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Group Term Insurance

Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people. Administration of the scheme is on group basis and cost is low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. Scheme offers covers only on death and there is no maturity value at the end of the term.
Key Features of Group Term Life Insurance
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.
Other than death benefit, no other benefits such as maturity and survival benefits are provided.
The individual has an option to cover spouse and dependent children under the same policy.
It is a cost-effective option as the life coverage is available at lower premium rates.
Simple and hassle-free process of adding and deleting the members into the policy.
Add-on riders such as critical illnesses, accidental deaths, disabilities can be opted at a nominal extra premium cost.
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