What is Group Term Life (GTL)?
Group Term Life provides pure death-benefit life cover to all employees of a company through a single master policy, often pegged at a multiple of their salary.
Who needs it?
- SMEs and startups offering benefits beyond GMC
- Manufacturing and logistics firms with shop-floor staff
- Companies competing for senior talent
Why it matters
Hugely subsidised vs individual term
No medical tests below free-cover limit
Tax-deductible as business expense
Helps retain talent
Common myths, busted
Myth: Employees can buy their own.
Truth: Group rates are 60-80% cheaper, and acceptance is broader.
Real claim examples
- ₹40 L GTL claim settled to the family of a deceased shop-floor employee within 21 days.