• 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
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I pay a premium of 30000 Per year, I make payments via ECS, directly debited from the account. The sum assure dis 7 lacs. SO far there hasn't been any issues with the services of LIC.The payment options are also flexible with the LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.5/5 "Pretty good"
      I've a life insurance policy for a while. I am paying the premium 5000 quarterly. The sum assured is 50 Lacs. The tenure of the policy 10 years. I make the premium payments via ECS. I just have to keep the money in the account its that easy. Overall it has been a hassle free experience with them so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the LIC. I am paying a premium of 600 per month. I don't the know the sum assured. I make payments LIC website. No issues, there needs have dedicated customer care for handling customer inquiries. They need to establish a proper response system to support their services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I've two life insurance policy with the LIC. I am paying a premium of 600 Rs per month.The customer support services are good. The premium gets auto debited from the account. I never had any issues with their services so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • Bharti Axa Life Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      Customer service is good one with the Bharti axa life insurance company and the coverage value is around 25 lakh Rupees. I am really happy with them till now, also am happy with them till now. I have not faced any such issues with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insurance policy with the Life Insurance Corporation of India. I would like to say that the response is good one for me with them and the benefits are good too. There are no issues with the LIC of India.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Better"
      0.5 3.0/5 "Satisfactory"
      I am having the life insurance policy with the Life Insurance Corporation of India and the premium amount is depends upon the policy, Coverage value is fine one with the Life Insurance Corporation of India. Customer service is not really up to the mark.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      I am having the life insruacne policy with the LIC of India. Customer service with the Life Insurance Corporation of India is good and the plan benefits are fine one too. Payment option are really fine one too, I have done it though ECS.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2018
    • Max Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      It is a term insurance that i am using from the max. I am using since 1 year. The documentation i have done it through the on line. Payment i do through the on line for yearly once. Premium is very normal when compared to the others. The tenuity is for 40 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the Life insurance policy from the LIC for a while. I am paying premium 30000 per year, the tenure of the policy is 10 years and I make premium payments via the agent. So far I haven't faced any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken life insurance jeevan policy from Life insurance corporation of India . This policy covered with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response . I have choose tenure period of 25 years with policy coverage of 55 years and make the payment yearly through on-line net banking.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the LIC. I pay a premium of 1 lac per year, it is so easy to make payments through the revamped LIC payment interface. I never faced any problems with their service and as it is run by the govt the service is trustworthy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Jeevan Saral life insurance policy from the LIC. I pay a premium of Yearly 85000, the premium gets auto debited from the account. I never had any issues with their services. LIC is a recommendable insurance provider as it is run by the Government.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Jeevan Umang Life insurance policy for a while. I pay a premium of 8700 per year, The tenure of this policy is 15 years. The premium gets auto debited from the account. I never had any issues with the services of LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy for a while. I am paying a premium of 7000 Per year, my agent makes payment for this policy via cheque. I never had any issues with the service so far. LIC is a reliable insurance provider as far as I am concerned.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've been using the LIC Jeevan Anand Life insurance policy for a while. I am paying the premium of 10000 every 6 months. I never had any issues with their services. It is also easy to make payments. Being a govt run company the security for your money is guaranteed with the LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my life insured with LIC from last 1 year and it is a long term policy. The tenure for this life insurance policy is for 20 years. I pay my premium once in 3 months by cash and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.0/5 "Satisfactory"
      I have my life insured with LIC from last 8-9 years and it is a money back policy. I am happy with the coverage and returns of this policy; I pay my premium once in 3 months through net banking and i am satisfied with the terms and conditions of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2018
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.0/5 "Satisfactory"
      I do online payment for this LIC policy. Good life secured policy. I found LIC is trustworthy to invest. I've been holding this policy more than 8 years. Risk coverage policy. Accidental and death benefitable policy. I used to pay the premium of Rs. 5000 every month. Its a life time policy. After 60 years it will get matured. I will get a sum assured amount of Rs. 10 lakhs
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 20, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I am using the life insurance policy from the LIC for which I am paying a premium of almost 1 lac. Their services are good and never faced any issues so far. The payment options are also nice with the LIC. Being a Govt company the security for investment is certainly there with the LIC,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 20, 2018
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