What is Group Term Life Insurance Plan?
Group Term Life Insurance Plan is a one-year renewable group term assurance plan that offers the options of lump sum death benefit in the event of death of a member. Easy to set up and administer the scheme at low cost.
What are its key features?
Easy to set up and administer the scheme at low cost. Minimal underwriting based on simple insurability conditions. Insurance cover for all members of the scheme with one policy document issued to the policy holder. Additional protection through accident benefit rider on payment of additional premium.
Why buy insurance on InsureMile online platform?
Because enquiry about insurance quotes, buying of insurance and other transactions are simple, transparent and competitive on InsureMile platform Because InsureMile does not ask you for your phone number or email details, thus you are not harassed by unwanted calls or mail. Because InsureMile will guide you, whenever you need any assistance
What are its benefits?
In the unfortunate demise of the policy holder, the sum assured will be paid to the nominee / legal heir as applicable Sense of security to their families and increase in productivity at work Tax benefits
What is the claim ratio?
The claim settlement ratio is 63.53% of the total number of death claims reported for the FY 2016-17. Shriram Life Insurance Company paid Rs. 49.52 crores towards 1,859 claims as against the total number of claims of 2926 in FY 2016-17.
The most important differentiator is InsureMile’s ‘Buy A Policy, Feed A Child’ mission. For every policy you buy, InsureMile on your behalf contributes 25 meals to a child. You are thus becoming part of a Social Movement to eradicate hunger among children in India. There is no additional amount to be paid for the social cause. It is part of the premium. You can claim tax benefits for the donation you have made.