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  • Group Term Insurance Plans

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    Group term life insurance policy refers to the insurance coverage that is provided to a group of people. Group term life insurance schemes offer financial independence to the concerned employee’s family in the event of death. It is intended to provide monetary guarantee to the beneficiary of the covered under the group term life insurance plan in the case of death of the insured.

    Group term life insurance schemes have become a fundamental constituent in benefit packages presented to employees by employers. In fact, most fraternal providers offer group term life insurance to its members.

    Life insurance is an essential product for persons who have financial dependents.

    Who is Eligible for Group Term Life Insurance Policies?

    Group term life insurance policies are offered to the following sections of people-

    • Employer-employee groups
    • Non employer- employee groups
    • Banks
    • Professional groups
    • Non-banking financial institutions
    • Microfinance institutions

    There are many varieties of group term life insurance policies.

    Following are some examples-

    • Some plans may offer uniform covers to all of its members
    • Some plans offer ranked covers for various grades of members
    • Some schemes provide cover for outstanding housing loans, car loans, etc.
    • Some schemes have riders like critical illness benefits, accident benefits, disability benefits, etc.

    What is The Nature of a Group Term Life Insurance Policy?

    Following is the nature of a group life insurance plan-

    • It is awarded to all members of a certain group contingent on certain basic conditions of insurability
    • Medical reports need not be produced
    • Maturity value is not provided
    • Scheme covers death

    General Features of Various Group Insurance Schemes

    Premium: Premium on group term insurance can be paid entirely by the employer.

    Members under the scheme are also allowed to make contributions towards the premium of the scheme.

    Double Accident benefits:- For an extra premium, double accident benefit is provided to the insured in the event of an accident.

    This comes excluding the permanent disability benefit.

    How does a Group Life Insurance Plan Work?

    Following is the flowchart group life insurance plan-

    • A group administrator is issued a master policy upon which he pays an initial premium.
    • This initial payments covers all the members of the group for a tenure one year.
    • An option to choose the sum assured is provided to the members of the group. This sum can either be a lump sum amount or could be linked to salary account or a loan account, etc.
    • Once the policy holder has paid the premium, the members are covered for a tenure of one year from the date of commencement of the policy.
    • The group life insurance plans are annually renewable.
    • The premium is charged based on the alterations in the size and age allocation of the concerned age group.

    What Are the Benefits of Group Term Life Insurance Schemes to Employers?

    • Group term life insurance policies are beneficial to employers just as much as they benefit employees.
    • Employers are aided in funding their gratuity liability with ease under the group term life insurance policies. Gratuity funds are built strategically to fulfil subsequent gratuity payments, thus, reducing the burden on the employer.
    • Returns on the funds will be earned according to the performance of the funds chosen by the client.
    • Group term life insurance policies in India are more economical because administering schemes on group basis has a lower cost.
    • Funds that perform better will earn increased returns consequently decreasing the expense to the employer.
    • Some plans offer employers with both life insurance covers along with gratuity benefits.

    What Are the Benefits of a Group Term Insurance Plan to Employees?

    Following are the benefits of a group term insurance plan to employees-

    • Employees are assured of financial assistance being extended to their families in the unfortunate event of their demise, critical illness, etc.
    • Employees can benefit from the inconvenience of medical tests be done away with until their free cover limits.
    • The premiums paid by their employers are not treated as perquisites.
    • Employees can enjoy death benefits that are exempt from tax under Section 10(10D)
    • Easy administration by way of simple documentation
    • Can be customised to meet niche needs of the employees enrolled
    • Offers security to the family of the insured
    • Safeguards the insured’s financial interest

    Features of Group Term Life Insurance Plans

    Group term life insurance schemes have a lot of attractive features which make them ideal for employee benefit packages. Following are few of the many features of group life insurance schemes-

    • Members can be added at any point of the year
    • A pre decided sum assured is paid to the beneficiary of the insured in the event of death
    • Add on covers are provided as riders that insure for critical illnesses, accidental deaths, disabilities, etc.
    • Application process is quick and easy
    • The minimum size of the group is 50 members
    • Terminal illness is provided as a built-in benefit
    • Cheaper than individual policy cover
    • Employees can enjoy the benefits they are entitled to while maintaining a healthy and strong connect with the employers

    Frequently Asked Questions about Group Life Insurance Policies

    1. What is the minimum age for enrolling into a group term life insurance plan?
    2. The minimum age for enrolling into a group term life insurance plan is 18 years of age.

    3. What is the maximum age to enroll into a group term life insurance plan?
    4. The maximum age to enroll into a group life insurance plan is 69 years.

      The maximum age at the time of expiry of the policy is 70 years.

    5. What is the tenure of a group term life insurance plan?
    6. The tenure of a group term life insurance policy is 1 year.

