Compare & Buy Car, Bike and Health Insurance Online - InsuranceDekho
Track & Policy DownloadLogin

Group Term Life Insurance Plan

The insurance coverage offered to a group of people is referred to as a group term life insurance policy. In the event of the death of an employee, group term life insurance schemes provide financial independence to the family of the employee. Its purpose is to provide a monetary guarantee to the beneficiary of a group term life insurance policyholder in the case of the death of the insured.

dot
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
Get Term Plan Coverage of 1 Crore Starting From Just ₹16/Day*
  • Tax Benefit
    Tax Benefit
    Up to 1,50,000**
  • Claim Support
    Claim Support
    Everyday 10AM-7PM
  • 45 Lacs+
    45 Lacs+
    Happy Customers

*Standard Terms and Conditions Apply.

**Tax benefits are subject to changes in Income Tax Act.

Best Term Insurance Plans

1 Crore
2 Crore
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.7%
Starting From 688/Month
Key Features:
  • Right Green Tick Revised Zero Cost Benefit
  • Right Green Tick Terminal Illness
  • Right Green Tick Cover Continuance Benefit
  • Right Green Tick Insta-Payment on Claim Intimation
  • Right Green Tick Nominee's Choice payout
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.2%
Starting From 730/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Waiver of Premium on Disability
  • Right Green Tick Terminal Illness
  • Right Green Tick Life Stage Benefit
  • Right Green Tick Special Exit Benefit
  • LIFE COVER
    Tax Free
    1 Cr
  • CLAIMS SETTLED 99.4%
Starting From 771/Month
Claim Settlement 24hr Claim Settlement
Key Features:
  • Right Green Tick Terminal illness
  • Right Green Tick Special Exit - Option to get your premiums back
  • Right Green Tick Renewability Option
See More Plans

Term Insurance Premium Calculator

Gender

  • Male
  • Female

Date of Birth

calendericon

Do you smoke or chew tobacco?

  • Yes
  • No

Choose required coverage to secure your family’s future

50L
1Cr
1.5Cr
2Cr
Disclaimer :
1. Premium has been calculated for coverage till 60 years
2. Eligibility depends on income, occupation and educational qualification

What Is A Group Term Life Insurance Plan?

As the name implies, Group Term Life Insurance Plans are meant to provide life insurance to a group of people under a single policy. A group insurance policy is not limited to employer-employee groups, but also includes bank customers, NGOs, professional organisations, non-banking financial institutions, and microfinance institutions.
In the event of the death of the employee, a group insurance policy for employees provides financial help and independence to the beneficiaries of an employee. Some group insurance plans cover outstanding loans for a group of borrowers, and others include critical illness and disability insurance.
A group insurance plan, on the other hand, is not limited to employer-employee groups; it also includes bank clients, non-governmental organisations, professional organisations, non-banking financial institutions, and microfinance institutions.

Human Life Value/Coverage Calculator

My Age

My Annual Income

My Monthly Spend

Features Of Group Life Insurance Plans

The following are some of the features of Group Life Insurance Plans-

1. Contract Master

The group life insurance policy is a type of insurance that is routinely issued to employees, regardless of whether they have insurance or not. It is a master contract in which an organisation buys a master policy whose premium is determined by the number of members and the sum assured amount chosen by the company.

2. Contributory and Non-Contributory

There are two types of group life insurance: contributory and non-contributory. The employee contributes to the policy by paying a part of the premium, while the employer covers the rest. The premium is fully paid by the employer in the latter instance.

3. Affordable

Individual life insurance is more expensive than group life insurance.This is due to the fact that the insurance company can combine various expenses like administration, operation, and renewal into a single master policy.

4. Tenure

The policy usually has a one-year expiry date. The policy must then be renewed every year after that.

5. Payout for death

In the unfortunate event that an employee dies in an accident, the group life insurance pays the complete guaranteed sum to the nominee selected by the injured individual.

Benefits Of Group Life Insurance Plans

Employers cover all of their employees under a group life insurance plan, regardless of age, profession, or social background. The following are some of the benefits of the policy:

1. Term Policy

In the unfortunate event that an employee dies in an accident, the group life insurance pays the sum assured amount to the nominee named by the deceased individual.

2. Premium Payment

In some situations, the premium of the group life insurance is paid by the employer. In any case, the employee is responsible for the premium, which is deducted straight from his or her pay.

3. Employees are Fully Protected

The health insurance is a benefit that comes with the employee benefits package. Once you have been approved into a company, you are automatically enrolled in the plan. Some companies allow you to purchase an additional individual plan in addition to the group policy, enabling the individual policy to continue to operate even if you leave the company.

4. Cost-Effective

The premium of a group plan is much lower than individual policies because it covers a large number of people. A group insurance policy, without a doubt, is a better way to obtain insurance protection against a range of risk factors, let alone life. Start by deciding the best group plan.

5. Tax Benefits

Employers and employees both profit from group term life insurance plans. Death benefits are tax-free under current tax laws, according to Section 10(10D) of the Income Tax Act of 1961. Therefore, group insurance plans are effective in both employee welfare and retention.

How Does It Work?

A group administrator must pay an initial premium to get a master policy under a group term life insurance policy. This one-time payment covers all participants in the group for one year. Members of the group can choose the amount of the sum assured. This amount could be paid as a one-time payment or linked to a salary or loan payment. The group members are covered for a year from the starting date of the policy after the policyholder pays the fee.

Who Can Buy A Group Term Life Insurance Policy?

The following groups of people are eligible for group term life insurance policies: -
Groups of employers and employees

  • Employee-non-employer groups
  • Banks
  • Financial institutions that are not banks
  • Institutions that provide microfinance

Term Insurance Riders

Types of Term Insurance Plans

Popularly Opted Term Insurance Sum Assured

Best Insurance Advisors in Your City.

Term Insurance Companies User Reviews

What users are saying
  • Commendable Spirit

    I highly recommend InsuranceDekho for life insurance. They helped my husband find the perfect term plan for ICICIPrudential to protect our family. Vikas from the customer team supported us at every step, and we thank them for their patience. 

    P
    ICICI Prudential
    By Pooja Jain
    On: June 20, 2024
  • Complete Cover

    Last year, when I bought my term plan from Bandhan Life Insurance, I was a bit doubtful. But, having a critical illness rider on my term plan provided me with additional financial security. Recently, I was able to take advantage of its benefits. Thanks to InsuranceDekho for suggesting this option!

    S
    Bandhan
    By Shoba rani
    On: June 20, 2024
  • Easy Claim

    My term plan from PNB Metlife matured recently. I bought this plan from InsuranceDekho after a recommendation from a family friend. The claim process was smooth, and they assisted me at every point. I received the money quickly.

    M
    PNB MetLife
    By Manish Mittal
    On: June 20, 2024
  • Helpful Team

    InsuranceDekho helped me understand the importance of life insurance and increasing my term coverage as my income grows. With their help, I easily upgraded my existing plan for Kotak Term Insurance through their platform. Thank you so much, team.

    N
    Kotak
    By Nandini Pandey
    On: June 20, 2024
  • Supportive Team

    I was hesitant about buying online term plans, but InsuranceDekho's advisors addressed all my questions with ease and patience. Now, I have a term plan of Bajaj Allianz that gives me peace of mind at an affordable price. Kudos to your whole team. 

    T
    Bajaj Allianz
    By Twinkle dey
    On: June 20, 2024

Term Insurance News