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.