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  • Group Life Insurance Plans

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    Life insurance for a group works like a collective cover for a group of individuals rather than individual cover for life. The group can be of any number and must share some commonality—employees of a company, members of an association, payers of a club or a group of depositors in a bank. Usually the cost of insuring a group is lower than what it would cost to insure the members individually. Hence group life insurance schemes are popular with companies as an incentive for their employees because the later can then feel secure. Almost all life insurers in India offer group life insurance schemes (GLIS).

    Employee Provident Fund Organization (EPFO) in India has made it mandatory for employers to provide insurance cover for their employees under the Miscellaneous Provision Act 1952 and Employee's Provident Fund. Private companies also try to provide this affordable cover as an incentive for their employees and club it in the latter’s annual compensation package. Subscription to the Group Life Insurance Scheme may be of the following types:

    Contributory

    A contributory group life insurance scheme is one in which members contribute partly or fully towards paying premium for the group insurance cover. For example, the employer may cut a part of the salary of the employees to include them in the group life insurance schemes (GLIS).

    Non-contributory

    A non-contributory group life insurance scheme is one in which the covered members do not pay anything to get benefits of insurance cover. For instance, an employer footing the entire cost of premium for all its employees is an example of a non-contributory group life insurance plan.

    Features of Group Life Insurance Schemes:

    Master certificate/member certificate - Usually the employer is the buyer of the group policy cover and hence retains the master copy of the policy. Members of the group are provided with a certificate of insurance. Like individual policies, the members can designate a nominee who will be the beneficiary to receive benefits in case premature death happens.

    Affordability-The group life insurance covers are less costly than individual life insurance covers and hence are popular among employers to offer a security umbrella to their employees. Even those who cannot afford insurance can be insured for a nominal sum under GLIS if they become members of a group that provides insurance cover.

    Acts as an incentive-While the employer, by providing the group life insurance cover, makes it attractive for the employee to work under him, sometimes the GLIS acts as an incentive for people to subscribe to various offers. Banks for example, are known to club group life insurance schemes into their fixed or savings account products to attract depositors.

    Security net for all the members-Life insurance can be costly and insurers decide a premium on a case to case basis. Sometimes past medical history and lifestyle of an individual may result in him being denied insurance cover. Group life insurance scheme, on the other hand, provides for all group members just by their group membership.

    Convertibility-Though group life insurance cover ceases to operate with termination of employment, it can be converted into an individual life insurance cover, albeit at a higher cost if the insurer so wishes. But the discounted rate at which the group life insurance plan was available will not apply once he/she ceases to be member of the group.

    Aam Aadmi Bima Yojana (AABY) —Social Security For The Poor:

    The Central Government in association with public sector insurer Life Insurance Corporation of India from January 2013 has introduced a scheme called Aam Aadmi Bima Yojana (AABY). AABY is a form of social security net by extending life insurance to even the below-poverty line (BPL) people. Under the AABY, the group member is usually one earning member or the chief family member of families below poverty line or marginally above the poverty line.

    For a sum assured of Rs. 30,000, the members have to pay a nominal premium of Rs.200/- per annum. Out of this amount, half will come from the Social Security Fund set up by the Government of India. The State Government/ Union Territory will bear the remaining 50% premium in case of rural landless households. The State Government/ Union Territory and/or the nodal agency and/or member will bear remaining 50% in case of other occupational groups.

    Even the list of documents accepted as age proof has been expanded so as to include ration card, extracts from birth register/ voter’s list/ school certificate or Aadhar card. Since the BPL category is too poor to afford life insurance, this is a non-contributory scheme with the premium directly paid from subsidies.

    The basic idea is to provide some social security cover to poor citizens and extend life insurance benefits to their families.

    Various Group Life Insurance Products:

    Here are some popular group life insurance schemes from leading insurers in India:

    Bajaj Allianz:

    The group life insurance schemes from Bajaj Allianz are the following:

    • Bajaj Allianz Life Jan Suraksha Yojna
    • Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojna
    • Group Income Protection Plan
    • Bajaj Allianz Life Group Term Life Plan
    • Group Employee Care Plan
    • Group Employee Benefit Plan
    • Group Term Care Plan
    • Group Superannuation Secure Plan
    • Group Annuity Plan
    • Group Credit Protection Plus Plan
    • Bajaj Allianz Life Super Gain Group Superannuation Scheme
    • Bajaj Allianz Life Group Sampoorna Suraksha Kavach

    SBI Life:

    SBI Life provides several group life insurance products to its customers:

    • SBI Life - Kalyan ULIP Plus
    • SBI Life - CapAssure Gold
    • SBI Life - Gaurav Jeevan
    • SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana
    • SBI Life - Sampoorn Suraksha
    • SBI Life - Swarna Jeevan
    • SBI Life - RiNn Raksha
    • SBI Life - Grameen Shakti
    • SBI Life - Grameen Super Suraksha

    LIC:

    Public sector insurer, Life Insurance Corporation of India, has multiple plans for group life insurance:

    • LIC’s Group Credit Life Insurance
    • LIC’s New Group Leave Encashment Plan
    • LIC’s Single Premium Group Insurance
    • LIC’s New Group Superannuation Cash Accumulation Plan
    • LIC’s New Group Gratuity Cash Accumulation Plan
    • LIC’s New One Year Renewable Group Term Assurance Plan I
    • LIC’s New One Year Renewable Group Term Assurance Plan II
    • Aam Admi Bima Yojana - Social Security Scheme

    ICICI Prudential Life Insurance:

    The group life insurance plans from ICICI Prudential are the following:

    • ICICI Pru Loan Protect
    • ICICI Pru Loan Protect Plus
    • ICICI Pru Group Term Plus
    • Group Gratuity Plan
    • Group Superannuation Plan
    • Group Leave Encashment Plan
    • Group Immediate Annuity Plan

    Comparing Group Insurance Plans:

    A number of insurers, both public and private sector in India, offer group life insurance schemes. In order to zero in on the best and most affordable group life insurance plan from several insurers, you may choose a third party website such as BankBazaar.com, compare and choose the best group life insurance plan for you.

