Group Life Insurance Plans - Secure Protection for Group

You can either be a master policyholder of a group life insurance plan or a member if you're an employee seeking financial security for your loved ones. A group insurance scheme provides collective life coverage for groups sharing a common bond - such as employees, association members, or bank depositors.

What is Group Life Insurance?

group life insurance policy offers life cover for a group under a single master policy, making coverage affordable compared to individual plans. This insurance is often provided by employers as a benefit or mandated by government regulations like EPFO under the Employees' Provident Fund Act.

Types of Group Term Life Insurance Schemes

  1. Contributory Group Term Life Insurance: Members contribute partially or fully towards premiums, often via payroll deductions.
  2. Non-Contributory Group Term Life Insurance: The employer or group entity pays the entire premium, providing free insurance cover for members.

Benefits of Group Term Life Insurance

  1. Cost-effective coverage: Lower premiums due to risk pooling of many members.
  2. Ease of access: No stringent medical underwriting in most cases, ensuring wide inclusivity.
  3. Employee motivation: Acts as a valuable employee benefit and peace of mind.
  4. Security net: Provides essential financial protection to members' families against untimely death.
  5. Portability: Some plans allow conversion to an individual policy after membership ends.

Why Choose a Group Life Insurance Scheme?

  1. It provides affordable protection to large groups uniformly.
  2. Helps employers fulfill statutory and welfare requirements (e.g., EPFO mandates group life cover).
  3. Offers coverage for members who may otherwise face individual policy affordability or eligibility issues.
  4. Builds trust and loyalty among employees or association members.
  5. Can be bundled with other employee benefits like health or accidental insurance.

How to Choose the Best Group Life Insurance Plan

  1. Compare premium costs and coverage limits per member.
  2. Check claim settlement ratios and insurer reputation.
  3. Look for flexibility on contributory or non-contributory options.
  4. Evaluate availability of additional riders and benefits like critical illness.
  5. Understand termination and convertibility clauses for post-membership options.

Bajaj Allianz

  1. Life Jan Suraksha Yojna
  2. Group Term Life Plan
  3. Group Income Protection Plan
  4. Group Superannuation Secure Plan

SBI Life

  1. CapAssure Gold
  2. Pradhan Mantri Jeevan Jyoti Bima Yojana
  3. Gaurav Jeevan
  4. Sampoorn Suraksha
  5. Swarna Jeevan

LIC (Life Insurance Corporation of India)

  1. Group Credit Life Insurance
  2. Group Superannuation Cash Accumulation Plan
  3. New One Year Renewable Group Term Assurance Plan I & II
  4. Group Gratuity Cash Accumulation Plan

ICICI Prudential

  1. Group Term Plus
  2. Pru Loan Protect
  3. Group Superannuation Plan
  4. Group Leave Encashment Plan
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