A Group term insurance plan is an insurance benefit frequently offered by employers to their employees. It is a group benefit provided to employees who meet certain eligibility criteria, such as being a permanent employee or after completing 30 days after their appointment, at no cost except on payroll deductions.
Group term insurance plan can also be offered by a non-employer to an employee like to a member of the same social group, for example. The key factor here is reduced cost or premium. Thus, many organisations or companies opt for this plan. The plans may also offer employees or policyholders’ coverage for their spouses and children. Group term insurance coverage can be adjusted annually during an open-enrolment or renewing period.
Group term insurance is:
These Group Term Life Insurance Policies can be classified as:
These plans provide risk coverage to employees or group members, and certain insurers can also offer coverage to families of members or employees.
This term insurance ensures employees against uncertain events related to a permanent total or partial disablement or injury or critical illness. It decreases financial burden for the insured and his or her dependents by providing full coverage in the event of sudden death or accident. However, it does not cover natural death or suicide and the likes. It can cover the cost of medical expenses except in case of a predetermined medication or ailment. These are also available to small and medium enterprise employees.
It covers the costs of any accident, damage, loss, or medical emergency during travel on a work basis. This can be divided into two categories, domestic and international, and can be utilised on a single trip or multiple trips.
These term plans are economical and comprehensive, below is a list of available Group Term Insurance Plans under these subheadings:
|Group Health Term Insurance||Group Personal Accident Term Insurance||Group Travel Term Insurance|
|Aditya Birla Health Insurance||Aditya Birla Group Active Secure||Aditya Birla Group Activ Travel|
|Bajaj Allianz General Insurance||Bajaj Allianz Global Personal Guard Policy (Group)||Bajaj Allianz Group Business Traveller’s Insurance|
|Bharti AXA General Insurance||Bharti AXA Smart Group Personal Accident Insurance Policy||Bharti AXA Travel Assure – Group Overseas Travel Insurance|
|Cholamandalam MS General Insurance||Chola MS Group Personal Accident Insurance||Cholamandalam Group Domestic Trip Insurance|
|Digit General Insurance||Digit Group Personal Accident Policy||HDFC ERGO Group Travel Insurance|
|Edelweiss General Insurance||Future Generali Group Personal Accident||HDFC ERGO Health Group Travel Insurance|
|Future Generali General Insurance||HDFC ERGO Group Personal Accident Insurance||IFFCO Tokio Travel Protector|
|HDFC ERGO General Insurance||DFC ERGO Health Group Personal Accident Insurance||Religare Group Explore|
|HDFC ERGO Health Insurance||ICICI Lombard Group Personal Accident Policy||Tata AIG Group Travel Secure|
|ICICI Lombard General Insurance||IFFCO Tokio Group Personal Accident Insurance||Universal Sompo Travel Worldwide|
|IFFCO Tokio General Insurance||Kotak Group Accident Protect|
|Kotak Mahindra General Insurance||Liberty Group Personal Accident Policy|
|Liberty General Insurance||ManipalCigna Group Personal Accident|
|ManipalCigna Health Insurance||New India Group Personal Accident Policy|
|Navi General Insurance||Navi Group Personal Accident Insurance Policy|
|Oriental General Insurance||Oriental Group Personal Accident Policy|
|Reliance General Insurance||Raheja Group Personal Accident Insurance|
|Religare Health Insurance||Reliance Personal Accident Policy|
|Royal Sundaram General Insurance||Religare Group Secure|
|SBI General Insurance||Royal Sundaram Group Accident Insurance|
|Star Health and Allied General Insurance||SBI Group Personal Accident|
