Policy snapshot
A life insurance policy that pays a lump-sum benefit to an employee’s nominee in the event of their death during the policy term.
What is Group Term Life Insurance (GTLI)?
GTLI provides life cover to employees, giving peace of mind to their families in case of untimely demise. It reflects a company’s commitment to employee welfare.
What can it cover?
- This policy provides a lump-sum payout to the nominee in case of the employee’s death, whether natural or accidental, during the policy period. Some policies also offer optional coverage for critical illnesses or accidental disability, based on employer preferences.
Who should consider it?
- Suitable for corporates of all sizes as part of CTC, Especially valuable for companies in high-risk or large-scale employment sectors
Key features to understand
- {"heading": "Key Features", "bullets": ["Affordable premiums for high coverage", "Can be linked to employee's salary", "24x7 worldwide coverage", "Simple onboarding with no medicals for basic cover"]}
What deserves attention before you buy?
Coverage, exclusions, sub-limits, deductibles, waiting periods, warranties and underwriting can vary between insurers and policy versions. The policy wording and schedule remain the definitive contract. Novo can help you review the relevant terms for your requirement.
Read the wording, not just the brochure
The schedule and policy wording determine the actual contract.
Compare meaningful differences
Look at exclusions, limits, deductibles, conditions and claim requirements—not premium alone.
Think beyond purchase
Servicing and claims-related support can matter as much as placement.