Offering employees a comprehensive wellness program can be like a beacon of positivity in the workplace. Group term insurance can play a crucial role in improving an employee’s financial well-being. The purpose of a term life insurance plan is to ensure that even in case of an unfortunate event, your loved ones can have enough to manage their everyday expenses. The one-time death benefit payment of the term plan can allow your beneficiaries a source of income for the coming years. They may be able to clear off any debts, without having to financially depend on others.

Along with controlling risk, insurance can help in reducing the social burden. While insurance knows no bounds, the family’s primary earner must have adequate life coverage. A group term insurance policy can play a role in making the employees feel protected and safe. This can further strengthen the bond between employers and employees.

Be it any organisation, business or workplace, human resources is one of the most crucial assets. As effective allocation and management of resources depend on them, prioritising the well-being of the employees becomes paramount. It is often witnessed that satisfied and content employees deliver services at the highest efficiency levels possible.

With the SUD Life Group Term Insurance Plus, you can ensure financial protection for the insured individual. A non-participating, non-linked group term insurance plan, SUD Life Group Term Insurance Plus allows you to offer your employees in the most convenient way possible.

Let us take a look at some of the features of SUD Life Group Term Insurance Plus that can help you unlock employee financial wellness:

1. Coverage
The purpose of a term life insurance policy is to offer a lump sum payout to the nominee as a death benefit in case the insured employee passes away during the tenure. In the SUD Life Group Term Insurance Plus plan,

● The death benefit offered under the term policy will be as per the policy agreement. It can be in multiples of the annual salary of the employees or can be decided as per the salary slab of employees.

● For a non-employee term insurance policy, the death benefit will be as per the agreed amount in the certificate of insurance.

2. Competitive rates
The term insurance premium charged under SUD Life Group Term Insurance Plus is quite affordable. The cost of covering each employee is quite reasonable, as group insurance is something like a wholesale product. Several employees are covered under one plan.

3. Unmatched flexibility
The master policyholder can choose to pay the term plan premium monthly, quarterly, half-yearly, or yearly at your convenience. The tenure of the policy is 1 year, after which you can renew the plan until the eligible entry age. The availability of riders, Accidental Death Benefit and Accidental Dismemberment, allows enhanced coverage.

4. Income tax benefits
Both employee and employer are eligible for tax benefits for term insurance premium payment. These are:

● Employer: Under Section 37 of the Income Tax Act of 1961, tax deduction can be availed by the policyholder. The premium paid is regarded as a business expense.

● Employee: If the insured is also paying a share of the premium, then under Section 80C of the Income Tax Act of 1961, they can claim up to INR 1.5 lakh of tax deduction.

● Death benefit: Under Section 10(10D), the death benefit is tax-free in the hands of the nominee.

5. No medical tests
A free cover limit is offered to the eligible SUD employees covered under SUD Life Group Term Insurance Plus. It is only applicable for compulsory employer-employee group term plans. Up to the free cover limit, employees are typically covered without any medical tests.

6. Simple and hassle-free entry
The eligibility criteria for group term insurance plans with SUD Life Group Term Insurance Plus is easy to fulfil. Here are the details:

Particulars	Details
Entry age	● Min: 18 years last birthday ● Max: For Groups other than Group Term Insurance Scheme In lieu of Employee’s Deposit Linked Insurance: ● Employer-Employee-Groups: – 79 years last / birthday ● Non Employer Employee Groups:- 79 years last / birthday For Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance: As specified under the provisions of the Employees’ Deposit Linked Insurance Scheme, 1976
Max Maturity age	For Groups other than Group Term Insurance Scheme In lieu of Employee’s Deposit Linked Insurance: ● Employer-Employee-Groups: – 80 years last / birthday ● Non-Employer Employee Groups: – 80 years last / birthday For Group Term Insurance Scheme In lieu of Employee’s Deposit Linked Insurance: ● As specified under the provisions of the Employees’ Deposit Linked Insurance Scheme, 1976
Group size required	Min: For Groups other than Group Term Insurance Scheme In lieu of Employee’s Deposit Linked Insurance: ● For Compulsory Employer-Employee groups: 10 members ● Otherwise: 50 members For Group Term Insurance Scheme In lieu of Employee’s Deposit Linked Insurance: ● Currently, 10 members. However, it will be as specified under the provisions of the Employees’ Deposit Linked Insurance Scheme, 1976 Max: ● No Limit

When you know your family has a financially secure future, it becomes easier to focus on other aspects of life, especially the professional arena. A group term insurance can be a great incentive that your employer can offer. SUD Life Group Term Insurance Plus ensures the family of employees have sufficient financial well-being in case the earning member of the family meets with an unfortunate accident. The flexibility of the plan allows you to choose a plan as per your needs and pay the term insurance premium at your convenience. You have the freedom to enhance the coverage further, making it a smart choice.

Reference: SUD Life Group Term Insurance Plus (UIN: 142N046V04)

Star Union Dai-ichi Life Insurance Company Limited IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472

Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.