Vibrant HR Consultancy


INSURANCE

Group Term Life Insurance

Group term life insurance refers to a life insurance plan where the coverage is provided to multiple individuals or a group of people under a single plan. The group term plans aim to offer financial protection to the nominee or the beneficiary in case of the death of the covered individual during the policy term.

  • Provides life coverage to multiple people under one policy.
  • Premium is either paid entirely or the large sum is paid by the employer.
  • The group term life insurance plans are renewable on an annual basis.
  • As all the employees get free life cover, the actual cover becomes limited and is dependent on the factors such as risk class and the group size.
  • The sum assured is paid to the nominee on the death of the covered individual.
  • Simple and hassle-free process of adding and deleting the members into the policy.
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