in getting quick response for any queries and reimbursement

userface

Shraddha Shikhare

4.5 / 5

4.5 / 5

Hassle-free and quick onboarding of employees into the medical service and queries resolved asap.

userface

Manasa Deval

5 / 5

5 / 5

Everything online. Buying, onboarding, claims— everything is digital and easy. The onboarding experience specifically was good.