Top benefits of group life insurance
Group term life insurance could be your next purchase. Get to know the benefits of owning one
By Pazcare
June 16, 2022
Key Insights
ICICI Prudential Life Insurance Company Ltd is a joint venture between the largest private sector banking institution in India ICICI Bank Limited and a financial services company Prudential Corporation Holdings Limited. It is one of the first life insurance companies in India to be listed on the domestic stock market.
The insurance company offers a variety of life insurance products to cater to the needs of its customers. These include savings plans, retirement plans and many more.
With Pazcare employers can provide their employees with a group term plus life insurance policy from ICICI Prudential Life Insurance company.
Get the best quotes for the ICICI Prudential group term plus life insurance policy for employees and manage the policy using Pazcare’s tech-enabled dashboard.
These simple steps allow you to purchase the ICICI Prudential group term plus life insurance policy online from Pazcare.
Step 1: Visit Pazcare and click on the products drop down and choose group term life insurance.
Step 2: After going through all the necessary information regarding a group term life insurance policy for employees, fill in the form containing your name, phone number, work email address and the number of employees you wish to purchase ICICI Prudential group term plus life insurance for.
Step 3: Submit this form and our insurance consultants will get back to you to know more about your requirements regarding the GTL policy. We will also ask for the active employee data like the employee ID, the CTC, the designation, etc. to give you the best quotes.
Step 4: Once all the above data are submitted, we will get back to you with the best quotes for the GTL policy from the ICICI Prudential Life Insurance company.
Step 5: Please accept the terms and conditions of the policy and pay the premium quoted for that financial year. The policy is activated immediately after the purchase.
Step 6: Our team will help you with the process and take you through the Pazcare dashboard where you can manage the ICICI Prudential group term plus life insurance policy.
For further information, write to us at support@getpaz.com or call our customer care at +91 78291 11300. Alternatively, connect with us on Whatsapp using the number +91 81973 79596
ICICI Prudential group term plus insurance for employees is a tailor-made term life insurance plan for employees. The premium paid towards the group term plus life insurance policy for employees is much lower than any retail plan.
Customise your GTL policy can be customized by adding riders like
The premium varies according to the type of riders you choose for your group term insurance plan.
The ICICI Prudential group term plus life insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.
Step 1: Get in touch with Pazcare. Submit the form containing details like your name, name of the company, number of employees you wish to insure, work email address and phone number.
Step 2: Once the form is submitted, our insurance consultants will get in touch with you and request you to submit the following documents.
Step 3: After submitting these details you can choose additional riders to the policy at your convenience. Once you decide, we will get back to you with the best quotes for your ICICI Prudential group term life insurance policy.
Step 4: The next step is to agree to the terms and conditions of the policy and pay the premium for your ICICI Prudential group term life insurance policy.
Step 5: The policy gets activated immediately after paying the premium. Our team will guide you through the whole process and help you with the onboarding process too.
We make sure that your GTL policy experience will be seamless using our Pazcare dashboard. Your employees can access their policy using Pazcare’s employee app which is available on both the app store and the play store.
The claim settlement ratio is the percentage of the claims settled by the ICICI Prudential Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled.
In the financial year, 2019-20, the claim settlement ratio of ICICI Prudential Life Insurance Company is 99.90%.
The ICICI Prudential Life group term insurance premium depends on various factors like
Covid status
The Covid-19 pandemic has caused a lot of deaths in recent times. Hence, the covid status and the vaccination status of the employee impact the premium of the ICICI Prudential group term plus insurance plan.
Sum assured
Depending on the amount of sum assured the employer wish to offer the premiums towards the GTL policy may increase.
Job risks
The nature of the job and the risks involved for the employees also determine the group term plus life insurance premium. For instance, jobs that involve a lot of risks like employees working in a manufacturing industry may have higher premiums when compared to employees with desk jobs.
Claim history
For renewals, the claims history for the last 3 years, and the reason for the death of the employee also determine the premium of the ICICI Prudential Life group term plus insurance policy.
CTC of the employee
The grade and CTC of the employees determine the premiums of the GTL policy as some employers wish to offer a CTC-based sum assured. This means the higher the CTC, the higher the sum assured.
Purchasing your group term plus life insurance policy for employees from ICICI Prudential Life Insurance company has the following benefits.
Tax benefits
As employers, when you pay the premium towards the ICICI Prudential Life group term plus insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.
Choose your riders
Your ICICI Prudential Life Sun group term plus life insurance policy comes with customisable riders like critical illness rider, terminal illness rider, accidental death benefit, etc at a much lower price
No medical screening needed
The group term plus life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy you choose.
High claim settlement ratio
The claim settlement ratio of ICICI Prudential Life Insurance company for the financial year 2019-20 is 99.90%. This means the chances of settling the claims for your group term plus life insurance policy are high.
Lower premiums
The premium paid towards the group term life insurance policy is much lower than that of the premium paid in a retail term life insurance plan.
Here are the documents that you require to claim the ICICI Prudential Life group term plus insurance policy
Why buy a group term life insurance
policy online from Pazcare?
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
ICICI Pru Group Term Plus policy is nothing but a group term life insurance policy of ICICI Prudential Life Insurance company. This plan offers death benefits to the employees in a group in case of any unfortunate events.
The ICICI Prudential Life Insurance contact number is 1860 266 7766. Alternatively, you can email them at lifeline@iciciprulife.com
The claim settlement ratio of ICICI Prudential Life Insurance Company for the financial year 2019-20 is 99.90%.
With Pazcare, you can now easily renew your ICICI Prudential term life insurance policy. Reach out to our insurance consultants at Pazcare. Submit all the required documents and decide on the riders you need. Team will get back with the best quote. After you agree with terms & conditions, just pay the premium and your policy shall get activated.
Riders like accidental death benefit rider, accelerated death benefit rider, accidental disability benefit rider, critical illness benefit rider are offered under ICICI Prudential term insurance plans.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
lifeline@iciciprulife.com
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