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	<li>One Year Renewable Term Group Life Insurance Plan</li>
	<li>A plan for micro-financial institutions!</li>
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<section class="blog">
<div class="blog-content">
<h2 class="section-main-heading">What is group term life insurance?</h2>

<p>Many people are still very much confused when it comes to group term life insurance. In simple words, a group <a href="https://www.bhartiaxa.com/be-smart/term/what-is-term-life-insurance" target="_blank" title="term life insurance">term life insurance</a> can be defined as a contract which is issued to a person to cover more than one person. Usually, it is the companies or brands which opt for such group term life insurance. Group term life insurance given by the employer to the employee offers to cover the family members of the employee. If you think that it is not possible to have group term life insurance and an individual <a href="/life-insurance" target="_blank" title="life insurance policy">life insurance policy</a> at the same time you are wrong as both can exist at a time. The employee of the company becomes eligible for this <a href="https://www.bhartiaxa.com/group-plans/group-term-insurance-plan" target="_blank" title="group term insurance">group term insurance</a> from day one of joining the company/ organization.</p>
</div>
</section>

<section class="blog">
<div class="blog-content">
<h2 class="section-main-heading">How does group term life insurance work?</h2>

<p>According to the research conducted by the Society for Human Resource Management that somewhere around 80% of companies across the globe offer its employees the paid group term life insurance as one of the many benefits. There are a certain set of eligibility requirements which an individual has to meet in the company to become eligible for the same like he/she should be a permanent employee or must have completed at least 30 days in the company, etc. Along with this group term, life insurance can also be adjusted by the employee for qualifying different life events and the time of open-employment.</p>

<p>Usually, the amount of coverage of this group term life insurance is equivalent to the annual salary of the employee. Under this group term insurance, the employees get paid for all the premiums relating to basic coverage by the employer and at times extra premium is also paid to the employees.</p>

<p>Readers should note that once an employee leaves or changes the company, he or she cannot carry forward this group term life insurance with him or her.</p>

<h2 class="section-main-heading">What are the requirements of a group term life insurance?</h2>

<p>In the most common scenario, all the employees of the company/organization become entitled to the coverage of group term life insurance once they meet all the eligibility requirements. However, these requirements of eligibility may vary from one company to another. There will be times when the employee will only become eligible for the cover once he/she has qualified a certain life event.</p>

<p>In case if you are wondering about the process of getting the group term <a href="https://www.bhartiaxa.com/online-insurance-plans" target="_blank" title="insurance cover">insurance cover</a> then let us tells you that it is a quick and easy underwriting process during which the employee has to answer the questions asked to him by the company/organization.</p>

<h2 class="section-main-heading">What are the benefits of having a group term life insurance?</h2>

<p>There is no hiding from the fact that group <a href="https://www.bhartiaxa.com/be-smart/term/top-7-features-of-term-life-insurance-policy" target="_blank" title="term life insurance offer">term life insurance offer</a> employee's proper financial assistance and the much-needed financial independence as well from their employer. If you want to know more about this <a href="https://www.bhartiaxa.com/life-insurance/types-of-insurance" target="_blank" title="type of term insurance">type of term insurance</a>, then read the below-mentioned benefits of having group <a href="https://www.bhartiaxa.com/be-smart/term/importance-of-buying-term-life-insurance-policy-in-india" target="_blank" title="term life insurance policy">term life insurance policy</a>.</p>

<h2 class="section-main-heading">Default insurance cover</h2>

<p>There is no much one has to do to become eligible for the group term insurance because an employee automatically becomes eligible for it by just being part of the company/organization. This group term life insurance is best to provide basic insurance to people who at present do not have a personal life insurance policy.</p>

<h2 class="section-main-heading">Gratuity Funding</h2>

<p>In today's date all thanks to group term insurance that the employees now have access to a systematic method of arranging for funds for the future in the form of gratuity liabilities. The life cover is provided to the employees easily.</p>

<h2 class="section-main-heading">Tax Benefits</h2>

<p>The next benefit of group term life insurance is the <a href="https://www.bhartiaxa.com/term-insurance/term-insurance-tax-benefits" target="_blank" title="tax benefits">tax benefits</a> it gives to both the employer and the employee as well. According to the current Tax Laws and death, benefits are given to the employee is always exempted from the tax under section 10(10D) of the Income Tax Act. This group term insurance is helpful for the employee in two ways- employee welfare as well as retention.</p>

<h2 class="section-main-heading">It can be customized to suit the employee needs</h2>

