Tata AIA
Employee Benefit Traditional Plan

Group insurance plans offer insurance coverage to members of a group. They can be members of a specific group/society, employees of a company, or a group of loan borrowers. In the case of our Tata AIA Employee Benefit Traditional Plan,, 

This plan helps employers retain their workforce while meeting the statutory obligations by purchasing group insurance plans. Tata AIA Life Insurance Group Insurance plans also offer many benefits to employer-employee groups and non-employer-employee groups. Members of these groups can get retirement benefits, pure term, gratuity, and loan covers.

Group insurance plans offer several benefits to employer-employee groups and non-employer-employee groups, such as groups of loan borrowers from a common lender.

Group Insurance Benefits for Employer-Employee Groups:

• Purchasing a group insurance plan can motivate employees and increase employee satisfaction as they ensure the financial security and well-being of employees' families.

• Employers can meet their statutory obligations by purchasing group insurance

Benefits for non-employer-employee groups:

• Members of such groups can claim life cover by purchasing group insurance.

Credit life insurance plans like Tata AIA's Group Loan Protect can provide cover against outstanding debts to borrowers. For example, lending institutions can protect the money they lend by purchasing credit life insurance plans, which alleviates the burden of outstanding debts from the borrowers' families in the event of their demise.

Group insurance policies can be purchased by employer-employee groups or non-employer-employee groups to ensure the financial well-being of the members' families. These plans have a Master Policyholder, who will serve as the central administrator and act on behalf of the group members. In the case of employer-employee groups, the Master Policyholder would be the employer. 

In the case of non-employer-employee groups, they can include members of a specific society or borrowers from a common lender. These groups need to have a specific purpose of existence to be eligible to purchase a group plan.

For example, you cannot form a group solely to meet the minimum group size under the group insurance plan to purchase it. Your group must have a purpose or reason for existence while meeting the eligibility criteria for a group plan.  

For a more detailed explanation of how Tata AIA’s Group Plans work, click here.

Unfortunately, they cannot. Group plans are only meant for specific groups, e.g., employer-employee or non-employer-employee affinity groups, as they usually have minimum group size and other eligibility criteria that must be met to be purchased. If you are looking for life insurance plans that offer individual coverage, feel free to explore our retail plans available at Tata AIA Life Insurance.