Group term life insurance companies

Group term life insurance is provided by life insurance companies. India has 24 life insurance companies and almost all of them offer corporate term insurance. Life Insurance Corporation (LIC)  is the only public sector life insurer out of the 24. Employers can buy group term life insurance policies from these life insurers. They will have to give details of the employees and the organization along with their policy requirements to buy a policy.

To purchase a group term life insurance plan, employers must share:

• Employee census data (age, gender, designation)
• Sum assured structure
• Industry and risk category
• Rider requirements

Based on this data, insurers provide customized premium quotes.

How to choose the best group term life insurance in India?

Selecting the best group term life insurance for your company can be overwhelming, especially with so many insurers offering similar plans. Here are the key factors employers should consider:

1. Claim settlement ratio

A high claim settlement ratio indicates an insurer’s reliability during payouts, one of the most important factors while choosing the best group term insurance plan.

2. Customer service & support

Seamless onboarding, endorsements, employee additions/deletions, and query resolution significantly influence the experience of managing a group term plan policy.

3. Pricing & premium structure

For most organizations, pricing is the primary deciding factor. Premiums vary based on employee age, sum assured, job risk category, and coverage enhancements.

4. Ease of claim filing

Employers should choose insurers known for fast, transparent, and hassle-free claim processes.

5. Customization options

Leading insurers offer riders and add-ons such as accidental death benefits, disability riders, or terminal illness benefits for enhanced protection.

We at Pazcare, make this absolutely easy for you. You just have to give us your details and requirements and we will get you quotes from all the insurers you want. Our insurance advisors will even help you with understanding the offerings better for you to make an informed decision. 

We have delved into detail into what all of these life insurers offer for a group term life insurance policy. 
‍

List of top insurers offering the best group term insurance plans

Here are some of the leading insurers providing group term life insurance benefits in India:

Each insurer offers variations in pricing, riders, claim processes, and digital capabilities for a group term life insurance policy.

Read More: Group Term Life Insurance Claim Settlement Ratio

What to compare between group term life insurance companies?

Before choosing the best group term life insurance for your organization, it’s important to compare insurers on factors that impact your overall experience. Here’s what employers should evaluate:

1. Claim settlement ratio

A high claim settlement ratio indicates how reliably an insurer pays out claims. Companies with strong claim performance provide better peace of mind for employers and employees.

2. Premium competitiveness

Group term premiums vary significantly between insurers. Compare quotes to identify who offers the most cost-effective pricing for your employee demographics and coverage needs.

3. Digital processes and ease of administration

Modern insurers offer digital onboarding, automated endorsements, and dashboards for HR teams. This makes managing a group term plan policy much easier.

4. Speed of endorsements

Employee additions, deletions, and corrections should be quick and smooth. Insurers with efficient endorsement processes reduce administrative delays.

5. Claim turnaround time

Apart from the settlement ratio, assess how fast insurers actually process claims. Faster turnaround times help families receive support when they need it most.

Benefits of buying group term life insurance from these companies

Choosing the right insurer enhances the overall impact of your group term life insurance plan.

1. Financial protection for employees

Group term life insurance ensures that employees’ families are financially protected in case of an unfortunate event.

2. Cost-effective premiums

Since the policy covers a group, insurers offer lower premiums compared to individual life insurance plans, making it budget-friendly for employers.

3. High-value coverage options

Most insurers provide flexible sum assured options, riders, and customizable benefits, helping companies build the best group term insurance plan for their teams.

4. Strong employer branding

Offering group term life insurance positions your organization as a responsible employer that prioritizes employee wellbeing.

5. Improved retention and employee satisfaction

Employees feel valued when employers invest in their long-term financial security, leading to better satisfaction and retention.

Why buy group term life insurance through Pazcare?

While multiple insurers offer similar plans, comparing them independently can be time-consuming.

At Pazcare, we simplify the process:

• Get quotes from multiple top insurers
• Compare premiums and riders side-by-side
• Understand claim settlement data clearly
• Receive expert advisory support
• Manage your policy through a tech-enabled dashboard

Instead of navigating insurer complexities alone, we help you choose the most suitable group term life insurance plan based on your workforce profile and budget ensuring you make a confident, data-backed decision.

We simplify how companies buy group term life insurance. Our advisors also break down each insurer’s offering so you can make an informed, data-backed decision.