What Does Group Term Life Insurance Mean?

Group Term life insurance policy is a type of life insurance policy that provides coverage to a group of people under a single group term life insurance policy. Group term life insurance is a contract between the insurance company and the Corporate Company in which the life insurance company promises to pay the claim in the event of death of any employee of the corporate company covered under the group term life insurance policy. ..Read More

What is Group Term Life Insurance?

Group term life insurance is a contract between the insurance company and the Corporate Company in which the life insurance company promises to pay the claim in the event of death of any employee of the corporate company covered under the group term life insurance policy. The premium for 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.

What is the Group Term Life Insurance in India?

Group Term life insurance in India is a type of insurance coverage given to a group of people offering a single policy under a group life term insurance policy. It gives financial support to the family when any uncertainties or death happen; the company gives coverage period to the individual. To pay the claim in the event of death of any employee of the corporate company covered under the group term life insurance policy.

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.

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.

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.

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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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