|Tata AIG General Insurance||Shri Group Personal Accident Insurance|
|Universal Sompo General Insurance||Star Group Accident Insurance Policy|
|Tata AIG Group Multiguard Personal Accident|
|United India Group Personal Accident Policy|
|Universal Sompo Group Accident|
The Best Group Term Plans are as follows:
|Term Plan||Entry Age (Min- Max)||Policy Term (Min- Max)||Accidental Death Benefits||Critical Illness Benefits||
Waiver of Premium
|Aegon Life iTerm Plan||18-65 years||18-65 years||Paid||N/A||Paid||Free|
|Aviva iLife Plan||18- 55 years||18- 55 years||N/A||N/A||N/A||N/A|
|Bajaj Allianz eTouch Lump sum||18 – 65 years||18 – 65 years||Paid||Paid||Free||N/A|
|Birla Sun Life Protector Plus Plan||18-65 years||5-70 years||Paid||Paid||Paid||Include|
|Bharti AXA Term Plan eProtect||18-65 years||10-75 years||Include||N/A||N/A||N/A|
|Edelweiss Tokio Life My Term+||18-65 years||10-85 years||Paid||Paid||Paid||N/A|
|Exide Life Smart Term Plan||18-65 years||10-30 years||Paid||Paid||Paid||N/A|
|Future Generalin Flexi Online Term Plan||18- 55 years||10-65 years||Paid||N/A||N/A||N/A|
|HDFC Life Click 2 Protect 3D Plus||18 – 65 years||18 – 65 years||Paid||Paid||N/A||N/A|
|ICICI Prudential iProtect Smart||18 – 60 years||18 – 60 years||Paid||N/A||Free||Free|
|iSelect+ Term Plans||18-65 years||5-62 years||Paid||N/A||N/A||Paid|
|iSurance Flexi Term Plan||18-60 years||10-62 years||Paid||N/A||N/A||N/A|
|India First Anytime Plan||18-60 years||5-40 years||N/A||N/A||N/A||N/A|
|Kotak e- Term Plan||18-65 years||5-75 years||Include||Paid||Include||N/A|
|LIC E-term Plan||18 – 60 years||18 – 60 years||N/A||N/A||N/A||N/A|
|Max Life Online Term Plan Plus||18-60 years||18-60 years||Paid||N/A||Include||N/A|
|PNB MetLife Mera Term plan||18-65 years||18-65 years||Paid||Paid||N/A||N/A|
|Pramerica Family First Term Insurance Plan||18-50 years||10-30 years||Paid||Paid||N/A||N/A|
|SBI Life eShield Plan||18 – 65 years||18 – 65 years||Paid||N/A||N/A||N/A|
|SBI Smart Shield||18 – 60 years||18 – 60 years||Paid||N/A||Free||Free|
|Sahara Kavach||18-50 years||15-20 years||N/A||N/A||N/A||N/A|
|Shriram Life Cash Back Term Plan||12-50 years||10-25 years||Paid||Paid||N/A||N/A|
|SUD Life Abhay||18-65 years||15-40 years||Paid||N/A||N/A||N/A|
|TATA AIA Maha Raksha Supreme||18-70 years||10-40 years||Paid||N/A||N/A||Include|
Disclaimer: Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Companies or groups can apply for Group Term Insurance Plans and policies, both online and offline by following these simple steps below:
Here is rundown to salient features and core benefits of the Group term Insurance Plans:
Compared to other plans, in group term plans:
One should consider the following while purchasing a group term plan:
Based on the basic information of the group members or employees calculate the cover amount you need. Their age group, financial responsibilities, family members, basic lifestyle expenses, any loans, debt or mortgage amount, whether to account in inflation or rising costs, all changing variables.
Learn about the benefits provided to not only employees but also to their beneficiaries. The amount an employer and employee may have to contribute to the premium. Discounts or reduced premium offers on renewing the policy on the members surviving the policy. Easy to claim and fast processing time during unforeseen events or emergencies at work.
The amount chosen for cover will decide the amount of premium required. Some insurers reduce the premium on plans with an increased number of employers or members added to the Group term plan. With time, as the term insurance plan is renewed annually, premiums may also increase, this should not be comparatively more than the sum assured.
When deciding on the insurer, check for their claim settlement ratio, solvency ratio, financial background, and market reputation. With the internet being a powerful tool in hand, it is fairly easy, transparency is guaranteed.