    Group life insurance scheme is a low-cost life insurance solution for groups that extends the benefits of insurance to all members. Though popular among employers, these could also work as a social security net for extremely economically deprived populations and extend life insurance benefits to them.

    Ensuring Coverage for Everyone: Group Insurance Shows the Way Reviews

  • Page 1 of 50 1 2 3 4 5
    • ICICI Prudential Life Insurance
      "Excellent card"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with ICICI prudential insurance, i have been applied this insurance recently, they cover good and i pay my premium from debit card and premium per year they charge me is 1500 rupees, there service is good and they use to update me if any new policy is add.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am holding the policy called JEEVAN SARAL plan with LIC. I am using from last 10 years and the policy coverage is for self. The premium i pay for yearly once through online and also the maturity period is for 25 years for this policy. I am satisfied with this policy.
      Was this review helpful? 2
      , kolkata
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have purchased the policy of my life insurance with LIFE INSURANCE CORPORATION OF INDIA for long years because of brand value.i have been paying my premium per year for 1900 rupees i have paid first my premium through agent after that i directly pay through on line only.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 15, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance policy from Hdfc Life based on the benefits and income tax benefits i have chosen this policy . I make the payment quarterly directly in to their office . Their customer service is good as they respond that much.This policy covers the tenure period of 20 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken jeevan anand policy from life insurance corporation of India . I pay half yearly the premium amount with tenure period of 10 years . This policy covers benefits like accidental benefits and critical illness benefits too. Overall am satisfied with my policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 15, 2018
    • ICICI Prudential Life Insurance
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have been holding Term insurance with ICICI prudential insurance , i have been applied this insurance recently, i don't have much idea as about the benefits which they provide me and i pay premium per years 650 for 50 lakh policy and it automatically get debited from my account.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA the reason is that because it is a tradition company. The premium for this policy i pay for yearly once 12k and it gives the policy coverage of 1lakhs also it gives the life coverage too.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken because of the tradition company. The name of the policy is JEEVAN ANAND and i am using from last 3 years. The premium i pay for annual fee is 19k. The coverage is for my complete family. It also includes the accidental benefits with the life coverage.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the policy of life insurance with LIFE INSURANCE CORPORATION OF INDIA before 3 years because of the brand value. I am holding the money back policy where the premium i am paying for monthly one as 15k. This gives the coverage for me and my spouse.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 12, 2018
    • Max Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a Max Life insurance policy from the last 11 years, it is a pension policy where i get good benefits and returns. Maturity period for this policy is 11 years but it can go up to 20 years. I pay my premium every month through ECS and i am convenient with the payment options.
      Was this review helpful? 1
      , kochi
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 15 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months through direct payment. The maturity period for this policy is for 25 years.
      Was this review helpful? 1
      , kochi
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 15 years and it is a money back policy. I get money back after every 5 years. I pay my premium once in 6 months through direct payment and i am convenient with the payment options. The tenure period for this policy is 20 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 11, 2018
    • Aegon Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The life insurance i am holding since last 4 years. The maturity period is for 30 years it gives the coverage for self. The premium i pay for yearly once. I have purchased it from AEGON LIFE and i had a good experience with this policy. the documentation process is good.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 11, 2018
    • SBI Life Life Insurance
      "GOOD POLICY"
      0.5 4.5/5 "Excellent!"
      I have purchased the term plan with the SBI LIFE which is good and i am holding it from last 2 years. The policy coverage is for self. The maturity period is for 15 years in this policy and the premium i pay for monthly once through my account as a auto debit.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "VERY GOOD"
      0.5 4.5/5 "Excellent!"
      I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA and using from last 10 years. The maturity period is for 15 years i get 4 years once money back. The coverage is for my family the premium i pay for 3 months once i pay through offline. The service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 3 years and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 6 months through direct payment. The maturity period for this policy is for 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 13 years and it is a money back policy. The maturity period for this policy is 16 years. I pay my premium once in 3 months through online payments and i am convenient with the payment options. I get money back after every 3 years.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Oct 11, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have take my life insurance policy from Life insurance corporation of India. the policy cover with all benefits like illness coverage, i use to pay my premium through credit card or debit card, i am happy with the benefit they have provide me i use to pay premium in every 4 quarterly month , and premium they charge me is 3000 rupee.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 10, 2018
    • LIC Life Insurance
      "Average policy"
      0.5 3.0/5 "Satisfactory"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy cover with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response .And making the payment half yearly through on-line net banking.
      Was this review helpful? 1
      , new delhi
      Reviewed on Oct 10, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken jeevan anand policy form Life insurance corporation of India . Am making the payment through their office every half yearly. I have chosen this policy based on the good returns after certain years . This policy has good tenure period with good coverage
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 10, 2018
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