<p>Another benefit of group term life insurance is that it can be customized to suit the needs of the employee with add-ons for education allowance, repatriation allowance, accidental death and more with the basic cover as well.</p>

<h2 class="section-main-heading">No medical check-ups</h2>

<p>Do you know that once you will have the group term life insurance cover you will be freed from the task of undergoing medical check-ups with your own cost as the company will be paying for the same?</p>

<h2 class="section-main-heading">It is cost-effective</h2>

<p>When we sit to compare the premiums of all the term life insurance, the premium of group term life insurance is way too less than the usual <a href="/term-insurance">term insurance</a>.</p>

<h2 class="section-main-heading">Economic options for both- employer and employee</h2>

<p>The best part about group term life insurance is that every year it is renewed, and it comes with a grace period which is mentioned on the main documents of the policy. With this cover, the employee is able to save a lot on the taxes because the premium which is paid for the same is listed under the business-related expenses. The reason why this group term insurance is great and economic for the employer as well because the cost of insurance cover for every individual is way too costly when compared to the cost of group cover.</p>

<h2 class="section-main-heading">Worldwide coverage</h2>

<p>Last but not the least, another benefit of group life term insurance is that I offer the employee the worldwide coverage. This means that if the policyholder dies in a foreign land then in that case also the nominee will receive the payout of the <a href="https://www.bhartiaxa.com/life-insurance/life-insurance-benefits" target="_blank" title="policy benefits">policy benefits</a> in India.</p>

<h2 class="section-main-heading">Things you should keep in mind while signing your group term life insurance policy</h2>

<p>Now that you are aware of what is group life term insurance and also about the benefits of the same, we would like to conclude this blog by mentioning a few important things which one should keep in mind before you sign the policy papers.</p>

<div>
<ol class="bhartiaxa-order-list">
	<li>
	<h3 class="section-sub-heading">Always read all the terms and conditions carefully</h3>

	<p>One of the biggest and most common mistakes people make while signing the policy paper is that they don't read the terms and conditions properly and then at the time of filing the claims they are rejected. If you don't want the same happening to you as well, then read the information carefully.</p>
	</li>
	<li>
	<h3 class="section-sub-heading">Be honest with the details you fill in the policy form</h3>

	<p>The second thing which one should keep in mind before signing the final policy papers is that you should be honest about all the details including your health so that there is no confusion later.</p>
	</li>
	<li>
	<h3 class="section-sub-heading">Don't refrain from asking any questions</h3>

	<p>Last, if you want to ask any question then do not refrain from doing the same so that you are aware of everything related to the group term life insurance policy.</p>

	<p>We hope that our readers have enjoyed reading the blog and got all the information they had been looking for. If our readers want to know something more specific, then they can reach us through the comment section given below.</p>
	</li>
</ol>
</div>
</div>
</section>


<p>Many people are still very much confused when it comes to group term life insurance. In simple words, a group term life insurance can be defined as a contract that is issued to a person to cover more than one person. Usually, it is the companies or brands which opt for such group term life insurance.</p>


Types of Investment Plans

Benefits of Group Term Life Insurance Plans

<section class="blog">
<div class="blog-content">
<p>A group of people can be covered using a Group Insurance Policy. Group plans are less expensive than individual policies, and the cost of insurance is significantly lower. A single master <a href="https://www.bhartiaxa.com/life-insurance" target="_blank" title="life insurance policy">life insurance policy</a> will offer insurance coverage to a group of people. Employers are obligated to provide insurance to their employees, and, as a result, they frequently give group insurance for employees. Employees' sense of loyalty can increase due to insurance coverage, which leads to increased production.</p>
</div>
</section>

<section class="blog">
<div class="blog-content">
<h2>What is Group Term Life Insurance?</h2>

<p>Every company has rules in place to ensure the well-being of its personnel. This is why they opt for <a href="https://www.bhartiaxa.com/group-plans/group-term-insurance-plan" target="_blank" title="Group Term Life Insurance">Group Term Life Insurance</a>. It provides insurance coverage to employees at reduced prices for individuals who may find obtaining individual plans difficult. The majority of group insurance policies allow you to tailor them to the unique needs of the numerous groups to whom they are targeted. These insurance plans are offered to all group members. Some of the different types of <a href="https://www.bhartiaxa.com/group-plans" target="_blank" title="group insurance">group insurance</a> are :</p>

