About Group Term Life Insurance

From the organization point of view this is the best insurance which actually protects the employees family at the time of an unforeseen eventuality. Practically there are no age restrictionsand all individuals in the age group of 18 to 60 can be covered. The coverage can be for a large sum insured, up to 60 times of basic salary and the premium per individual is very low. The annual renewable premium provides for alignment of benefits with appraisals.

The Group Term Life Insurance provides for flexible benefit plans which can even provide for a percentage of salary for each year of future service until retirement date. Additional benefits like additional voluntary life top up paid by employee, critical illness, accidental death and disability and continuation benefit allowing employees to retain policy even after leaving the organization are some of the salient features available in the market.

All establishments with over 10 full time permanent employees have a statutory liability to subscribe to EDLI scheme. Employers may opt for an approved life insurance scheme with equivalent or better benefits to replace the same.

The benefits of opting for GTLI in lieu of EDLI gives a possible cost reduction, a uniform cover, a higher coverage, availability of riders a hassle free administration and an easy claims management.

NOTE: THE BRIEF WRITE UP YOU FIND IN THIS WEBSITE FOR VARIOUS POLICIES IS ONLY A SYNOPSIS. THE DETAIL EXTENT OF COVERAGE WITH THE TERMS & CONDITIONS WILL BE SENT BY US TO YOUR MAIL ID ON REQUEST TO US. PLEASE MAIL TO CUSTOMERCARE@VIZZAFIN.COM