Group Term Life
What is Group Term Insurance?
A Group Term Life Insurancecovers a group of people for a specified term in exchange for a fixed rate of premium payment.It offers life insurance to a group of individuals and compensates the family of a group member who dies within the policy term. The compensation money is provided to the family in the form of a lump sum death payout or a monthly payment.
Who should purchase this policy?
- Corporate Organizations
- Non-Governmental Organizations (NGOs)
- Professional Groups
- Non-banking Financial Institutions
- Microfinance Institutions
Benefits/Coverages of the Policy
- Tax Benefits
- No Medical Check-ups
- Gratuity Funding
- Default Insurance Cover
- Life Stage Benefits
Ad-Ons
- Additional Custom Duty
- Terrorism
- Strikes & Riots
- Air freight
Exclusions of the Policy
- Tuition Premiums
- Accidental death
- Repatriation Allowance