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There is strength in numbers. Group insurance plans from Tata AIA Life Insurance reinforces this sentiment, because with our group solutions, every member of your affinity group can enjoy the benefits of extended protection in a more cost-effective manner. Whether they are employer-employee groups, or non-employer-employee groups, we have a plan for everyone.

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How a group
insurance plan works

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amount/age/right choice of plan etc…)

Secure the dreams and goals of every member in the group

Frequently asked questions
What are group insurance plans?

There are different types of group insurance plans. Some group insurance plans are solutions that allow employers to contribute to the well-being of their employees, and show them that they care. Other group plans protect borrowers who have availed loans from lending institutions.

How do group insurance plans differ from individual insurance plans?

In individual insurance plans, you pay a premium to the insurer in exchange for benefits that are exclusive to you. You get to choose various aspects of the plan, such as the premium payment term, the policy term, the level of protection, and the mode of premium payment, among other terms. 

Group insurance plans are designed to benefit affinity groups comprising various people, such as employees, or groups of borrowers. These plans are cost-effective solutions that provide benefits to each member of the concerned group.

When should I purchase a group plan?

The right time to purchase a group plan depends on the kind of protection it offers. For instance, if you’re an employer keen on taking out an insurance plan for your employees, it’s a good idea to purchase a group plan for your workforce as early as you can. That way, they are protected early on. Instead, if you’re a lender (such as a bank, financial institution, or NBFC) looking to take a group plan to secure the loans taken by borrowers, the ideal time to purchase the plan would be when you disburse the funds to the borrowers. 

Which groups benefit from group insurance solutions?

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

What documents would I require to buy an insurance policy?

To buy an insurance policy, you need to submit the following mandatory documents.

Proof of address:

The following documents are accepted as valid proof of your address.

  • Bank Statement (or passbook) with the latest entries for six months 
  • Aadhaar card
  • Passport
  • Voter's ID
  • Driver's License
  • Electricity/telephone bill
  • Ration Card

Proof of identity:

Some of the documents that are accepted as valid proof of your identity include:

  • PAN card
  • Aadhaar Card
  • Passport
  • Driver's license

Documents showing proof of income:

These documents, which are required only for a few plans, include:

  • Salary slips of the previous 3 months
  • Income tax returns/Employer certificate
  • Bank statement of the previous 6 months
  • Latest Form 16
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Tax benefits

When you purchase an insurance policy, you become eligible for income tax benefits. According to section 80C of the Income Tax Act, 1961, the premium you pay for your life insurance plan is eligible to be deducted from your total income up to Rs. 1,50,000. This reduces your total taxable income and minimizes your tax burden. The maturity benefits and death benefits offered are also exempted from tax, as per the provisions of section 10(10D) of the Income Tax Act, 1961.

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