Group Term Life Insurance for Employers in India
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Know your policy
Everything you need to know
What is GTL?
Cover is usually a fixed amount or a multiple of annual CTC. It is a one-year renewable plan, and cover ends when the employee leaves.
Why Your Team Needs It
Losing a loved one is hard enough — the last thing a grieving family should worry about is money. Without life cover, an employee's family can face sudden financial strain on top of their loss.
Know your policy
Understand your insurance before buying
Group Term Life Insurance (GTLI)
Claim intimation
The nominee or HR informs the insurer of the employee's death (natural or accidental).
Required Docs
Death certificate, claim form, nominee ID, bank details, proof of relationship. FIR, PM report (if death is accidental).
Payout Timeline
Under IRDAI's 2024 rules, death claims must be settled within 15 days of intimation when no investigation is needed, and within 45 days when it is.
Key Tip
Ensure nominee details are updated in the HRMS. Mismatched or missing data leads to delays.
Employers
Attracts Talent
Makes your benefits package stronger.
Saves Money
Premium is a deductible business expense for the employer.
Boosts Morale
Shows you care, making your company a great place to work.
For Employees
Peace of Mind
Automatic coverage, so you don't have to worry about it.
Financial Security
Helps your family if the unexpected happens.
Stress-Free
Easy, straightforward coverage for a better focus on work and family.
What's Covered Under GTL?
Death Benefit
Lump sum for the family if something happens to an employee.
Accidental Death
Extra sum paid if death is due to an accident.
Total Disability
Sum paid if an employee becomes permanently and totally disabled.
Critical Illness Cover
Lump sum on diagnosis of a listed illness.
How the plan works
Group Coverage
One master policy covers the whole team and is renewed every year. Group cover is usually cheaper than individual policies.
Free cover limit
Employees are covered up to a set amount without medical tests. Cover above that limit may need medical underwriting.
Always On
New joiners are added as per the eligibility rules in the policy.
Company Pays
The employer usually covers the whole bill, often tax-deductible.
FAQs
Yes, members can be enrolled mid-term by paying a prorated premium based on the remaining coverage period.
Rates are fixed for the policy year, based on age bands and sum insured. At renewal they may be revised based on claims experience.
Premium rates may be revised at renewal, after completion of one policy year, based on claims experience.
Yes, the member will continue to be covered for the duration of their defined coverage period. However, no new members can be enrolled once the master policy expires or is terminated.
Yes, individuals may hold multiple term insurance plans. In the event of an unfortunate incident, dependents are eligible to claim benefits under all valid term life policies.
- Criminal Activities
- Acts Of War
- Suicide (as per the policy wording, where applicable)
Exact exclusions depend on the partner's policy wording. Please refer to it for the full list.