<ul>
	<li><a href="https://www.bhartiaxa.com/health-plans" target="_blank" title="Health Insurance">Health Insurance</a> for Groups</li>
	<li>Group Term <a href="https://www.bhartiaxa.com" target="_blank" title="Life Insurance">Life Insurance</a></li>
	<li>Personal accident insurance for a group</li>
	<li>Insurance for workers' compensation</li>
	<li>Public Liability Insurance</li>
	<li>Travel insurance for a group</li>
</ul>

<h2>Benefits of Group Insurance</h2>

<p>A group insurance scheme provides a variety of advantages:</p>

<h3>Coverage by Insurance</h3>

<p>Workers are automatically covered under such plans simply because they are employees. For people who cannot afford an individual <a href="https://www.bhartiaxa.com/online-insurance-plans" target="_blank" title="insurance policy">insurance policy</a>, this provides essential insurance protection.</p>

<h3>Premiums are Low</h3>

<p>In comparison to other <a href="https://www.bhartiaxa.com/life-insurance/types-of-life-insurance-policy" target="_blank" title="types of insurance">types of insurance</a> group insurance has a reduced premium. As a result, paying the premium is convenient for the employees and works in their favour. However, the premium is determined by various criteria, including the average age group, professional risks, and so on.</p>

<h3>Tax Benefits</h3>

<p>Employers and workers both profit from group <a href="https://www.bhartiaxa.com/be-smart/term/what-is-term-life-insurance" target="_blank" title="term life insurance">term life insurance</a>. According to Section 10(10D) of the Income Tax Act of 1961, <a href="https://www.bhartiaxa.com/riders-in-insurance/accidental-death-benefit-rider" target="_blank" title="death benefits">death benefits</a> are tax-free under existing tax rules. Furthermore, group insurance programs are successful in both employee welfare and retention. However, these tax laws are subject to change.</p>

<h3>Adaptable to the Demands of Employees</h3>

<p>One can include add-ons such as schooling allowance, accidental death, and more to group insurance policies to cover a wide range of benefits in addition to the standard cover.</p>

<h3>Options for Riders</h3>

<p>Employees can take advantage of extra coverages such as double accident compensation, loss of future wages, severe sickness, and more for a minimal supplemental cost in the form of riders. Most <a href="https://www.bhartiaxa.com" target="_blank" title="insurance companies ">insurance companies </a> provide all of these services. Such benefits are comparable to those offered by private insurance policies and are provided to employees. Riders are not mandatory.</p>

<h3>Payment Convenience</h3>

<p>When it comes to a group insurance scheme for employees, paying for the insurance is simple. The premium gets automatically withdrawn from the employee's income; thus, there is no delay in payment.</p>

<h3>Employee Benefits</h3>

<p>A group insurance policy is more than simply coverage for the insured. It also serves as an employee welfare plan, ensuring the covered and their dependents a secure future. It also serves as a company-wide staff retention strategy.</p>

<h2>Why Choose a Group Insurance Policies?</h2>

<p>In case of an unanticipated event, group insurance policies protect your employee's family by providing an amount to satisfy your outstanding debt. It's a simple and affordable method to provide financial security to your current services. They also allow you to budget for employee perks and guarantee that your staff receive proper gratuities and leave encashment.</p>
</div>
</section>


<p>A group of people can be covered using a Group Insurance Policy. Group plans are less expensive than individual policies, and the cost of insurance is significantly lower. A single master life insurance policy will offer insurance coverage to a group of people. Employers are obligated to provide insurance to their employees, and, as a result,</p>


Group Insurance Policy

What are the Different Benefits of Group Insurance Policies You Need to Know About? 

<section class="blog">
<div class="blog-content">
<p><a href="https://www.bhartiaxa.com/" target="_blank" title="life insurance">Life insurance</a> could be an important part of your entire financial strategy. Because a life insurance policy can assist your loved ones in having a secure financial future. Life insurance from top companies can not only help cover your needs, but it can also provide a financial safety net for your family. Your dependents will get money from your life insurance policy to help them replace your lost income. This money is transferred to your beneficiaries and can be used for a variety of purposes, including funeral expenses, living expenses, college tuition, mortgage payments, and charitable contributions. Moreover, life insurance can assist your family pay their bills. A large sum of money can be used to cover funeral costs, retain your surviving spouse in their home by making mortgage payments, or pay for your children's current or future college tuition. The <a href="https://www.bhartiaxa.com/riders-in-insurance/accidental-death-benefit-rider" target="_blank" title="death benefit">death benefit</a> may not endure indefinitely, but it can assist your loved ones in staying afloat during hard times.</p>
</div>
</section>

