Tata AIA Life Insurance
Traditional Group Corporate Benefit Plan 

Group insurance plans offer insurance cover to members of a group. They can either be members of a specific society, employees of a company, or a group of loan borrowers. Tata AIA Life Insurance group insurance plans extend a myriad of benefits to employer-employee groups, and non employer-employee groups. Members of these groups can get pure term, superannuation, gratuity, and loan cover among others.  

For instance, lending institutions can protect the money they lend to borrowers by purchasing credit life insurance plans, which removes the burden of outstanding debts from the shoulders of the borrowers’ families, in the event of their untimely demise. Similarly, employers can ensure the financial well-being of the families of their employees by purchasing group term insurance plans. It also helps employers retain their workforce, while meeting the statutory obligations via group insurance plans.

Group insurance solutions benefit a variety of groups like employer-employee groups, non-employer-employee groups, and groups of loan borrowers from a common lender.

Benefits for employer-employee groups:

By purchasing group insurance, employers can ensure the financial security and well-being of their employees’ families. This is generally seen as a good practice, which motivates the employees, and increases employee satisfaction. Employers can also meet their statutory obligations by purchasing group insurance, while the premium paid by them can be treated as a business expense. This enables the employer to claim tax deductions.

The employees can also avail tax benefits^# on the premiums paid, while the funds they invest in are managed by experts.

Benefits for non employer-employee groups:

By purchasing group insurance, members of such groups can avail life cover, while credit life insurance plans provide cover against outstanding debts to the borrowers.

Group insurance policies can be purchased by either employer-employee groups, or non employer-employee groups, in order to ensure the financial well-being of the members’ families.

The non employer-employee groups can include members of a specific society, or can include borrowers from a common lender. Hence, such groups need to have a purpose of existence. Group insurance plans will also have a Master Policyholder, who will serve as the central administrator, and will act on behalf of the members of the group.

As the name suggests, group insurance plans are applicable for specific groups only eg: Employer-employee or Non-Employer Employee affinity groups. Individuals can purchase the retail plans available at Tata AIA Life Insurance.

• Please know the associated risks and the applicable charges, from your Insurance agent or the Intermediary or policy document issued by the insurance company.
• A Minimum Floor Rate is 1% per annum on the Policyholder Account Value and is guaranteed for the entire policy term.
• ^#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implication mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you.
• Tata AIA Life Insurance Group Loan Protect - A Non-Linked, Non-Participating, Group Pure Risk Credit Life Insurance Plan (UIN: 110N132V02)
• Tata AIA Life Insurance Group Term Life – Non-Linked, Non-Participating, Term Insurance Plan (UIN: 110N004V03)
• Tata AIA Life Insurance Group Employee Benefit Plan - A unit-linked, non-participating group life insurance plan (UIN: 110L151V02)
• Tata AIA Life Insurance Group Sampoorna Raksha - Non-Linked, Non-Participating, Group Protection Plan (UIN: 110N154V01)
• Insurance cover is available under this product (for long term benefits).
• This product is underwritten by Tata AIA Life Insurance Company Limited. This plan is not a guaranteed Issuance plan and it will be subject to Company’s underwriting and acceptance.
• All charges under the policy is subject to applicable taxes, levies, duties, cesses which will entirely be borne by the master policyholder and will always be paid by the master policyholder along with the payment of Contribution. If any imposition (tax or otherwise) is levied by any statutory or administrative body under the Policy, the insurer reserves a right to claim the same from the master policyholder. Alternatively, the insurer shall also have a right to deduct the amount from the benefits payable under the Policy.
• For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale.
• L&C/Advt/2023/Feb/0395