Compare Group Life Insurance Policies

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  • What is Group Life Insurance?

    • Group life insurance is a type of term life insurance that provides the coverage collectively for the employees/members of an organization.
  • Why Group Life Insurance?

    • It stands much cheaper to buy group coverage for the members of an organization together rather than buying individual plans for members separately. Thus, group life insurance proves to be the most cost effective insurance solution.
  • What are its Key Features?

    • A group life insurance is better than individual life insurance not just for the employer/organization but also for the employee/members. It offers the insured an affordable coverage without excluding the pre-existing condition and the waiting periods are shorter than regular plans. The only catch to a group plan is that it ceases to cover an individual when he/she is no more an employee/ member of the organization.
  • What are its Types?

    • A group life insurance is of two types:
      Contributory Plan – The premium is paid both by the employer and the employees, in a certain fraction.
      Non-Contributory Plan - The premium is paid solely by the employer.
  • Documents Required (if any)

    • Age Proof
      Identity Proof
      Address Proof
      Income Proof
      Duly Filled Proposal Form
      You may need to undergo Medical Tests in some cases.

Group Life Insurance

Group insurance is an insurance plan that covers all employees or members under a single master policy . In order to take a group life insurance one needs to be a part of the group. A group may consists of doctors, lawyers, members of cooperative banks, credit societies etc.A group insurance scheme can be classified as:
• Contributory Scheme: Where the employer and employees both pay premium towards a group life insurance policy.
• Non-Contributory Scheme: Where the premium is paid by the nodal agency or employer wholly.

Some examples of eligible groups are:

• Employer- Employee Group
• Creditor- Debtor Groups
• Professional Groups
• Other miscellaneous groups

Group life insurance products can be classified into Term Insurance based products and Fund Management based products

Term insurance based products include Group Term Life Insurance and Credit Life insurance and Fund Management based products include Group Gratuity Scheme, Group superannuation, Group Leave Encashment and Group annuities.

Benefits of Group Life Insurance

• Group life insurance offers cover at subsidized rates. Hence they are beneficial to large segments of people who are unable to afford life insurance.
• Members of an eligible group who are otherwise uninsurable under individual insurance can be covered under group insurance.
• Group insurance is more affordable than a similar number of individual policies.

Group Term Life Insurance

A group insurance plan that provides a lump sum to a beneficiary in case of death of a covered member during the defined covered period. A group term life policy is usually issued for a period of one year, and renewable each year. The premiums are experienced rated, based on the company's deaths, and range of employee's ages.

Group Gratuity Plan

A fund management based group insurance scheme that pays a Gratuity as a stated benefit to employees generally when they retire, resign or separate from the company, after completion of 5 years in employment. Every employer, has to obtain an insurance for his liability for payment towards the gratuity.

Group Investment Linked Insurance Plan

A group insurance plan that combines the dual advantage of investment and protection and offers the members the best of both worlds. These can also be called as group unit linked plans and give you the advantage of market linked investments.

Group Leave Encashment Scheme

A Group Leave Encashment Scheme helps the employer to fund their Leave encashment liability payable to your employees. This product can be linked or non linked in nature.

Group Mortgage Redemption Assurance Scheme

Group Mortgage Redemption Assurance Scheme is a group insurance policy that covers the life of a member who has taken a loan.

Group Critical Illness Rider

An add on rider that can be opted along with your group insurance plan that gives you added financial protection in case of a critical illness.

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