Group Insurance Plans

As the name suggests, group insurance policies provide insurance cover to 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, gratuity, leave encashment and loan cover, among others.

For employers, it is easier to attract and retain employees if they offer group insurance policy to their workforce. The employer can also meet statutory obligations through group insurance.

Most employers offer group insurance to their workforce to provide their families an additional financial security. It is also one of the key initiatives taken by employers to attract and retain employees. The employer can also meet statutory obligations through group insurance.  

Bajaj Allianz Life is a trusted life insurance company with a wide reach and a commitment of enabling people to meet their life goals through insurance products. From experience gathered over two decades, the company has developed a comprehensive portfolio of group insurance products.

It offers many products covering a wide range of risks and various groups, be it employees, or non-employees like lender/borrowers or such other groups, as defined. The group insurance products range from a simple life cover to other products, like loan protector schemes, among others. 

Any existing group of people, whether it is an employer-employee group or non-employer-employee group can purchase a group insurance policy to achieve their life goals.

The group should have a purpose of existence and not be formed only for purchasing of any group insurance policy. There will be a Master Policyholder who will act as the central administrative machinery on behalf of the members.

For employer-employee groups:

In case of employer-employee groups, the group insurance is purchased by the employer for the benefit of the employee. It is seen as a good practice which enhances employee satisfaction. In case the premium is paid by the employer, it could be treated as a business expense against which the employer can claim tax deductions. Some of the group insurance schemes also help the employer in meeting the statutory obligations.

For the employees, purchasing group insurance helps them in availing tax benefits on the premium paid for the group insurance. Further the funds in which they invest, are managed by experts which ensures that the members benefit by getting potentially good returns.

For non employer-employee groups:

Besides allowing the members of non-employee-employer groups to benefit by availing life cover, some group insurance policies also provide covers against outstanding loans to the group members.