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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
    • HDFC Life Life Insurance
      "Yet to experience the policy"
      0.5 4.0/5 "Great!"
      I have purchased a ULIP policy from HDFC Life. 4 months before i have taken this policy. I have been paying the premium amount of Rs. 2000 every month. The sum assured amount is 5 lakhs. This is a tax benefitable policy. Through Internet i have purchased this policy. I make the payment in online by using the debit card.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Jeevan ke saath be and Jeevan ke baath be"
      0.5 2.5/5 "Just OK"
      Total tenure period of the policy is longer one. I would have opted for short period of time. The explanation procedure of the policy was not happened when i purchased the life insurance policy with LIC. I never been contacted the LIC customer care. I have taken the policy 10 years before. Total tenure period of the policy is 20 years. I have been paying the premium amount of Rs. 11500 per annum. The sum assured amount is Rs. 2 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with Life insurance corporation of India from past 6-7 years, and the agent of LIC was know person so he suggested me best policy and there premium amount they have given me was nominal and there is no hidden charged , and i pay premium through on line.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Very Good Policy"
      0.5 4.5/5 "Excellent!"
      I have purchased the Life insurance policy with LIC. 8 years ago, i have taken the Jeevan Anand policy. They are having so many policies but most of the times i just took the policy for the tax benefits. I have selected the payment mode for every six months.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.5/5 "Excellent!"
      My Jeevan Raksha policy was purchased from Life Insurance corporation of India. I took this policy 3 years before and just because of the tax benefits i have purchased. I make the premium yearly once and i used to pay the premium amount by cash.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.5/5 "Excellent!"
      I feel LIC is a very good company to take the insurance policies hence i have selected my Jeevan Anand policy 4 years back with this company and I'm very satisfied with the LIC services. I have chosen the payment mode by cash, and i make the premium six months once
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 11, 2018
    • ICICI Prudential Life Insurance
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from ICICI Prudential. It is a cash back policy and the policy coverage and the plan benefits are fine and satisfactory. The payment options are also fine as I can pay my premium with ease online. The customer support is supportive.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 11, 2018
    • HDFC Life Life Insurance
      "Good policy to take"
      0.5 5.0/5 "Blown Away!"
      Total tenure period of the policy is 10 years. I have to pay the premium amount for 7 years and 3 years will be lockin period. They have done a very good follow up on documentation and explained the policy details very well. They will call on the premium time. The amount will be auto debited from account. In a year, i have to pay the premium amount of Rs. 50000. 1 year back, i took this policy.
      Was this review helpful? 0
      , amravati
      Reviewed on Dec 11, 2018
    • SBI Life Life Insurance
      "Its Better"
      0.5 5.0/5 "Blown Away!"
      SBI LIFE premium amount is around Rs. 15k for one year it has the total tenure of 20 years, I am paying the premium I am not sure about the benefits, after the tenure I get Rs. 3lakhs, tax benefits is good, I make online payment, I can track the life insurance through online.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 11, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I have Jeeven anand policy, I used to pay the premium around Rs.18,000 for one year, I get the benefits amount after 18 years, they have life coverage of Rs. 4 lakhs and tax benefits. Payment mode is good I used to make the payment through online.
      Was this review helpful? 0
      , new delhi
      Reviewed on Dec 11, 2018
    • Tata AIA Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with TATA AIA LIFE INSURANCE , they have charge me nominal premium for a month, and it use to get auto debited from my account and there agent was good they help me to get good policy and they use to update me if any update is there in this policy time to time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 10, 2018
    • Tata AIA Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my Term insurance with TATA AIA GENERAL INSURANCE, i work for that company, so i know which policy is good, and there service is too good, they have charged me premium amount nominal, it is yearly basis, it use to get auto-debited from my salary itself.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 10, 2018
    • ICICI Prudential Life Insurance
      "Good policy for life"
      0.5 5.0/5 "Blown Away!"
      Through mobile I came to know about the ICICI prudential life insurance, for the coverage of Rs. 1 lakh, I paid the premium of Rs.20 it has accidental cover and critical illness cover but there is no medical cover. The Policy documentation process is easy.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my life insured with LIC from last 4-5 months and it is a long term policy. I am happy with the returns and benefits of this policy. Net banking is easy to make premium payments i pay it once in 6 months. The maturity period for this life insurance policy is 15 years.
      Was this review helpful? 0
      , lucknow
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using life insurance with Life insurance coporation of India , and the premium they use to charge me was nominal and it use pay my insurance premium through on line itself, there agent had explained me clearly about the the policy and coverage in this policy, overall service is going smoothly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from long time and it is a long term policy. I pay my premium once in a month through ECS for Rs 525 and i am convenient with the payment options. The tenure period for this loan is 20 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 10, 2018
    • ICICI Prudential Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a term plan with ICICI preudential from last 2 years, i pay a premium of Rs 525 every month for this insurance policy and i am convenient with the payment options. Customer service was good and they explained every detail of this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my life insurance with Life insurance corporation of India, i took my life insurance with my friend as he is the agent of that and he had suggested me good policy explain me well about the coverage and the premium amount they have charged me was nominal they have given me up to 25,000 , i use to pay to my friend the premium amount.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Good life cover for family"
      0.5 5.0/5 "Blown Away!"
      I generally make the premium amt Rs. 36,000 on yearly basis but I felt the premium bit higher for the life insurance. They have the tenure period of 30 years. LIC provides life cover for the nominees, the benefits are good I get after my maturity period.
      Was this review helpful? 0
      , jabalpur
      Reviewed on Dec 10, 2018
    • LIC Life Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      I have deposited some amount, I will get the benefits after the maturity period. I have two policies, they have good life coverage and tax benefits. The agent is working fine for the customer queries. I have the policy which has the tenure period of 20 years.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 10, 2018
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