Life insurance is one of the most meaningful benefits an employer can offer. Group term life insurance gives your whole team life cover under one simple plan. It is often easier and cheaper to set up than you might expect.
With over three decades of experience, our IRDAI-licensed advisors at Excel India IMF help companies across India set up group term life, or GTL insurance, cover for their teams.
Compare corporate life insurance plans tailored to your team size
Group term life insurance is a single group life insurance policy that covers many employees at once. If an employee passes away while covered, the policy pays a benefit to their chosen nominee. The employer usually arranges and pays for this cover as part of the benefits package.
Policy Note: GTL policies provide pure risk protection during active employment, ensuring families receive immediate financial support during difficult times.
The employer buys one policy that covers the whole team or a defined group within the company. Coverage often starts as soon as the employee joins the plan, often with simpler or no medical tests, up to a certain cover limit. This makes it faster and easier to set up than individual life insurance for each employee.
The employer selects a group policy covering all staff members or specified cadres across the company.
Coverage begins as soon as employees join, with simplified or no medical tests up to free cover limits.
In the unfortunate event of an employee passing away, the full insured benefit is disbursed directly to their nominee.
Discover why employee life cover is one of the most effective tools for corporate goodwill, retention, and family security.
For employers, GTL insurance is a valuable, low-cost way to support employees and their families. It also helps attract and retain good staff, since life cover is a meaningful benefit. Furthermore, premiums paid for GTL policies are eligible business expenses under the Income Tax Act.
For employees, GTL gives their families real financial protection, often without needing to pass a full medical test and without having to arrange or pay for the policy themselves. It provides peace of mind knowing loved ones have a financial safety net.
To construct a well-rounded employee benefits package, coordinate GTL with Employee Group Health Insurance and Group Personal Accident Insurance.
Group term life insurance and individual term insurance both provide life cover, but they work differently. Here is a simple comparison.
Group term life cover ceases when the employee leaves the organisation. This is an important point to understand before relying on GTL as your only life cover. For lifelong, uninterrupted protection that stays with you across jobs, we strongly recommend holding your own standalone Term Insurance policy.
Employers can customize their group term plan and corporate life insurance structure based on organizational grades or salary multiples.
Employers can often choose a flat coverage amount for everyone across the entire organization, providing equal protection to all team members.
Life coverage set as a multiple of each employee's annual CTC or basic salary (e.g., 2x to 5x annual salary), scaling protection with seniority.
Some plans also allow employees to buy extra voluntary cover on top of the base amount, at their own cost, using discounted corporate group rates.
Corporate life insurance and employee benefits advisory across India
Excel India IMF brings over three decades of experience to corporate life insurance planning. Our IRDAI licensed advisors help you set up GTL cover that fits your team size and budget, and we explain clearly what happens to cover if an employee leaves the company. We also help you integrate broader enterprise protections through our specialized Corporate Insurance solutions.
Answers regarding GTL definitions, comparison with individual term plans, portability, and taxation
Get group term life insurance for your employees. Request a quote by calling 90 90 92 15 15.
Group term life cover ceases when the employee leaves the organisation.