<section class="blog">
<div class="blog-content">
<h2>The Advantages of Obtaining Life Insurance in Terms of Finance</h2>

<p>It’s no doubt that you will be better off if you have extra insurance. When purchasing life insurance, ensure that you have enough coverage to cover the essentials (such as funeral costs and end-of-life medical care), but also aim to obtain coverage for the future. Your beneficiaries can use the money from your life insurance to pay for anything, including :</p>

<ul>
	<li>Paying off a mortgage or paying rent are examples of housing costs.</li>
	<li>Other debts, such as school loans, credit cards, or auto payments.</li>
	<li>Present or prospective higher education expenses for your children.</li>
	<li>Childcare expenses.</li>
	<li>Income replacement is especially beneficial if your loved ones need time off work to grieve or if you are the sole breadwinner.</li>
	<li>Costs of living, such as food, transportation, and healthcare.</li>
</ul>

<p>Your family can utilise the money as they like because a <a href="https://www.bhartiaxa.com/life-insurance/life-insurance-benefits" target="_blank" title="life insurance benefit">life insurance benefit</a> is a tax-free lumpsum of money.</p>

<h2>Benefits of term life insurance</h2>

<p>There are various <a href="https://www.bhartiaxa.com/life-insurance/types-of-life-insurance-policy" target="_blank" title="types of life insurance">types of life insurance</a>, but term life insurance is the most popular and makes the most sense for most people. Term life insurance is designed to cover you until all of your debts are paid off (generally a 20- to 30-year period while people depend on you most). The following are some of the advantages of a term life insurance policy :</p>

<ul>
	<li>The most affordable sort of life insurance is term life insurance.</li>
	<li>You may lock in low rates on term life insurance if you get it when you're young.</li>
	<li>Term life insurance is solely an insurance plan with no provision for savings or investment. This is a positive thing because it allows you to increase your profits by investing and saving independently.</li>
	<li>If you have a term life insurance policy and can no longer afford it, you will only lose the payments you've paid if you decide to cancel it.</li>
</ul>

<h2>Benefits of whole life insurance</h2>

<p>With full life insurance, you're covered for the rest of your life. <a href="https://www.bhartiaxa.com/life-insurance/whole-life-insurance" target="_blank" title="Whole life insurance ">Whole life insurance</a> provides a death benefit, ensuring that your family is protected from financial loss in the event of your death. It's also a great way to leave a legacy to your children. Whole life insurance is substantially more expensive than <a href="https://www.bhartiaxa.com/be-smart/term/what-is-term-life-insurance" target="_blank" title="term life insurance">term life insurance</a>, according to common rates from 2021, ranging from 5 to 15 times the cost, but it also has its own set of benefits :</p>

<ul>
	<li>Contains both a life insurance and a financial investing component.</li>
	<li>The cash value component might be employed as part of a more complicated estate plan.</li>
	<li>It functions as a forced savings vehicle, and you can often borrow against the cash value part, however this may reduce your death benefit.</li>
</ul>

<h2>Benefits of life insurance riders</h2>

<p>By adding life insurance riders to your life insurance policy, you can make it even more valuable to you and your family. Riders are add-ons to a life insurance policy that give additional terms and conditions not included in the base policy. When purchasing life insurance, consider the following rider options (these may differ from company to company) :</p>

<ul>
	<li>Disability income rider - If you are unable to work, this rider will pay you a monthly stipend. This rider can be used as a substitute for long-term disability insurance, albeit it is less comprehensive and does not last as long.</li>
	<li>Disability waiver - of-premium rider- If you become disabled, you can keep your life insurance policy and have your premium payments waived until your disability is over.</li>
	<li>Term conversion rider - You can convert your term life insurance policy to a permanent life insurance policy with this rider.</li>
	<li>If you're diagnosed with a terminal illness (with a life expectancy of fewer than 12 to 24 months, depending on the state), you can get all or part of your death benefit paid out before you die. While this can help with end-of-life care, it may result in a smaller death benefit for your survivors.</li>
	<li>Long-term care rider - If you need long-term care, such as in a nursing home, this rider deducts funds from your death benefit to cover the costs.</li>
</ul>

<p>Please note that riders are not mandatory and are available at additional cost.</p>

