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Group Insurance
Group Insurance covers a defined group of people, for example members of a professional association, or a society or employees of an organization. Group Insurance may offer life cover, health cover, and/or other types of personal insurance.
Most insurance companies in India have introduced group insurance policies to meet insurance needs of specific groups including professionals, employers-employees, co-operative societies, among others.
1 Crore Term Insurance@Rs.21/day***
To delay is to regret
You may not always be around to take care of your family. And that’s when a term plan ensures your family is well protected.
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Return of Premium (ROP) Option^
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Individual Death Claim Settlement Ratio of 99.50%##
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Same Day Claim Processing#
:1800-266-9777
Group Insurance - Definition & Meaning
Group insurance has several advantages chief among which is a life cover made available to members irrespective of age, gender, socio economic background or profession,so long as they belong to the group that is applying for insurance.
While there are various objectives of group insurance, they cover the following basic functions:
Term insurance
The sum assured is paid out to family members of the deceased in case of death over the employment tenure with the company.
Annuity
Superannuation schemes of group insurance policies provide for retirement plans that can be availed of by employees post-retirement, at existing NAV (group insurance), as pension.
Gratuity
On completing five years of service an employee becomes eligible for gratuity subject to relevant laws.Group insurance provides investment options to the organization to create a corpus for gratuity.
Savings
It mobilizes savings of participating members which can meet long-term financial goals like child's education or marriage.
Covering liability
It can provide for outstanding dues or loans (like home loans) of participating memberson death or disability.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
^ Available under Life & Life Plus plan options
#Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved
##Individual claim settlement ratio by number of policies as per audited annual statistics for FY 23-24
***Online Premium for Life Option for HDFC Life Click 2 Protect Super (UIN: 101N145V07), Male Life Assured, Non-Smoker, 20 years of age, Policy term of 25 years, Regular pay, Annual frequency, exclusive of taxes and levies as applicable. (Monthly Premium of 622/30=20.7).
**7% online discount available on 1st year premium only
@As per integrated annual report FY23-24, available on www.hdfclife.com. As of May 2024
~Tax benefits of ₹ 54,600 (₹ 46,800 u/s 80C & ₹ 7,800 u/s 80D) is calculated at highest tax slab rate of 30% on life insurance premium u/s 80C of ₹ 1,50,000 and health premium (Critical illness rider) u/s 80D of ₹ 25,000. Tax benefits are subject to conditions under section 80C, 80D, 10(10D) as per Income Tax Act, 1961. Please consult your tax advisor for more information.
