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Non-Linked, Non-Participating, Group Protection Plan (UIN: 110N173V02)
As companies grow and support their employees, they need to offer more than just salaries. One way to do this is by providing financial support to employees' families during unexpected events.
Tata AIA Group Sampoorna Raksha Supreme offers the opportunity to cover a host of life’s uncertainties and ensure the financial security. This plan is available for both Employer-Employee and Non-Employer-Employee groups. In case of an unexpected event, the sum assured will be paid to the insured member or their nominee.
Why choose a Group Term Insurance Plan?
Benefits |
Benefit for Employers |
Benefits for Employees |
Financial Security |
Provides financial security to your employees' families in case of unfortunate event such as death of the life insured. |
Provides financial support for the family in the event of the breadwinner's untimely death. |
Cost-Effective |
More cost-effective compared to individual policies due to lower premiums. |
Get coverage from your employer without paying individual premium rate. |
Employee Retention |
Enhances employee loyalty and may help reduce attrition. |
Increases job satisfaction and provides a sense of security. |
Peace of Mind |
Provides peace of mind for employers knowing employees can focus on the job without worrying about financial protection. |
Helps reduce stress related to financial planning for unforeseen events. |
Customizable Plans |
Flexibility to customize plans according to the needs of the organization and employees. |
Helps employees protect their family’s financial future as per the plan option chosen. |
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.
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