About Group Term Policy
Group term insurance is a policy similar to that of individual term insurance policy. It provides life coverage to a group of people who are covered under the policy for a specific term. Every member’s beneficiary covered under a group term insurance will be benefitted by the plan in case of their death. It ensures that a nominee of the member gets the lump sum amount.
Benefits of Group Term Insurance
- It is the most benefitted life insurance plan with the highest coverage.
- In case of the death of the insured person, the nominee or beneficiary will get a lump sum amount in the form of financial assistance.
- The nominee can also claim supplementary financial income in case of loss of income due to accidental disability or illness.
- In case of accidental death, the benefit is higher.
How Group Term Insurance Work?
A group term insurance can be taken by the organisation on their employee name, If any of the group members die during the insured period, the family members of the deceased will get the benefit up to the insurance amount. If there is no death during the insurance period, then there won’t be any benefit to them. They can renew the policy or review the policy
