IRDAI License Number: IRDAI/INT/ISNP/2022/250

Group Term Life Policy
Group Term Life Policy
  • Easy claim settlement process.
  • Provides life cover to groups of people.
  • Get comparative quotes from leading public sector and private insurance companies.
  • Covernote/Risk Held Letter/Binder Letter Issued immediately after premium payment to the insurance company.
Group Term Life Policy
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Introduction
Who can take this Policy?
Coverage
Add on Covers
Basis of Sum lnsured
Exclusions
Introduction

This is a policy designed for the offered to a group by an employer, association or other organization. Coverage provides a benefit to the beneficiaries if a covered individual dies during the covered period. Under this plan an employer can provide life Insurance cover to all the employee along with their family under a single plan.

Who can take this Policy?

Who can take this policy : Any registered company with a minimum of 10 number of employees can be covered under Group term life insurance policy.

Coverage

Benefits to the Employer:

  • Builds loyalty and serves a strong retention tool
  • Tax Benefit – Premium paid is an approved business expense
  • Easy premium payment options for employers. Depending on the organization’s needs, the employer can choose monthly, quarterly, half-yearly and annual premium payment mode as per their convenience.

Benefits to the Employees:

  • 24 x 7 coverage anywhere in world
  • Financial assistance to families in case of death of the policyholder
  • Hassle-free procedure with no medical tests up to Free Cover Limit

Add on Covers

  • Accidental death rider wherein in case of Accidental death the benefit paid is twice/thrice of the Sum assured
  • Critical illness rider
  • Permanent total disability rider
  • Temporary total disability rider
  • Terminal illness rider

Basis of Sum lnsured

Sum Assured: Sum assured is based upon the annual gross salary of the employee multiplied with a factor.

Exclusions

Generally death due to these reasons are excluded:

  • Alcohol and drug use
  • Acts of war and allied perils
  • Suicide
  • HIV or AIDS
  • Pre-existing health conditions
  • Illegal activities
  • Adventure sports
  • Pregnancy and childbirth
  • Misrepresentation of material facts

Why Choose PolicyLo.com

Professional and Experienced Team
Professional and Experienced Team
Customized Solutions
Customized Solutions
Strong Relationship With Insurance Companies
Strong Relationship With Insurance Companies
Service Commitment Ontime Everytime
Service Commitment Ontime Everytime
Technological Edge
Technological Edge
Additional Services Offered
Additional Services Offered
Competitive Premium
Competitive Premium
Single Window Solution
Single Window Solution

Important Points to remember while Buying the Policy

Adequate Sum Insured - To Avoid Underinsurance

Period of Insurance

  • Unlike individual term insurance, where the term is usually 40-50 years, it is important to understand that group term insurance policy covers the employee only for 1 year period. The contracts are renewable on an annual basis. This policy is an only exception to all other life insurance products in terms of its contractual term.
Ensure that assets should be covered under the right entity/company

Death benefit covered under the policy

  • Most people confuse accidental death benefit in group personal accident to death benefit provided in group term life. Therefore, it is only natural to question that if an employee is covered under GPA then why is GTLI required. Unlike GPA, where only accidental death is covered, group term life insurance covers death due to any reason.
Risk Location/s should be properly mentioned

Coverage required-add-ons

  • Add-ons like critical illness or disability benefit look appealing to the Client as it combines more products in a single policy. However, premium wise the impact is significant and the coverage is limited.
Downloads
Proposal Form
Proposal Form  
Policy Wordings
Policy Wordings  
Claim Form
Claim Form  
Key Documents
General Claim Intimation Format
General Claim
Intimation Format
Immediate Action Client Should Take
Immediate Action Client
Should Take
Indicative General Documents
                            for Settlement of Claims
Indicative General Documents
for Settlement of Claims

Our Insurance Partners

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Claim Case Study - 1

1
Situation
Situation

A NBFC has taken a term plan for the lonee, the number of lonees covered initially was approx 10k with addition of 1500 members per month.Due to large group size there was delay in addition and deletion.The request for addition of one of the member was send after his death.

2
Challenge
Challenge

The claim was rejected by the Insurance company as the effective date of endorsement was after the death of the Insured.

3
Solution
Solution

The members should be added in the policy from the date of disbursement of loan.

4
Advisory/Conclusion
Advisory/Conclusion

Whenever there is frequent addition/deletion in the policy it is advisable to maintain a CD account i.e. advance deposit with the insurer.

Claim Case Study - 2

1
Situation
Situation

In a GTL policy of a textile manufacturing unit, the policy had a waiting period of 45 days for non accidental cases. A employee died due to heart attack within 35 days from the Inception.

2
Challenge
Challenge

Since the policy had a waiting period of 45 days, the claim was rejected.

3
Solution
Solution

4
Advisory/Conclusion
Advisory/Conclusion

Any such conditions in the policy which restricts the coverage should be avoided.

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