What are Group Insurance Plans?

Group Insurance plans cover a group of people with a single insurance policy. These plans can be bought by organizations for providing cover to their members. The members covered under the single insurance policy are collectively referred to as a ‘Group’.

Groups can be of two types:

1. Formal Groups (Employer-Employee)

These groups include members of professional organizations, companies, etc. Here, the employer buys the insurance plan that covers the members of the organization.

As an employer, your employees are your most important asset. You would want to make sure that you attract the best talent to your organization and retain your employees in today’s fast-paced work environment. In order to achieve this, it is important to offer your employees the benefits that show your appreciation for their loyalty and commitment.

With our Group Insurance Plans, we present unique employee retention tools that fulfil the protection and saving needs of your employees. These plans help you offer financial security to your employees and their loved ones. They also help them take care of their post-retirement needs. In addition, you get an opportunity to earn returns on your statutory obligations such as gratuity.

2. Informal Groups (Non-employer - Employee)

These groups include holders of the same credit card, members of the same cultural or social organization, etc. Here, the group administrator buys the insurance plan that covers the members of the organization.

As a group administrator of a non-employee-employer group, you would want to secure the members of your organization and their loved ones. In case of financial institutions like banks, you would want protection against non-payment of loans or credit card debts.

Our Group Life Insurance Plans cater to your needs by offering the protection of a Life Cover to secure the members of your organization and their families. If you manage a financial institution, these plans safeguard you against non-payment of loans or credit card debts in case of an unfortunate event involving the debtor.

What are the benefits of Group Insurance Plans?

With Group Plans, you can get a variety of benefits. Following are some of the benefits of choosing a Group Plan with ICICI Prudential Life Insurance:

  • You can avail tax benefits* on the premiums paid for the Group Insurance plan
  • These plans offer you an opportunity to secure the members of your organization
  • These plans can be used as a tool to provide incentives to the members of your organization
  • As an employer, you can meet your statutory obligations and also earn returns on them

No matter what your need is, we have a Group Plan for it

Take a look at the wide range of group plans that we offer:

Make sure the loans you take to achieve your dreams are taken care of, even in your absence

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  • Protection against loan liability for your loved ones
  • Premium payment as per your comfort
  • Tax benefits

A plan that secures your family from loan liability while offering you additional protection of Accident and Disability cover

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  • Protection against loan liability for your loved ones
  • Premium payment as per your comfort
  • Accident and Disability cover for extra protection

A plan that ensures financial security of your employees or members’ loved ones with a Life Cover

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  • Life Cover at an affordable cost
  • Tax Benefits

A plan that takes care of your employees’ gratuity payment, while offering you the opportunity to earn returns on your invested money

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  • Choice of investment products to suit your needs
  • Easy administration process
  • Tax Benefits

Offer your employees a compensation package with this policy that will allow them to plan and save for their retirement as per their risk appetite

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  • Choice of investment products to suit your needs
  • Easy administration process
  • Tax Benefits

A plan that helps you set up a pool of money for managing your leave encashment liability while providing returns on this saving

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  • Choice of investment products to suit your needs
  • Easy administration process
  • Tax Benefits

Help your employees lead an independent post-retirement life with this plan, which offers regular income for life

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  • Meet annuity requirements
  • Employees receive regular income for life
  • Multiple pay-out options available

Why choose ICICI Prudential Life Insurance?

  • We, at ICICI Prudential Life Insurance have settled over 13 million policies since our inception.
  • We bring a range of investment options with market-linked and non-linked plans depending on your financial objectives.

How can I get in touch with ICICI Prudential Life Insurance for further details?

We offer you several options to contact us as per your convenience. You can reach us by choosing one of the following:

Click here to arrange a meeting with our group sales representative

E-mail your group insurance requirement at grouplife@iciciprulife.com

 

*Tax benefits are as per Income Tax Act, 1961 and Income Tax Rules, 1962. Please consult your Legal/ Tax expert for details. ICICI Prudential Life Insurance Company Limited shall not be held responsible in any manner in case you do not get the above stated tax benefits. Please note that the prevailing and applicable tax laws shall be final, conclusive and binding on both the parties.

W/II/0269/2016-17
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