Group Terms Life Insurance/GTL
Group Terms Life Insurance/GTL is a pure Term Insurance policy that provides for financial assistance to its employees or their family members.
A Group Terms Life Insurance/GTL policy is a popular policy among the employers who care about the well being of its employees and their families. Employers take Group Terms Life Insurance/GTL to demonstrate to their employees how much they value them. Group Terms Life Insurance/GTL is also used as a retention and reward tool by corporate.
Group Terms Life Insurance/GTL policy covers a homogeneous group. Normally, a company takes this to cover the financial loss to its employees or their family members in the event of Death/ Accidental Injury, etc.
Group Terms Life Insurance/GTL policy has many advantages not only for the members covered under the policy but also the proposer.
- Proposer normally an employer use it as an attraction and retention tool for their prospective and existing employees
- Proposer is providing the employee and its family members peace of mind by providing their employees this cover
- Proposer can claim the premium as a business expense thus reducing the tax liability
- Employees get the advantage of life cover if they don’t have a personal one
- Employee’s families get financial security in case of an eventuality
- Banks also grant loans easily to those proposers who have life cover in their name
Other than the Pure Term Insurance Cover proposer can also opt for host of add-on covers in Group Terms Life Insurance/GTL. These benefits are
- Critical Illness cover
- Accidental Death cover
- Accidental Disability cover, etc.
- One Master Policy covers all members of policy
- Annual renewable Term Insurance Plan
- Addition and Deletion of members on monthly basis
- Flexibility to cover Spouses as well
- Easy Claim Settlement procedure
