Group term life insurance plan can help maintain healthy retention ratio for the employer. It can also play an important in attracting new talent to the company.
Cost-effective way of purchasing a valuable health benefit. The rates are more economical than individual term plans.
Tax benefits for employers as the premium is a business expense.
Better Coverages Offered
Primary benefit is to cover any kind of death of the insured person. A pre-decided sum insured is paid to the beneficiary as a compensation. It also offers add-on covers for accidental death, disabilities and critical illnesses.
Free cover limit benefit is of great value because no medical tests are required if the sum assured is below this limit.
Single policy start date for all the employees which makes it easy for the HR team to manage insurances for employees.
Advantages for Employees
Higher financial security for families of employees in case of their demise. Cost effectiveness makes this policy a must have for employees.
No medical examination for employees upto the free cover limit. This makes issuance simple.
Death benefits payable to the beneficiary under a group term life insurance are exempted from tax under Section10(10D)