Group term life insurance is a type of term insurance in which one contract is issued to cover multiple people. The most common group is a company, where the contract is issued to the employer who then offers coverage as a benefit to employees. Many employers provide, at no cost, a base amount of group coverage as well as the ability to purchase supplemental coverage and coverage for employees’ spouses and children. Group term life insurance is relatively inexpensive compared to individual life insurance. As a result, participation is high.

Need for Group Term Life Insurance

In any organization or a business establishment, the most important asset is the human resource on which depends the successful allocation, usage, and processing of all other resources. A happy and content employee renders her/his services in the most efficient manner possible and a workplace atmosphere of satisfaction brings out the best kind of productivity in a person. For this to happen, it is important for an employer to ensure that the financial interests of the employees always remain secure. Having a specific and relevant life insurance plan in place is one such factor that is very essential and basic in nature.

Benefits for Employers

• Your members can enjoy a Life Cover at a low cost
• A Life Cover is a strong retention tool and loyalty building measure for employers
• You can avail tax deductions on the premium paid, as per prevailing tax laws
• The administration process for addition and deletion of members is simple

Benefits for employees

• This plan is ideal for employees as it offers them a Life Cover to secure the future of their loved ones. Apart from this, it provides employees with the following benefits:
• Coverage without the need for a medical examination for Life Cover up to the free cover limit*
• Coverage to your employees in case of an unfortunate event
• *Free cover limit is the maximum amount of Life Cover that can be offered without any medical tests. This limit varies from group to group.

At Emedlife, we constantly strive to create solutions that help make choosing your life insurance plans easy, affordable, and suitable for every stage of your life. At the same time, each day, we work towards make claims process quick and simpler for your family and, it is no different for Group Term Life Insurance Policies.

Talk to us today to for securing the financial future of your dependents at an affordable price and for reliable claims management.

For registration of claims and to learn more about our claims process please contact our dedicated claims team for advice on an incident/claim.