Group Life Insurance Plans - Secure Protection for Group
You can either be a master policyholder of a group life insurance plan or a member if you're an employee seeking financial security for your loved ones. A group insurance scheme provides collective life coverage for groups sharing a common bond - such as employees, association members, or bank depositors.
What is Group Life Insurance?
A group life insurance policy offers life cover for a group under a single master policy, making coverage affordable compared to individual plans. This insurance is often provided by employers as a benefit or mandated by government regulations like EPFO under the Employees' Provident Fund Act.
Types of Group Term Life Insurance Schemes
- Contributory Group Term Life Insurance: Members contribute partially or fully towards premiums, often via payroll deductions.
- Non-Contributory Group Term Life Insurance: The employer or group entity pays the entire premium, providing free insurance cover for members.
Benefits of Group Term Life Insurance
- Cost-effective coverage: Lower premiums due to risk pooling of many members.
- Ease of access: No stringent medical underwriting in most cases, ensuring wide inclusivity.
- Employee motivation: Acts as a valuable employee benefit and peace of mind.
- Security net: Provides essential financial protection to members' families against untimely death.
- Portability: Some plans allow conversion to an individual policy after membership ends.
Why Choose a Group Life Insurance Scheme?
- It provides affordable protection to large groups uniformly.
- Helps employers fulfill statutory and welfare requirements (e.g., EPFO mandates group life cover).
- Offers coverage for members who may otherwise face individual policy affordability or eligibility issues.
- Builds trust and loyalty among employees or association members.
- Can be bundled with other employee benefits like health or accidental insurance.
How to Choose the Best Group Life Insurance Plan
- Compare premium costs and coverage limits per member.
- Check claim settlement ratios and insurer reputation.
- Look for flexibility on contributory or non-contributory options.
- Evaluate availability of additional riders and benefits like critical illness.
- Understand termination and convertibility clauses for post-membership options.
Popular Group Life Insurance Products in India
Bajaj Allianz
- Life Jan Suraksha Yojna
- Group Term Life Plan
- Group Income Protection Plan
- Group Superannuation Secure Plan
SBI Life
- CapAssure Gold
- Pradhan Mantri Jeevan Jyoti Bima Yojana
- Gaurav Jeevan
- Sampoorn Suraksha
- Swarna Jeevan
LIC (Life Insurance Corporation of India)
- Group Credit Life Insurance
- Group Superannuation Cash Accumulation Plan
- New One Year Renewable Group Term Assurance Plan I & II
- Group Gratuity Cash Accumulation Plan
ICICI Prudential
- Group Term Plus
- Pru Loan Protect
- Group Superannuation Plan
- Group Leave Encashment Plan
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