How Does Group Term Life Insurance Work?
From premiums to claims understand the how a group term life insurance work.
By Pazcare
April 30, 2023
Key Insights
Aditya Birla Sun Life Insurance Company Limited is a part of Aditya Birla Capital Limited. Incorporated in the year 2000 and commenced operations in the year 2001. Aditya Birla Sun Life Insurance is a joint venture between the Aditya Birla Group and Sun Life Financial Inc., an international financial services organization in Canada.
Aditya Birla Sun Life Insurance is present in pan India through 340+ branches, 7 bancassurance partners, 6 distribution channels and over 79,500+ direct selling agents, other Corporate Agents and Brokers.
With Pazcare the employers can provide their employees with a group term life insurance policy from Aditya Birla Sun Life Insurance company. Get the best quotes for the Aditya Birla group term insurance policy and manage the policy using Pazcare’s tech-enabled dashboard.
These simple steps allow you to purchase Aditya Birla group term life insurance policy online from Pazcare.
Visit Pazcare, and choose group term insurance. If you are new to buying a group term policy, we recommend you review our offerings before purchasing the Aditya Birla group term life insurance policy.
After submitting the form, our insurance experts will call you within 24 hours. Share your requirements to personalize your Aditya Birla group term insurance policy offering with Pazcare.
We provide you with a product demo of how to administer the Aditya Birla group term life insurance plan using the Pazcare dashboard. Once approved, share with us your active employee data to proceed with the process of buying the Aditya Birla group term life insurance for employees.
We get you competitive quotes from Aditya Birla Sun Life Insurer and other 4+ life insurers. Choose the best offering, say Aditya Birla group term insurance policy and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
Aditya Birla group term insurance for employees is a fully customizable group term life insurance plan. The premiums paid are much lower than those of other retail term insurance plans. The plan comes with optional rider benefits like
These are some of the rider options available for your Aditya Birla group term insurance policy. The riders can be claimed according to the terms and conditions of the policy with Pazcare.
Further, the sum assured to the employees can be decided based on the type of sum assured you wish to offer. For instance, the plan has two types - the flat sum assured and CTC-based sum assured up to 5 Crores. Hence, you can choose the sum assured you wish to offer.
The Aditya Birla group term insurance can be renewed easily with Pazcare at end of the policy term. Here is how you can renew your group term life insurance policy.
Visit Pazcare, and choose group term insurance. If you are new to renewing your Aditya Birla group term insurance policy, we recommend you review our offerings before purchasing the Aditya Birla group term life policy.
After submitting the form, our insurance experts will call you within 24 hours regarding the Aditya Birla group term insurance policy renewal. Please submit active employee data, policy copy, claim dump report & claim analysis report to proceed.
We provide you with the product demo if you are new to buying/renewing the Aditya Birla group term insurance plan with Pazcare. The above-submitted documents allow us to personalise your Aditya Birla group term policy according to the previous offerings.
We get you competitive quotes from Aditya Birla Sun Life Insurance and other 4+ insurers. Choose the best Aditya Birla group term life insurance policy renewal offering and the onboarding process begins in 24 hours. You are covered with the best employee benefits from Pazcare.
The claim settlement ratio is the percentage of the claims settled by the Aditya Birla Sun Life insurance company during a particular financial year. Hence, the higher the claim settlement ratio, the better chances of the claims getting settled.
In the financial year 2021-22, the claim settlement ratio of Aditya Birla Sun Life Insurance is 98.08%.
The Aditya Birla group term insurance premium depends on various factors like
Purchasing your Aditya Birla Sun Life Insurance company's group term life insurance policy for employees from Pazcare has the following benefits.
Tax benefits
As employers, when you pay the premium towards the Aditya Birla group term life insurance policy, you are eligible to avail tax benefits under Section 37(1) of the Income Tax Act of 1961.
Choose your riders
Your Aditya Birla Sun group term life insurance policy comes with customizable riders like critical illness rider, income benefit rider, accidental death benefit, etc at a much lower price than the existing policy.
No medical screening needed
The group term life insurance policy does not require any medical tests to be taken before purchasing the policy. However, this depends on the terms and conditions of the policy.
340+ branches
Aditya Birla Sun Life Insurance company has 340+ branches present in pan India. This means the offices are easily accessible near most geographical locations for paying the premiums offline or filing for claims offline.
High claim settlement ratio
The claim settlement ratio of Aditya Birla Sun Life Insurance company for the financial year 2021-22 is 98.08%. This means the chances of settling the claims for your group term life insurance policy are high.
Here are the documents that you require to claim the Aditya Birla group term insurance policy
Why buy a group term life insurance
policy online from Pazcare?
Aditya Birla Sun Life Insurance customer care is available 24X7 for any queries regarding your group term life insurance policy.
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
The Aditya Birla Sun Life Insurance contact number is 1800 270 7000. Alternatively, you can email them at care.lifeinsurance@adityabirlacapital.com
The Aditya Birla Sun Life Insurance head office address is
Aditya Birla Sun Life Insurance Company Limited
One Indiabulls Centre, Tower 1,
15th & 16th Floor, Jupiter Mill Compound,
841, Senapati Bapat Marg,
Elphinstone Road,
Mumbai - 400013
The claim settlement ratio of Aditya Birla Sun Life Insurance for the financial year 2021-2022 is 98.08%.
The premium for Aditya Birla term insurance for employees or commonly known as Aditya Birla group term insurance is calculated based on various factors like
For any queries or assistance, reach out to us at any time. We provide 24X7 customer assistance.
1800 270 7000
care.lifeinsurance@adityabirlacapital.com
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