8448480848
Group Term Life Insurance
Buy all kind of Insurance Plans at a Single PlatformSecuring You, Your Group in Sophisticated Manner
What is Group Term Life Insurance?
Group term life insurance is a type of term insurance in which the insurer issues to the employer a master contract with extended coverage for employees. Group term life insurance is relatively cheap compared to individual life insurance. As a result, participation is high. It is commonly a component of a comprehensive benefits package. The insured receive insurance certificates as proof of coverage. As with individual life insurance, the insured choose their beneficiaries. The subscription is usually not required for nominal amounts. However, most companies set a threshold for which a limited or full subscription is required.
Why buy Group term life?
Group term life insurance plans, as the name suggests, are designed to offer life insurance to a group of people under a single policy. A group insurance policy is not restricted only to groups of employers and employees, but also extends to other groups, such as groups of employers and employees, such as clients of banks, NGOs, professional groups, non-bank financial institutions, and microfinance institutions. Some group insurance schemes also provide coverage for outstanding loans to a group of borrowers, while others come with serious illness and disability benefits.
Benefits of group term life insurance plans
How to select group term life insurance
Group coverage also becomes more expensive as you get older. If you are healthy you may be able to buy a 20- or 30-year level term policy that locks in the coverage at lower cumulative cost.
Group coverage is linked to your ongoing employment. If you change jobs, decide to stop working for a period of time, leave to open your own business or retire, the coverage will stop.
There are many pros and cons to group term coverage. Understanding your insurance needs and goals in life can help you make an educated and financially sound decision.
