Tata AIA Life Insurance Traditional Group Corporate Benefit Plan (UIN: 110N155V01)

 

An Annually Renewable Non-Linked, Non-Participating Group Savings Plan

Now meet your statutory obligations as an employer, while securing the welfare of your employees. Employees are the most valuable assets of a company, and it is important for employers to safeguard and protect the future of their employees, which can be achieved through group corporate benefit plans.

Tata AIA Life Insurance Traditional Group Corporate Benefit Plan allows employers to build and manage funds, and meet the benefit liabilities of their employees. This is an annually renewable non-linked, non-participating group savings plan that is offered to employer-employee groups.

Key
Benefits

Separate funds

Provision to set up separate funds for each of your long-term employee benefits and superannuation benefits

Benefits payable

Benefits payable to employees in the event of termination of service, resignation, retirement (early or otherwise), exit other than natural death, or any other exit of the members as per scheme rules

Assured returns

Assured return of 1% per annum on policyholder account value for the policy term

Life cover

Life cover provided to all enrolled members

Highlights of Tata AIA Life Insurance Group Employee Benefit Plan

Provision to set up separate funds for your employee’s gratuity/ leave encashment benefits

Benefits are payable to employees in the event of their retirement/ resignation/ termination/ any other exit as per scheme rules

Provide life cover for all enrolled members

This plan also provides the option of fund switching

Disclaimer

  • 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 implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you
  • 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 are subject to applicable taxes, levies, duties, and 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 the 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
Frequently asked questions
What are group insurance plans?

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.

What are the benefits of 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.

How do these group insurance plans work?

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.

Can individuals purchase group insurance plans?

Individuals cannot purchase group insurance plans. In order to avail the benefits of a group insurance policy, one has to be a part of a specific group

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