Group Term Life Insurance Plans, as the name suggests, are designed to offer life insurance to a group of people under a single policy. A group term life insurance policy for employees assures financial assistance to the beneficiaries of the insured, in the event of his or her death during the term of the policy. The policy can be offered to Employer Employee Groups, Non-Employer Employee Groups, Non-Banking Financial Institutions, Professional Groups etc. The Policy can be extended to cover Critical Illnesses and Disabilities as well.
Benefits of GTLI
100% Sum Assured Payable in case Death
Provides Protection to the Family of the Insured
Default insurance cover: GTLI Policy provide automatic cover to members which ensures a basic insurance coverage to those who are without any life insurance policy, by simply being part of the group.
Tax benefits: Employers enjoy tax benefits on group insurance plans which helps them in reducing their tax liability.
Cost Effective as compared Individual Life Insurance Cover.
Employers are aided in funding their gratuity liability with ease.