    7. What is the minimum sum that is assured under the group term life insurance scheme?
    8. The minimum sum that is assured under the group term life insurance scheme is Rs.1,000.

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    What Is Group Term Life Insurance Policy? Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Experience is good"
      0.5 4.0/5 "Great!"
      I also have a money back policy with LIC. In this policy I would get a bonus every few years and I would also get my benefit after the maturity term. The premium is paid on a half yearly basis. The payment options are very convenient and I can pay it online.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have a Jeevan Anand life insurance policy with LIC. The tenure is for 15 years. The premium is paid on a yearly basis. After the maturity term I would get the benefits. The policy will still continue life long for the customer and that is the main benefit. The premium amount is normal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 22, 2018
    • LIC Life Insurance
      "Good. Can do better"
      0.5 3.0/5 "Satisfactory"
      I also have a life insurance with LIC. The tenure is for twelve years. I have taken a money back policy and every three years I would get my bonus which is a feature in this policy. The premium is normal too. Though there are things which can be done online. I still need to visit the office.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 20, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from HDFC Life. I could purchase the insurance online. The tenure is for ten years and there are good plan benefits and sum assured. I would get my maturity amount after the 10th year. The premium is nominal and I can pay it online.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 20, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken another policy with LIC. It is a Jeevan Saral policy. The premium is normal. The sum assured and the policy benefits are good. I would get the benefits of this policy after the retirement. It has been a very good experience till date.
      Was this review helpful? 2
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Good in benefits"
      0.5 4.5/5 "Excellent!"
      I have also taken a endowment policy from LIC. The policy benefits are good. The sum assured is also good. The benefits was also provided to me immediately. It has been a good experience and it is secure to get the policies from this company. Good overall.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • LIC Life Insurance
      "Beneficial policy"
      0.5 4.5/5 "Excellent!"
      My father has taken a life insurance from LIC for me. It is a money back policy and the benefits are good and the sum assured is good. I got the benefits by default without having to go behind LIC.
      Was this review helpful? 0
      , vadodara
      Reviewed on Sep 18, 2018
    • SBI Life Life Insurance
      "LIFE INSURANCE SHOULD BE TAKEN BY EVERYONE FROM SBI LIFE IN "
      0.5 4.0/5 "Great!"
      I have taken life insurance from Sbi Life insurance of money back gold policy . This policy covered with accidental coverage . This is a good policy with good returns . I have chosen for 12 years period with better policy coverage. I recommended every one to have one policy of SBI LIFE.
      Was this review helpful? 0
      , champawat
      Reviewed on Sep 18, 2018
    • Bajaj Allianz Life Life Insurance
      "Not paying back maturity amount"
      0.5 0.5/5 "Unacceptable"
      My policy (0002439625) has matured on July 2018, now three months over Bajaj Allianz has not paid my maturity amount back. Each time I contact them getting silly reason to avoid to pay back my maturity amount. The first reason was they despatch a cheque aready. After one moth they changed ask me my bank account details, I have submitted 5 times but the same is not updated their system. Now they are telling the clarity of the document is not clear. Any of the above cases Bajaj Allianz has not contacted me to inform this. Each time I have called them and ask about my maturity amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 17, 2018
    • ICICI Prudential Life Insurance
      "Worst Policy Provider. Dont Trust them"
      0.5 0.5/5 "Unacceptable"
      one of the unethical and non trusted brand. don't go with icici policy there are lots of hidden clause which these guys hide from you. please avoid going for icici pru policy. I have avail policy in month of January they have hide lots of bad things about policy.
      Was this review helpful? 3
      , pune
      Reviewed on Sep 17, 2018
    • Future Generali Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Future Genrali. I am paying a premium of 12000 per year. Their hasn't been any issues with the policy. The policy is a normal life insurance with out any commendable benefits. They need to improve their customer support services.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 15, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Birla Sun Life from last 10-12 years and it is a long term policy. I pay a premium of Rs 6000 once in 6 months and i am convenient with the payment options. The tenure period for this insurance policy is 20 years.
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life is insured with LIC from last 12 years and it is s long term policy. The name of the policy is Jeevan anand and the tenure period for this policy. I pay my premium once in 3 months through net banking and the maturity period for this policy is 16 years.
      Was this review helpful? 2
      , pune
      Reviewed on Sep 12, 2018
    • Aviva Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with AVIVA life from last 6 years, i am happy with the coverage value of this policy. It covers critical illness as well as it has a cashless treatment. A premium of Rs 4500 has to be paid for this policy and i pay it through net banking.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The tenure period for this loan is 25 years.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year 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 net banking and i am convenient with the payment options. The maturity period for this policy is 15 years
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium on yearly basis and the payment mode is Auto debit. The tenure period for this policy is 15 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , lucknow
      Reviewed on Sep 11, 2018
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