<h2>Common Life Insurance Benefits</h2>

<ul>
	<li>Paying For Expenses - The proceeds from your life insurance policy can be utilised to help pay for your expenses.</li>
	<li>Paying Off Debt or Replacing Income - If you pass away, life insurance payouts can assist in replacing your income. This means that your beneficiaries may be able to use the funds to help cover crucial expenses such as paying off a mortgage or funding your children's college education. It can also be used to pay off debt, such as credit card bills or a car loan that has been overdue.</li>
	<li>Inheritance - Some people buy life insurance with the goal of leaving the death benefit to their loved ones as an inheritance. If you want to leave your benefits as an inheritance to a specific person, it is recommended that naming your selected heir as the beneficiary on your policy. This will ensure that your life insurance proceeds reach the individual you intended to receive the benefit.</li>
	<li>Charitable Contributions - Life insurance policies can be set up with your chosen charity as a named beneficiary. This can help ensure that your philanthropic aims are realized and that rewards are distributed to your preferred organisation after you die away.</li>
</ul>

<h2>Ways to Get More Benefits</h2>

<p>The most cost-effective option is to purchase life insurance when you are younger and healthy. Life insurance firms typically provide reduced rates to younger consumers for the following reasons :</p>

<ul>
	<li>They have a higher life expectancy, are less likely to be diagnosed with a serious illness, and are more likely to <a href="https://www.bhartiaxa.com/pay-premium-online" target="_blank" title="pay premiums">pay premiums</a> over a longer period of time. Do your research and figure out exactly what you want from your coverage if you want to get the most bang for your dollars. Most policies feature riders that can give significant benefits for a small charge. Two of the most popular riders are as follows:</li>
	<li>Accelerated death benefit: This rider can help pay for medical care for a chronic or fatal sickness that has been identified. While this can be very useful in a hurry, you should be mindful that any funds you withdraw will normally lower the death benefit your family receives.</li>
	<li>Disability waiver of premium: If you have a disability, this useful rider allows you to cease paying premiums while still maintaining coverage.</li>
</ul>

<p>There are several types of riders to be wary of, so speak with an expert related to this field before deciding on one policy over another. You could also look into other ways to save money on your insurance, such as :</p>

<ul>
	<li>Buying a combined policy for you and your spouse, getting insurance via your company at group prices, or buying a whole life policy with cash value that can be used to lower monthly premiums later.</li>
	<li>Life insurance can be a difficult subject, but it can provide financial security for your family in the event of the unthinkable. An insurance agent can assist you in better understanding the many types of life insurance and determining which policy best suits your and your family's needs.</li>
</ul>

<p>The most obvious advantage of life insurance is that it provides a tax-free cash payout to your loved ones in the event of your death. The most significant thing life insurance offers for you and your family is financial security. However, depending on the sort of life insurance policy you buy and the additional riders you choose, there are other significant advantages. Your individual policy should benefit you and your financial needs the most, so browse around and compare policies to determine what works best for you.</p>
</div>
</section>


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Bharti AXA Life Jan Suraksha product is mainly meant for micro-financial institutions offering small ticket loans to the NGOs for development or self-employed individuals. Read more!

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<table>
	<thead>
		<tr>
			<th>Parameter</th>
			<th>Eligibility Criteria</th>
		</tr>
	</thead>
	<tbody>
		<tr>
			<td width="301">
			<p>Age at entry</p>
			</td>
			<td width="301">
			<p>18 - 59 years (age as on last birthday)</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Maximum cover ceasing age</p>
			</td>
			<td width="301">
			<p>60 years</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Min Coverage</p>
			</td>
			<td width="301">
			<p>Rs. 2,000</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Max Coverage</p>
			</td>
			<td width="301">
			<p>No limit, subject to underwriting</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Coverage Term</p>
			</td>
			<td width="301">
			<p>1 year.</p>
			</td>
		</tr>
		<tr>
			<td width="301">
			<p>Maximum Coverage</p>
			</td>
			<td width="301">
			<p>As per underwriting norms applicable for the group.</p>
			</td>
		</tr>
	</tbody>
</table>


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<p>The payment made to a beneficiary upon the death of the insured person.</p>

<p>--&nbsp;Whenever an unfortunate event happens, there is both emotional as well as financial loss. An insurance company helps you replace the financial/monetary loss through the Death Benefit, which helps maintain your family’s financial stability. This benefit includes both a guaranteed sum of money called as Sum Assured on Death and also the Accrued Bonuses, if applicable.</p>


Death Benefit

<p>Insurance covering a number of people under a single policy, issued to their employer with whom they are working.</p>


Group Insurance

<p>The payment, or one of the regular periodic payments, that a policyholder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).</p>


Premium

<p>Sum assured is the amount that an insurer agrees to pay on the occurrence of a stated contingency (eg: Death).</p>
