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What Is Group Term Life Insurance?

Group term insurance

What Is Group Term Life Insurance?


November 04, 2020

By : Bajaj Allianz Life

A term life insurance is an insurance plan that ensures that you are protected for a specific term you opt for, which can go up to 99 years depending up on the product opted for. If the person passes away during the term of the policy, the loved ones of the insured person gets death benefit. However, term insurance does not come with maturity benefits unlike traditional life insurance. Therefore, if the person passes on after the term of the policy, the policy no longer exists and there are no maturity/death payout under the policy. Term life insurance plans are less expensive than other life insurance plans.


What is group term life insurance? 


If you are wondering about group term life insurance, read on.

The answer to the question of – "What is group term life insurance?" is that it is a term life insurance for a group of people. They may be employees of an organisation, members of a society or a group of borrowers. Under group insurance policy, members of the group can get life, annuity, superannuation, and gratuity, leave encashment and loan cover, among others.

Group term life insurance comes under a single contract. If each employee of a group needs term life insurance, separate policies with different terms and conditions are needed but a group term plan comes under the same contract. There will be a Master Policyholder who will act as the central administrative machinery on behalf of the members.


What are the benefits of a group term life insurance policy?


• The biggest advantage is in terms of savings. Buying separate policies means that much more term insurance premium. If you are part of a group life insurance term plan, the amount of premium to be paid comes down, which would mean savings over the long-term.

• The amount paid as premiums under group insurance policy is allowed as a deduction under Section 80C of the Income Tax Act, 1961. Further, any amount received under the group life insurance policy is eligible for exemption from income tax under Section 10(10D) of the Income Tax Act. Please note that the above-mentioned tax benefits under group insurance policy are subject to certain other conditions. You are suggested to check with your tax consultant to ensure the fulfilment of other conditions before making any claim.

• Employees of an organisation that offers group term life insurance automatically get policies if they meet certain basic criteria. They may also not be required to go through medical tests as per the terms and conditions. This means being part of a group qualifies an individual for term insurance. It is this aspect that makes group term life insurance convenient.

• Organisations may use group term plans as an incentive for employees and improve retention of their staff.

• The group life insurance term plan can be customised by adding riders (if available), which offers additional benefits, thereby providing a wider range of benefits. Riders are add-on plans or features you can pick in case you need extra coverage for certain illnesses, disability, waiver of premium or accidental death. However, it may help to check the kind of plan the employer has picked for the group and what riders are provided as part of the group term plan.


Can you opt for another term insurance plan alongside the group plan?


Do note that you can also opt for an individual term life insurance policy alongside the group plan. This way, you can decide on a different maturity period so different phases of your life are covered. Sometimes, death benefits provided by a group policy may not be adequate to cover all the needs of your loved ones. In such a scenario, you could opt for an individual plan to make the death benefit substantial. Note that such policies exist only until you are part of the group and as per the conditions specified therein.




Group term life plans are convenient and you get automatically opted into them if the organisation you are working for provides the same. They ensure that you get all the benefits of individual plans under the same contract. They also offer tax benefits and lower premiums because of the presence of a group.

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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.