Group Term Life Insurance
Group Life Insurance helps companies to secure not only their current financial state but also, builds strong financial foundation of Employee Family in case of unfortunate death of employee.
- Permanent Total Disability Rider
- Permanent Partial Disability Rider
- Accidental Death Benefit Rider
- Critical Illness Rider
Group Term Life Insurance
Group Term Life Insurance is a single master policy offered by an employer to cover all employees under one plan. In case of an employee’s untimely death during the policy term, their nominee receives a pre-decided sum assured.
This type of insurance is especially designed for corporates, startups, SMEs, and large organizations that value their workforce and wish to provide long-term financial protection to their employees’ families.
What is Group Term Life Insurance?
Corporate Term Life insurance products offers benefits to group of people, often taken by Corporate, Institutional societies, co-operative societies etc. Group Life Insurance helps companies protect their finances and gives an employee’s family financial support if something unfortunate happens to them. Additionally with other proudcts such as Group Gratuity, EDLI, Corporates are able to maintain their other employee benefit related compliances with tax saving & investment options.
Key Benefits of Group Term Life Insurance Plan / Requirements for Group Life Insurance
Financial Security for Employees’ Families
In case of the unfortunate death of an employee, the nominee receives a pre-decided sum assured, ensuring the family’s financial stability during tough times.
Affordable Premiums
Group plans are more economical than individual policies because the risk is spread across multiple members. Employers can offer high coverage at lower premium costs.
Easy Enrollment Process
Employees are automatically covered under the group policy — no medical tests or complex paperwork required (in most cases).
Employee Motivation and Retention
Offering group life coverage builds trust and loyalty, showing employees that their employer truly values their well-being.
Flexible Coverage Options
Employers can link coverage to salary, designation, or tenure and include riders like accidental death, total disability, or critical illness cover for enhanced protection.
Key Benefits of Group Term Life Insurance Plan / Requirements for Group Life Insurance
Financial Security for Employees’ Families
In case of the unfortunate death of an employee, the nominee receives a pre-decided sum assured, ensuring the family’s financial stability during tough times.
Affordable Premiums
Group plans are more economical than individual policies because the risk is spread across multiple members. Employers can offer high coverage at lower premium costs.
Easy Enrollment Process
Employees are automatically covered under the group policy — no medical tests or complex paperwork required (in most cases).
Employee Motivation and Retention
Offering group life coverage builds trust and loyalty, showing employees that their employer truly values their well-being.
Flexible Coverage Options
Employers can link coverage to salary, designation, or tenure and include riders like accidental death, total disability, or critical illness cover for enhanced protection.
Customizable Policy Terms
Every organization has unique needs — Go Insure India helps you customize the coverage, policy tenure, and claim process to match your business requirements.
What We can get you Covered Under Group Term Life Insurance?
Coverage
Employee legal beneficiary receives coverage amount in case of death of employee.
Additional Benefit
- Permanent Total Disability Rider
- Permanent Partial Disability Rider
- Accidental Death Benefit Rider
- Critical Illness Rider
What is Not Covered (Exclusions) Under Group Term Life Insurance?
Suicide
Usually Insurers now cover same but with waiting period of 12 months
Illegally Death
Death while being involved in illegal activities
Death Due to Alcohol or Drugs
Death due to accident while driving under influence of alcohol or drugs
Death Due to Sport Activities
Death while being involve in hazardous sport activities
Death Due to HIV, AIDS
Death due to Sexually transmitted ailment such as HIV, AIDS
Benefits under Group Term Life Insurance?
- Financial Protection: Provides financial security for the employee’s family in case of untimely death.
- Affordable Coverage: Generally more affordable than individual life insurance policies.
- Peace of Mind: Employees have peace of mind knowing their loved ones are protected.
- Enhanced Benefits Package: Improves the overall benefits package offered to employees.
- Tax Advantages: Potential tax benefits for providing group life insurance.
- Employee Satisfaction: Contributes to higher employee satisfaction and loyalty.
What are the Benefits of Group Term Life insurance Schemes to Employers?
A Group Term Life Insurance Scheme is not just an employee benefit — it’s a smart business decision. Employers who provide Group Term Life Insurance demonstrate care for their employees’ families and create a positive, loyal, and motivated workforce. Let’s explore how a Group Term Life Insurance Policy benefits employers and strengthens their organization.
1. Enhances Employee Loyalty and Retention: Providing a Group Life Insurance Policy builds trust and a sense of belonging among employees. When employees know their families are financially protected, they feel valued — reducing attrition and improving long-term retention.
2. Cost-Effective Employee Benefit: A Group Term Insurance Plan is one of the most affordable ways for employers to offer substantial life coverage to their team. Since it’s a collective policy, the premium cost per employee is significantly lower than individual life insurance plans — making Group Term Life Insurance a budget-friendly benefit.
3. Easy to Manage and Administer: A Group Term Life Insurance Policy covers all employees under one master policy, making it easy to manage and renew. Employers don’t need to handle individual paperwork or medical checks for each employee — simplifying administration and saving valuable HR time.
4. Improves Employer Brand Image: Offering Group Life Insurance or a Group Term Life Insurance Scheme shows that the company genuinely cares about the well-being of its employees and their families. This commitment enhances the organization’s image as a responsible employer — helping attract top talent and build a positive work culture.
5. Complies with Employee Welfare Standards: Many industries and corporate policies recommend offering Group Term Insurance as part of employee welfare programs. By providing a Group Term Life Insurance Policy, employers ensure compliance with corporate governance and employee benefit best practices.
6. Flexible Coverage Options Employers can customize: the Group Term Insurance Policy according to their team’s hierarchy, salary slabs, or seniority levels. Whether it’s a startup or a large life group organization, Group Term Life Insurance Schemes offer flexibility to meet every business need.
How Does a Group Term life insurance Plan Work ?
Who can buy Group Term Life insurance?
Business Entities
Non-Governmental Organizations (NGOs)
Associations and Societies
Government and Public Sector Units
Educational Institutions
Professional Groups
Startups
How to Choose the Right Group Term Life Insurance Plan and its Important
1.Understand Your Team’s Demographics:
Analyze the age group, family size, and financial responsibilities of your employees before deciding the coverage amount.
2.Compare Insurer Credibility:
Choose an insurer with a high claim settlement ratio and a good reputation in handling group policies.
3.Evaluate Coverage Options:
Look for flexibility in the group term insurance plan, such as add-ons for accidental death, disability, or critical illness benefits.
4.Affordable Premiums:
The ideal plan balances comprehensive coverage with cost-effectiveness. Ensure the group term life insurance policy fits your company’s budget.
5.Customizable Features:
The best group term insurance meaning lies in flexibility — employers can tailor benefits, coverage amounts, and eligibility based on company needs.
Why Buy Group Term Life Insurance from Go Insure India
When it comes to protecting your employees and building a secure workplace, Go Insure India stands out as your trusted partner for group term life insurance solutions.
We understand that every organization is unique, and so are its people — that’s why we design flexible, affordable, and transparent group term insurance plans that meet your company’s specific needs.
Frequently Asked Questions
Financial Security for Your Team’s Future
Provide your employees with peace of mind through Group Term Life Insurance from Go Insure India. Offering life coverage in case of unforeseen events, this policy ensures financial protection for employees’ families, fostering a secure and supportive work environment.