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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
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken one life insurance policy with LIC. I am using this service for long time. My relative is agent of lic so he explain me all procedure and i have applied for life insurance from him only and i use to give premium in quarterly bases , i use to pay through on line around 3190 as premium amount they use to charge me.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      My experience with the MAX LIFE INSURANCE is very good and i am using it from past ten years the maturity period is for 15 years where the premium i pay on monthly basis through the offline. This gives the coverage is for self and i am satisfied with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 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 , i have been holding various different pocily in LIC.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my Term insurance with Max life insurance, there service they are given me is good, i use to pay premium on yearly bases, and they have charged me up to 21,000 which was nominal for me and the agent had clearly explain about the policy coverage in this insurance, i use to pay premium through off line mode.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is JEEVAN LAKHSYA and JEEVAN SARAL and i am holding it from past 10 years. The maturity period is for 20 years. The premium i pay on a monthly once where the Coverage is for family.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • HDFC Life Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the HDFC Life Insurance policy for a while. they charge nominal premium for this policy it also offers accidental benefits and I make payment at the branches. so in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good pension plan"
      0.5 4.0/5 "Great!"
      6 months before, i have purchased the pension plan. I pay the premium of Rs. 6000 per annum. Depends on the age eligibility criteria they have given the plan. I pay the premium through the agent for the first time and after that i pay through the online portal. I chosen LIC because of my mother has taken LIC policy. They have given good returns.
      Was this review helpful? 0
      , vellore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Okay to have a policy with LIC"
      0.5 4.0/5 "Great!"
      For my family, i have taken the life insurance policy with LIC. Because of the available agents, i never interacted with customer care. The agent is providing very good information about the policy details. I have choosen the coverage value of Rs. 2 lakhs. 2 months back i have got this policy which is pension plan with a tenure period of 25 years. I have to pay the premium for 15 years. I have chosen the annual payment mode with the premium of Rs. 11000.
      Was this review helpful? 0
      , vellore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am holding my life insurance with Life insurance corporation of India, their service is too good, actually my father had applied the life insurance on my behalf the agent had explain him about the policy and the premium amount my father use to manage so it is nominal and my father use to pay premium through agent itself.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Future investment"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy through an agent many years back. It is a long term policy for 20 years. The policy coverage and the plan benefits are satisfactory. I am paying yearly 8,000 rupees through cheque. The payment mode is convenient. After maturity, I will be getting good return.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have purchased the JEEVAN ANAND policy from the LIFE INSURANCE CORPORATION OF INDIA where i am holding it from past ten years the tenuity period is for 12 years. The policy is for self and the premium i pay through credit card for 3 months once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using it from past ten years. The name of the policy is JEEVAN SARAL policy the maturity period is for 15 years and the premium i pay for 6 months once.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • Max Life Insurance
      "Necessary policy for any human being"
      0.5 4.0/5 "Great!"
      I have taken my term insurance with Max Life Insurance. I have opened this life insurance policy 2 months before and chosen the monthly payment mode. I pay the premium of 1190. They are providing the coverage value of Rs. 75 lakhs. They are covering the accidental benefits of 10 lakhs and partial disability benefits. I can able to utilize the policy upto 75 years.
      Was this review helpful? 0
      , faridabad
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      The name of the policy from the LIFE INSURANCE CORPORATION OF INDIA is JEEVAN ANAND policy that i am using it from past ten years. The premium i pay on a monthly basis as a auto debit option from my account also the process is good. The maturity period is for 20 years where the coverage is for self.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I took a life insurance policy with LIC recently before 2 months. It is a Jeevan Slab policy. It was taken for future and tax benefits. They provided a proper service. The policy period is 10 years and the maturity value is more than 6L. The payment mode is cheque and gonna change to ECS. Am paying Rs.6500 quarterly.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance with LIC. It is a long term policy. The policy name is JEEVAN JOTHI and the tenure period is 20 years. The policy coverage is 45L and will get benefits as 40% of the premium. I am paying quarterly around Rs.12,500 through cash. The agent is very good and helpful.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "BAD EXPERINCE"
      0.5 1.0/5 "Really Bad"
      I am not happy by holding the JEEVAN SARAL Policy with the LIFE INSURANCE CORPORATION OF INDIA because the service is not good where the documentation changes are not on time. The premium i pay for one thousand rupees where i have taken it on 2001 also the tenuity is for 15 years.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "BAD EXPERINCE"
      0.5 1.0/5 "Really Bad"
      I haev purchased my life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA since from 2001 where the process is not good the customer service is not responsive from the LIC. I am holding the JEEVAN SARAL policy the maturity period is for 25 years the premium also i pay 2k.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 16, 2018
    • Tata AIA Life Insurance
      "Bad service"
      0.5 1.0/5 "Really Bad"
      I have been using life insurance with TATA AIG GENERAL INSURANCE there service is not up to the mark this policy while i have applied they said it will cover up to 10,00,000, i have been taken this insurance for my wife they said 10,00,000 rupee they will cover it but i did not get they said that you will get interest on that which premium you had paid yet not 10,00,000 a hole.so they did not kept their words.
      Was this review helpful? 0
      , noida
      Reviewed on Nov 16, 2018
    • Future Generali Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have a life insurance with Future Generali. It was taken by my Father and not sure about the policy benefits. It is a long term policy. I am paying between 12K to 13K yearly. I pay the premium by cheque. It was taken in 2016. I do get sms and emails for due date.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 16, 2018
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