How to Reduce Your Rate for GPA if You Already Have a GTL Cover?

GPA refers to a group personal accident and GTL refers to group term life. Both policies offer wise coverage to the insured. However, when people subscribe to both policies, they generally wonder about the reduction of the rate. One needs to understand both the policy in order to determine how to reduce your rate for GPA if you already have a GTL cover.

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How to Reduce Your Rate for GPA if You Already Have a GTL Cover?

Let us understand how to reduce your rate for GPA if you already have a GTL cover by comprehending both policies.

  1. Group Personal Accident (GPA)

    GPA or group personal accident policy offers coverage for the death or permanent disability caused to the policyholder due to an accident. The concept of GPA is less familiar to the policyholders due to its less advertisement. 

    GPA provides coverage for a limited cause. It only covers the insured in case of accidental death or disability. Therefore, the policyholder is not entitled to the benefits offered by the insurance company. Instead, the family receives the compensation provided by the insured.

    It is important to note that the GPA does not provide any coverage due to natural causes. At the same time, the traditional term plan comes with all kinds of risks that may result in the death of the insured. 

    However, GPA does not cover all risks. It excludes natural death. This is known as the general limitation of the plan.

  2. Group Term Life (GTL)

    GTL or group term life is a life insurance product. It offers coverage for a limited period. The nominees are paid out the death benefit of the policyholder.

    The GTL is a popular product in the field of life insurance plans. It is widely available in term insurance plans. The products can be renewed at the set period. The policy may vary to 20, 25, 30, 35 and 40 years. 

    The period is determined on the basis of the age of the policyholder. The premium of the policy can be expensive for the elder citizen. However, as earlier as an individual buys the policy, the premium is likely to be lower.

    The frequency of the term life premium is flexible. It might be on a monthly, quarterly or annual basis. However, upon the expiration of the policy, the policyholder shall not receive any benefit. The policy is expected to be renewed by the policyholder.

    Let us discuss some crucial points of GTL.

    • The premium for the policy is generally low.
    • The buyer or the policyholder may avail of tax benefits under section 80 C.
    • The policyholder may avail of a discount in case of a higher sum assured.

    Let us discuss how to reduce your rate for GPS if you already have a GTL cover.

    In order to reduce the rate, the corporate may remove the dual coverage. The dual coverage for accidental death can be opted out of the GPA policy. Accidental death is considered a crucial policy benefit offered by the GPA. By removing such a benefit, the policyholder may save 25% to 40% on the cost of the group personal accident insurance policy.

Conclusion

The corporate may decide to remove the unexpected death benefit from the group personal accident insurance policy. This may lead to a reduction in the rate for GPA.

Written By: PolicyBazaar - Updated: 07 June 2023
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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