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The following are the features of group term insurance.
The following are the key benefits of group term insurance.
Provides financial protection to the employee’s family in case of sudden or unexpected death during the policy term.
Offers round-the-clock protection, no matter where the employee is located in the world.
Premiums paid for group term insurance may offer tax benefits# to the employer. Employees may also get tax-free payouts under applicable sections.
Some plans allow the inclusion of joint life (such as spouse) under the same policy, especially under whole life income benefit plans.
Comprehensive, 24x7 protection benefit against sudden and unforeseen death of the insured member
Health Management Services will be provided as per the company policy.
We provide simple and hassle-free enrolment, with no additional documents
Simple and Ease of premium payment of Group Term Plan
Simple and quick claim processing*
*Conditions apply
A group term insurance plan is available to various organisations looking to provide life cover to their members. Eligible groups include employees of companies, members of registered societies, and customers of banks, non-banking financial companies (NBFCS), and microfinance institutions. The minimum age group to enter the plan is 18 years, and the maximum age is between 65 to 69 years. Eligibility is usually based on active association with the group and other insurer-defined criteria. Always check with the insurer for exact terms before opting for a group term insurance 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.
Disclaimers
Tata AIA Life Insurance Group Term Life - Non-Linked, Non-Participating, Yearly Renewable Group Term Product (UIN: 110N004V06)
#Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. 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.
*Applicable to only non-early claims with more than 3 years of policy duration, non-investigation cases, up to Sum Assured of Rs. 50 lakhs. Applicable for branch walk in. Time limit to submit claim to Tata AIA Life Insurance is 2 pm on working days. Subject to submission of complete documents. Not applicable for ULIP policies and open title claims.
This product is underwritten by Tata AIA Life Insurance Company Ltd.
This plan is not a guaranteed issuance plan and it will be subject to Company’s underwriting and acceptance.
Insurance cover is available under this product.
In case of non-standard lives and on submission of non-standard age proof, extra premiums will be charged as per our underwriting guidelines
All Premiums, Charges, and interest payable under the policy are exclusive of applicable taxes, duties, surcharge, cesses or levies which will be entirely borne/ paid by the Policyholder, in addition to the payment of such Premium, charges or interest. Tata AIA Life shall have the right to claim, deduct, adjust and recover the amount of any applicable tax or imposition, levied by any statutory or administrative body, from the benefits payable under the Policy.
For more details on risk factors, benefit exclusions, terms and conditions, please read the sales brochure carefully before concluding a sale.
L&C/Advt/2025/June/Man/014
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