Group term life insurance

Spread the love

Group term life insurance

Want detailed information on this product – Whatsapp +91 91367 61279

Whether you are a group administrator or an employer, you wish to secure the financial well-being of your members’ or employees’ families.  Group term life insurance offers protection to the group members and in case of an unfortunate event , the death benefit is paid to the member.This plan provides benefits not only to Formal (employer-employee) but also to Informal (non-employer-employee) groups at a nominal cost. These groups include micro-finance institutions, non-banking financial institutions, banks and other professional groups.

What is the minimum number of members needed under this plan?

A formal group should consist of a minimum of 10 members. An Informal group should have at least 50 members.

What is the minimum amount of Life Cover offered?

The minimum amount of Life Cover is `5,000 for each member.

At what age can a member start this plan?

The minimum age of entry for a member should be 15 years. But, the maximum age of entry should not exceed 79 years.

Benefit to Employer if he pays the premium for his employees

All members enjoy life cover at relatively low cost.

Its a great employee retention and loyalty building tool

Very easy to add or delete employee members names.

What are the benefits to employees ?

No need for medical examination.

Free life cover gives security to their loved ones.

What are the benefits to informal groups (other than employers ) ?

With this plan one can choose to offer the members of your group a Life Cover by paying their premiums. Also,  the members of your group can pay the premiums themselves while enjoying the low premium rates of a group plan.

The person paying the premiums (either you or your members) can also avail tax benefits as per the existing Income Tax rules which are ammended by respective governmets from time to time.

The members of the group get the benefit of a Life Cover at a nominal cost. In case of an unfortunate event, this plan provides a Death Benefit amount to the member’s nominee. This amount can protect against liabilities such as loans taken by the members, child education, marriage , lumpsump etc.

 

Leave a Reply

Your email address will not be published.