What have we achieved so far
How does it work
4 Easy steps to buy a group term life insurance
Give your basic details for a customize plan
Speak to our life insurance expert
Get quotes from multiple insurers
Select a plan and buy. Policy starts instantly.
SIMPLIFYING GROUP TERM INSURANCE PLAN
Transparent pricing & coverages. No unwanted features. Buy what you pay for.
Hand holding of employees during claims. Instant Whatsapp support and Chat support.
Admin Access for Employers
Online Portal to view all group policies. Add/Delete Employees. Claim Status view.
Portal Access for Employees
Online Portal to view Claim Status & Policy Details. File a new claim.
Best group life plans at best price
Sum assured 1 - 10 times of salary
No medical test
Tax benefit for employers & employees
Default coverage for all employers
Age from 18 - 70 years
Premium atleast 50 % lower than retail life policy
CEO - IDSign app
Never thought buying a group health insurance and onboarding employees was so simple and easy. Thanks Policy Nation. Best rates, simple & transparent.
Co-founder - Finnable Credit Pvt Ltd
I am always worried about TnCs when it comes to insurance and PolicyNation is different from others as they give me full transparency and the right advise. Amazed at the way PolicyNation has redefined employees group health insurance for a young start up like ours. Our employees find it clear and easy to use. Thanks PolicyNation team for giving us personalised help in getting our claims processed swiftly.
Founder & Director - Deltaphi Tech Pvt Ltd
Policy Nation has helped us with suggesting optimal insurance coverage for our team and insure our team for Medical, Covid and accident insurances. Policy Nation supports our employees especially when they need help most.
Ar. Shubhra Mittal
Director - ARINEM Consultancy
Absolute breeze from buying our group health policy to filing of our claims, Policy Nation has really UNCOMPLICATED the whole process. Kudos to the team PolicyNation for defining group health insurance.
Director - CI Global Solutions
Policy Nation has simplified the process of providing the best possible health insurance for our employees. We get timely support for all our claims. We are happy to have chosen Policy Nation for our insurance needs.
Director - Hapag Lloyd Global Services
We have been associated with Team Policy Nation for 5+ years and it has been a delight working with them. They are very delivery focused and customize their offerings to our requirements. Team Policy Nation consistently reinvent themselves to make life simpler and easier for us without compromising on our need of cost efficiency.
Ashwinth J S D
Salem Technologies Pvt Ltd
We have been using policy nation's services for a year now. They are knowledgeable and experienced and have helped us navigate the field of employee insurance and office insurance. Every case & claim is treated with care. We are very happy having them as our insurance partners.
What is a Group Term Life Insurance policy?
Group Term Life Insurance Policy (GTLI) is a customised plan that offer life insurance cover to a group of members/employees under a single policy. A group insurance policy is not restricted to merely employer-employee groups and is also customised for other groups such as customers of banks, NGOs, professional groups, non-banking financial institutions, and microfinance institutions.
In an event of death of any member/employee covered under a group term life insurance policy, the nominee of the concerned member/employee is assured of financial assistance to the extent of Sum Assured for that member/employee.
The sum assured under the group term life insurance may vary from member to member or can be a uniform sum assured for all members/employees covered under a policy. For employees, the sum assured can be a multiple of their yearly salary and for a group of borrowers, the sum assured can be the outstanding loan amount at the time of death. One of the benefits of term life Insurance is, additional covers like critical illness and disability benefits can be added to a Group Term Life Insurance policy.
Benefits of Term Life Insurance
- Default Insurance cover for all members
- Tax benefit to the employer
- Tax benefit to the nominee of the member/employee under Section 10(10D) of the Income Tax Act, 1961.
- Customised plan
- No Medical Check Ups required
- Cost effective
What are the Key Features of Group Term Life Insurance?
- Provides life coverage to multiple people under one policy.
- Premium is either paid entirely or the large sum is paid by the employer.
- The group term life insurance policy is renewable on an annual basis.
- As all the employees get free life cover, the actual cover becomes limited and is dependent on the factors such as risk class and the group size.
- The sum assured is paid to the nominee on the death of the covered individual.
Types of Term Life Insurance
- The two types of Term Life Insurance are
- i. Contributory
- In the first scenario, the employee contributes to the plan by covering a portion of the premium while the company pays the remaining amount.
- In the second scenario, the company fully covers the cost of the insurance premium.
How does a Group Life Insurance plan work?
- A group administrator is issued a master policy upon which he pays an initial premium.
- This initial payment covers all the members of the group for a tenure one year.
- An option to choose the sum assured is provided to the members of the group at the start of the policy.
- All the members are covered for a tenure of one year from the date of commencement of the policy.
- The group term insurance plans are annually renewable .
- The premium is charged based on the size, age, gender and sum assured opted
- Additions and deletions of members take place on the monthly basis from the date of joining or relieving of the member.
- Any additional premium left after adjusting addition or deletion of members is refunded to the master policy at the end policy term.
FREQUENTLY ASKED QUESTIONS ABOUT GROUP TERM INSURANCE PLAN
Who is eligible for Group Term Life Cover?
Non-employer- employee groups.
Small medium enterprises (SMEs).
Banks and non-banking financial institutions.
What is the minimum age for enrolling into a group term life insurance plan?
The minimum age for enrolling into a group term life insurance plan is 18 years of age.
What is the maximum age to enroll into a group term life insurance plan?
The maximum age to enroll into a group life insurance plan is 70 years.
What is the tenure of a group term life insurance plan?
The tenure of a group term life insurance policy for employer-employee policy is 1 year and for loan borrowers it is the tenure of the loan.
What is the minimum sum that is assured under the group term life insurance scheme?
The minimum sum that is assured under the group term life insurance scheme is Rs.1,000.
How long will a member be covered in Group Term Life Insurance?
The group term insurance that you have taken will last as long as you remain employed with the same employer who covered you under this plan.
Will My Personal Habits Such as Smoking etc. Influence The Premium Cost Of Group Term Life Insurance?
No, one of the key features of a group term plan is that it follows the whole group and not individuals as only a single contract covers multiple people. It has nothing to do with individual personal habits