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As the name implies, group term life insurance plans are made to provide life insurance to a number of people under a single policy. A group insurance coverage is not just available to employer-employee organizations; it is also available to other types of organizations, including bank clients, NGOs, professional associations, non-banking financial institutions, and microfinance organizations.
In the event of an employee’s passing, a group insurance policy guarantees the beneficiaries of the concerned employee’s financial support and independence. It provides a variety of advantages, including uniform coverage for all and ranking coverage for different member classes. In addition to covering outstanding loans to a group of borrowers, some group insurance plans also include critical illness and disability benefits.
BENEFITS OF GROUP LIFE INSURANCE –
The main benefit of group life insurance is that as long as members of the group seeking insurance are included, they are all covered regardless of gender, age, occupation, or socioeconomic status. There are a number of other advantages too which includes Gratuity Benefit, Customization to suit the employee needs, no medical check ups, cost effectiveness and tax benefits.
TYPES OF GROUP LIFE INSURANCE –
- Contributory Plans: Both the company and the employee contribute to the premium.
- Non-Contributory Plans: The employer covers the entire cost of the premium.
The master contract, or primary insurance policy, is held by the policy buyer, which could be either the employer or a legal body like an association or trust. Coverage certificates are given to the policy members.
Group life insurance offers protection in the event of a member’s death, permanent incapacity, or both.
Group insurance may be advantageous if you are a member of an organization or association because it may offer a respectable level of risk coverage for a relatively low cost. As always, DigiBima recommends that customers only buy insurance after carefully reading all of the terms and conditions.