HDFC Life Group Term Insurance Plans
- Features of group plans
- Benefits of group insurance
- Eligibility of group plans
The growth of any organization depends on their dedicated employees. However, employee satisfaction depends on several factors, such as career growth, work environment, recognition and not to forget financial security. Now, it has become essential for companies to offer their employees a group term insurance plan as one of the employment benefits.
HDFC Life provides several group plans with high life cover in exchange for cost-effective premiums - so get ready to protect your employees from uncertainties.
A group term life insurance plan is a financial product in which a single policy covers a group of people for a significant period in exchange for fixed, affordable premiums.
The main objective of group term insurance is to offer the dependents or nominees life cover if something happens to the insured person throughout the policy tenure. However, the death benefit is paid out to the nominee either as a lump sum or monthly payout.
Basically, group plans are ideal for businesses to guarantee employee satisfaction and give financial security. If an employer buys a group term insurance policy, the employer becomes the policyholder, and one of the family members of an employee becomes the nominee.
It is even more cost-effective than buying a separate term plan for each employee.
HDFC group term insurance plans are pure protection plans popular among companies/businesses.
Here, we've listed the key features of an HDFC group term life insurance plan:
HDFC group term insurance plan has several benefits for both employers and employees.
| Benefits to Employer | Benefits to Employee |
| With group plans, a single policy covers a group of people for a significant period at fixed, affordable premiums. | It provides death benefits to the employee’s family members against his unfortunate death, accident, or critical illness. |
| With group plans, the employer can safeguard their employee and their loved ones in case of an unfortunate event. | Group plans offer the convenience of no medical tests before the policy. |
| Buy a high life cover in exchange for cost-effective premiums for a group of people. | It also covers employees' housing or vehicle loans given by the employer. |
| Group plans offer GTI cover for future service gratuity liability. | Under the group plan, premiums paid by the employers are not given any privilege to the employer upon cover. |
| Under section 37 (1) of the Income Tax Act, 1961, the premium paid towards the plan by the employer is tax deductible. | With HDFC group plans, the claim settlement process is generally hassle-free and instant. |
| Flexibility to add or remove the group members into the policy at any time of the year. | Critical illnesses are covered under a group plan. Therefore, employees do not have to bear the burden of medical expenses. |
HDFC group term insurance eligibility criteria may vary from plan to plan. Generally, all employees are immediately added to the base cover once they fulfill the eligibility requirements. However, requirements may vary by plan and employer. It includes specific periods in the organization or the age limit between 18 years old and 65 years old.
Here, we've listed the groups those are eligible for group term insurance plan
According to research, 53% of private companies in India offer term insurance to their employees. Group term insurance is a plan that covers a group of employees who meet eligibility requirements, such as being a permanent employee of a firm for at least 60 days.
However, the employers select the life cover for all the employees. Some organizations provide coverage based on company hierarchy levels. The amount of life insurance coverage is equal to twice the employee's annual pay.
In some cases, the company bears all the premiums of the policy, and sometimes, the employer only pays the minimum amount, and the remaining amount is deducted from the employee's salary.
HDFC group term life insurance plan is a tailor-made policy to meet the requirements of both employers and employees. It is an ideal approach to safeguard employees from unfortunate events as well as guarantee employee satisfaction. Even the premium amount payable under a group term plan is considerably cheaper.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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April 20, 2024
Review: HDFC Life Insurance Term Policy HDFC Life Insurance Term Policy stands out as a beacon of financial security and peace of mind in the ever-changing landscape of life insurance offering...
February 16, 2024
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June 13, 2022
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Sahil is a passionate content writer with over two years of expertise in the insurance domain. He uses his knowledge in the field to create engaging content that the customer can relate to and understand. His passion lies in simplifying insurance terminology, ensuring a hassle-free understanding for potential policyholders. With his outstanding collaborative efforts with people, he understands different perspectives and keeps readers' viewpoints at the forefront of his content writing approach.
