Do I need to buy term insurance even if I am covered under my companys group policy?

Employer sponsored life insurance policy would be valid only till the time you are on the payroll of the organization. If is advisable to have a separate term insurance plan after analysing your liabilities and outstanding loans to maintain a healthy financial condition of your family in case of your sudden demise. It can also be noted that the company sponsored life insurance coverage would not be sufficient to meet your financial goals as the company offers minimum life insurance coverage without considering your liabilities.
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Do I Buy Term Insurance if I’m Covered under my Company’s Group Policy?

Employer sponsored life insurance policy would be valid only till the time you are on the payroll of the organization. It is advisable to have a separate term insurance plan after analyzing your liabilities and outstanding loans to maintain the healthy financial condition of your family in case of your sudden demise. It can also be noted that the company sponsored life insurance coverage would not be sufficient to meet your financial goals as the company offers minimum life insurance coverage without considering your liabilities.

How does Group Term Life Insurance Premium Calculator works in India?

The group term life insurance premiums are payable through the premium calculator which determine the life insurance companies available on our website. The amount of premium is also calculated on a required basis, the group life insurance calculator helps you fight the risk of your lives with insurance coverage for death occurring at a given age level. The premium for the group term life insurance policy would be paid by the Employer but the claims would be paid to the nominee of the employee in case of death of the employee due to an insured peril.

How to Calculate Group Life Insurance?

The group life Insurance Premium Calculator can be used to know the premium of the group life Insurance policy. The factors affecting the group life insurance premium are age, gender, sum assured, lifestyle, occupation, etc. A group life insurance policy premium calculator tool provides the premium for your life insurance policy according to the data entered by you.

Is Group Term Life Insurance Deductible?

Group Term Life Insurance plans provide tax benefits to both employers and employees. According to prevailing Tax Laws, death benefits are tax-free under section 10(10D) of the income tax Act, 1961.

What Does Group Life Insurance Cover?

Group life insurance is a type of life insurance that is offered to employees by an employer. It is often cheaper than individual life insurance because the risk of one person dying is spread across many people. Group life insurance can be used for many different purposes, including covering the cost of funerals, paying off debts, or providing financial assistance to surviving family members.

Related Question

  • What is Joint Life Insurance Policy
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Group Term Life Insurance Policy

Group Insurance is a type of insurance that is specially designed to offer life insurance cover to a group of people under a single life insurance policy. There
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