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Group Term Life Insurance
A term life insurance plan for the members of a recognised group is known as a group term life insurance policy. If any group member who is covered by the policy passes away during the policy’s term, a benefit is paid. The policy protects against the risk of premature death. An organisation might adopt the policy to protect its employees based on the employer-employee relationship. Any group that fits the criteria established by IRDAI may also choose it. The policy has a one-year coverage period after which it must be renewed to maintain coverage. Until a person leaves the group, they are still covered under the group term life insurance policy.
Insurance policies
- The coverage amount and term of the policy can be customized as per the requirements of the employer or organization.
- The policy provides a lump-sum payment if the insured member suffers from permanent total disability due to an accident.
- Group Term Life Insurance policies are easy to administer, as they require minimal documentation and can be renewed on an annual basis.
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- Coverage for a group of people, such as employees of a company or members of an organization.
- The amount of coverage can be based on a multiple of an individual’s salary or a fixed amount.
- In some cases, coverage can be extended after the initial term without requiring evidence of insurability.
- Group Term Life Insurance can be a valuable benefit to offer employees as part of a benefits package.
- It can help attract and retain employees by providing financial security to their loved ones in the event of their death.
- The premiums for Group Term Life Insurance policies are generally tax-deductible for the employer.
- Group Term Life Insurance can provide financial security for employees’ loved ones in the event of their death.
- The premiums for Group Term Life Insurance policies are often less expensive than individual policies, making it a cost-effective way to obtain coverage.
- Coverage is typically guaranteed issue, which means that employees may be able to obtain coverage without undergoing a medical exam or answering health questions.
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