Buy Group Employee Benefit Plan - Group Insurance for Employees | Tata AIA

Buy Group Employee Benefit Plan - Group Insurance for Employees | Tata AIA

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In this policy, the investment risk in investment portfolio is borne by the policyholder. A unit-linked, non-participating group life insurance plan (UIN: 110L151V03)

As an employer, you would want to take care of your employees. After all, they are the lifeblood of the organization. Their well-being and happiness will result in the company thriving, and you want them to be protected against life’s uncertainties.

Now you can take care of their employment benefits, and actively secure their future and the future of their families with the Tata AIA Life Insurance Group Employee Benefit Plan. This unit-linked group insurance plan helps you manage your employee gratuity and leave encashment benefit funds, while also providing investment growth opportunities.

The linked insurance product do not offer any liquidity during the first five years of the contract. The policy holder will not be able to surrender/withdraw the monies invested in linked insurance products completely or partially till the end of the fifth year.

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Flexibility to choose from 5 different investment funds as per your investment needs

Get loyalty additions for funds above Rs. 1 crore in employee group insurance

Avail tax benefits as per applicable tax laws

Highlights of Tata AIA Life Insurance Group Employee Benefit Plan

In employee insurance, there are provisions to set up separate funds for your employee’s gratuity/ leave encashment benefits

Benefits are payable to employees in the event of their retirement/ resignation/ termination / any other exit as per scheme rules

Employee group insurance provides life cover for all enrolled members

Group insurance plans offer insurance cover to members of a group. They can either be members of a specific society, employees of a company, or a group of loan borrowers. Tata AIA Life Insurance group insurance plans extend a myriad of benefits to employer-employee groups, and non employer-employee groups. Members of these groups can get pure term, superannuation, gratuity, and loan cover among others.

For instance, lending institutions can protect the money they lend to borrowers by purchasing credit life insurance plans, which removes the burden of outstanding debts from the shoulders of the borrowers’ families, in the event of their untimely demise. Similarly, employers can ensure the financial well-being of the families of their employees by purchasing group term insurance plans. It also helps employers retain their workforce, while meeting the statutory obligations via group insurance plans.

Group insurance solutions benefit a variety of groups like employer-employee groups, non-employer-employee groups, and groups of loan borrowers from a common lender.

Benefits for employer-employee groups:

By purchasing group insurance, employers can ensure the financial security and well-being of their employees’ families. This is generally seen as a good practice, which motivates the employees, and increases employee satisfaction. Employers can also meet their statutory obligations by purchasing group insurance, while the premium paid by them can be treated as a business expense. This enables the employer to claim tax deductions.

The employees can also avail tax benefits^ on the premiums paid, while the funds they invest in are managed by experts.

Benefits for non employer-employee groups:

By purchasing group insurance, members of such groups can avail life cover, while credit life insurance plans provide cover against outstanding debts to the borrowers.

Group insurance policies can be purchased by either employer-employee groups, or non employer-employee groups, in order to ensure the financial well-being of the members’ families.

The non-employer-employee groups can include members of a specific society, or can include borrowers from a common lender. Hence, such groups need to have a purpose of existence. Group insurance plans will also have a Master Policyholder, who will serve as the central administrator, and will act on behalf of the members of the group.

As the name suggests, group insurance plans are applicable for specific groups only eg: Employer-employee or Non-Employer Employee affinity groups. Individuals can purchase the retail plans available at Tata AIA Life Insurance.

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