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Choosing The Right Group Term Insurance For Employees


Aug 19, 2022

By : Bajaj Allianz Life

Employees are the greatest assets of an organisation. While companies work hard to improve their work cultures and employee benefit packages, extending a group term life insurance policy remains a fruitful way of securing such valuable assets. Group term insurance is not just one of the ways to boost the productivity of your employees, but it is an actual safety net that can help secure the financial future of their families.

Such term plans are generally provided by employers and cover not just one employee, but all the employees in an organisation. The premiums are paid in full or part by the company, with the insured individual covering the rest in the latter case. If anything, untoward happens to the employee covered by the plan, the death benefit payout from such plans goes to her/his designated nominee as per policy terms & conditions.


Features You Should Look for in a Group Insurance Policy for Employees


If you’re an employer looking for a comprehensive group term insurance plan, you should consider the features listed below:

1. Comprehensive Coverage Umbrella

Group insurance policies for employees generally offer a basic coverage umbrella because they take the cumulative risk of the group as a whole into account. With such plans providing only a bare minimum coverage, the dependents of such employees may end up with insufficient financial support in the event of the individual’s untimely death.

Given the uncertainty of the current times, it’s better to opt for a group term life insurance plan that offers your employees a comprehensive coverage umbrella and an adequate death benefit payout. This will help your employees be rest assured that their family’s needs will be adequately met after their demise.

2. Disability and Disease Riders

While term plans function as a safety net to ensure the safety of the policyholder’s family after the individual’s demise, death is not the only uncertainty one has to deal with in the current times. Thus, as an employer, you must look for plans that come with nominally priced add-on riders so that such benefits can be extended to your employees.

For instance, if the employee in question is diagnosed with a critical illness like cancer or kidney failure, her/his ability to provide for the family may be significantly affected. In such cases, a Critical Illness cover can help act as a supplementary source of income to meet their expenses. Make sure to check the illnesses covered under the rider. Similarly, if the individual sustains disability from an accident, an Accidental Disability cover can come in handy. Thus, as an employer, you must try to raise awareness among your employees about the importance of such covers and must also look for plans where such riders are available at a nominal cost.

3. Death Benefit Payout Customisation

The coverage needs of no two employees can be exactly identical, thus the death benefit payout preferences of employees may also vary. For instance, if the employee is the sole earning member with underage dependents, her/his death may result in the loss of the only source of income in the family. In such a scenario, the individual may prefer steady monthly payments that can meet the dependent’s regular expenses over a one-time lump sum payout. Thus, as an employer, you should pick a group term policy that comes with the death benefit payout customisation feature.

Employees can opt for the sum assured to be paid to the nominee as a lump sum amount or they can choose for a certain proportion of this payout to be paid as a lump sum amount, while the rest is received by their dependents as monthly instalments over a certain number of years.

4. Joint Life Cover

Given the precariousness of the times we live in, your employees may want to extend the group insurance benefits to their spouses. Moreover, since buying an individual term insurance policy may fall beyond the affordability thresholds of many, they may wish to add their spouses (at a nominal cost) to the group term plan provided by you.

Thus, as an employer, you must look for plans that allow joint life cover benefits. In such plans, members (employees) can add their spouses to the policy. If either of them dies, the death benefit payout will be released by the insurer.

5. Easy Claim Settlement Process

Dealing with a complicated claim settlement process is the last thing one would want for their dependents, especially when they are dealing with a loss. Thus, when picking a group term policy for your employees, you must ensure that it comes with a simplified claim settlement process.

In the digital age, it’s best to opt for one that comes with a digitally automated claim settlement process. This feature will be beneficial to your employee who will know that their families won’t have to run from pillar to post to receive the death benefit payout from the policy.


Summing It Up


By picking the optimised group term life insurance policy, you help your employees be rest assured that their families will not be left without financial assistance in the event of their untimely demise.


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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.