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HDFC Term Insurance
The growth of any organization depends on its dedicated employees. However, employee satisfaction depends on several factors, such as career growth, w ...Read More
The growth of any organization depends on its dedicated employees. However, employee satisfaction depends on several factors, such as career growth, work environment, recognition, and financial security. It has become essential for companies to offer their employees a group term insurance plan as an employment benefit.
HDFC Life provides several group plans with high life cover at cost-effective premiums, protecting your employees from uncertainties.
A group term life insurance plan is a financial product where 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 life cover to dependents or nominees if something happens to the insured person during the policy tenure. The death benefit is paid out to the nominee either as a lump sum or monthly payout.
Group plans are ideal for businesses to guarantee employee satisfaction and provide financial security. If an employer buys a group term insurance policy, the employer becomes the policyholder, and a family member 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 and businesses.
Here are the key features of an HDFC group term life insurance plan:
HDFC group term insurance plans offer several benefits for both employers and employees.
| Benefits to Employer | Benefits to Employee |
| A single policy covers a group of people for a significant period at fixed, affordable premiums. | Provides death benefits to the employee’s family in case of unfortunate death, accident, or critical illness. |
| Employers can safeguard their employees and their loved ones in case of an unfortunate event. | Offers the convenience of no medical tests before policy issuance. |
| High life cover at cost-effective premiums for a group of people. | Covers employees’ housing or vehicle loans provided by the employer. |
| Offers GTI cover for future service gratuity liability. | Hassle-free and instant claim settlement process. |
| Premiums paid by the employer are tax-deductible under Section 37(1) of the Income Tax Act, 1961. | Critical illnesses are covered, relieving employees of medical expense burdens. |
| Flexibility to add or remove group members at any time of the year. |
HDFC group term insurance eligibility criteria may vary by plan. Generally, all employees are immediately added to the base cover upon fulfilling eligibility requirements. Requirements may vary by plan and employer. This includes specific periods of employment or an age limit, typically between 18 and 65 years.
Here are the groups eligible for a group term insurance plan:
According to research, 53% of private companies in India offer term insurance to their employees. Group term insurance covers employees who meet eligibility requirements, such as being a permanent employee of a firm for at least 60 days.
Employers select the life cover for all employees. Some organizations provide coverage based on company hierarchy. The amount of life insurance coverage may be, for example, twice the employee’s annual pay.
In some cases, the company bears all policy premiums; in others, the employer pays a minimum amount, with the remainder deducted from the employee’s salary.
HDFC group term life insurance plans are tailor-made to meet the requirements of both employers and employees. They are an ideal approach to safeguard employees from unfortunate events and guarantee employee satisfaction. The premium amount payable under a group term plan is also considerably cheaper.
Term plans offered by HDFC Term Insurance — click any plan to see full details.
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Other guides and support pages for HDFC Term Insurance.
The 5 most-asked questions about HDFC Group Term Insurance Plans, answered.
Pick any two insurers to see a detailed side-by-side comparison.
Compare HDFC Term Insurance term plans with other top insurers in India.
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