Group Term Life Insurance (GTL) is a life insurance solution that provides financial protection to a defined group of individuals under a single master policy for a specified policy term. Commonly offered by employers, organisations, banks, NBFCs, associations, and institutions, the policy helps provide a death benefit to the nominee or beneficiary in the event of the insured member’s demise during the coverage period.
In employer-employee setups, the organisation acts as the master policyholder while employees are covered members under the scheme. Group Term Life Insurance is widely used as an employee welfare and retention benefit due to its cost-effective structure, simplified administration, and scalable coverage options. Depending on the policy structure, coverage may also be extendable to spouses, dependents, or specific member groups.
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