Group Life Insurance
Group life insurance is a type of life insurance in which a single plan covers an entire group of people. the policy covers the employees or members of the group.
Group term life is typically provided in the form of yearly renewable term insurance. When group term insurance is provided through your employer, the employer usually pays for most of the premiums.
Group term coverage remains in force until your employment is terminated or until the specific term of coverage ends. You may have the option of converting your group coverage to an individual policy if you leave your employer.
Benefits:
- Group Plans can be used to accumulate wealth over a period of time. They also deliver life insurance benefits seamlessly.
- Group life insurance plan is offered to member automatically.
- The premium for a group life insurance plan can be paid very easily.
- The fund accumulated by a group insurance plan is managed by experienced fund managers.
Features:
- Group life insurance policies are not as expensive as individual insurance policies.
- No evidence needs to be provided to the insurance company to avail the insurance policy.
- Permanent life insurance offers coverage for the entire lifespan of members.