Group Term Life Insurance, also called GTL insurance, is a type of corporate life insurance that provides coverage to employees working under the same organization. Unlike individual plans, these policies are designed to cover groups, offering streamlined life insurance solutions for businesses.
Edify's Group Term Life Insurance ensures your employees receive comprehensive life coverage benefits while helping businesses manage costs effectively.
GTL insurance strengthens employee satisfaction and retention. It acts as a critical tool for attracting top talent while showcasing the company's commitment to employee welfare.
For businesses, this type of corporate life insurance minimizes financial risks related to employee deaths, ensuring uninterrupted productivity and peace of mind for the organization and the employees' families.
A GTL policy provides a master policy that covers employees under a single plan. The employer is responsible for choosing coverage limits, benefits, and optional add-ons like accidental death coverage.
Employees' designated beneficiaries receive the sum assured in case of the employee's death. The policy operates annually, with costs determined by the selected coverage and employee demographics.
Comprehensive Coverage
Includes death benefit and optional accidental death coverage.
Zero Waiting Periods
Covers employees from day one of policy inception.
Customizable Add-ons
Flexible options for critical illness and disability riders.
Simplified Claims Process
24×7 support for seamless claims processing.
Flexible Sum Assured
Options to customize coverage based on employee categories.
For Employers | For Employees |
Boosts employee retention and engagement | Protects family against financial burdens in case of employee's death |
Positions the company as an attractive employer | Offers peace of mind with life coverage for dependents |
Provides tax benefits for the organization | Provides additional financial security at no or low cost |
Enhances overall employee benefits package | Option for continuation of coverage upon leaving the company |
A GTL policy insurance typically covers the following:
Inclusions:
Exclusions (may vary by policy):
Including higher coverage for key employees in your GTL insurance can significantly enhance your talent retention strategy. Key employees often have higher financial responsibilities, and Edify helps you design plans that provide adequate coverage for these crucial team members. Offering this benefit demonstrates a strong commitment to your top talent and ensures long-term satisfaction and loyalty.
Edify specializes in creating tailored group term life insurance for employees and employers. Whether it's adding accidental death coverage, setting up different sum assured for various employee categories, or including critical illness riders, we help you design plans that fit your budget without compromising employee protection.
GTL stands for Group Term Life. It’s a type of life insurance policy designed specifically for groups, typically employees of an organization.
Yes, Edify offers flexible plans that can include coverage for employees’ spouses, enhancing the overall benefits package.
Generally, group term life insurance covers death due to pre-existing conditions. However, there may be a waiting period for coverage related to pre-existing conditions, typically ranging from 6 to 12 months.
Edify specializes in creating customizable plans that balance coverage with affordability. Strategies may include setting different coverage levels for various employee categories, choosing appropriate riders, and leveraging group discounts.
Many GTL policies offer conversion options, allowing employees to convert their group coverage to an individual policy when they leave the organization, ensuring continuity of life insurance protection.
