I bought a pure term insurance policy plan five years ago and have paid around ₹1.5 lakh as premium. Recently, I came to know about zero-cost term plans. Can I switch my current plan to zero-cost term plan so that I can get back my premium amount entirely? In simple terms, zero-cost term plans are a […]
Group Term Life Insurance
Top Life Insurance Companies in India with Claim Settlement Ratio
Life insurance is becoming an essential part of every Indian household. It doesn’t just provide financial security in the event of your departure but also helps you deal with unexpected expenses. The claim settlement ratio is an important part of purchasing a life insurance policy. A comprehensive life insurance plan coverage with a lower premium […]
All you wanted to know about Group Term Life Insurance
Group term life insurance is the term coverage offered to a group of people under a single umbrella policy. In the event something were to happen to the individual covered under this policy; then the sum assured will be paid out to the other beneficiaries. This benefit will be available for the pre-determined term offered […]
Group Term Insurance: Has the landscape changed post-Covid 19?
Covid-19 brought in unprecedented challenges, the group insurers also faced a new set of challenges. So, the industry was already stressed due to the increasing medical costs, reduced demands, severe competition for markets share, etc. The bouts of waves are indicative of repeated economic disruptions and pressure upon medical infrastructure. In fact, the industry has […]
What are the benefits of group term insurance?
Most employers provide Group Insurance Plans to their employees, especially senior or more valuable ones. So, many of us might be covered under Group Term Plans, as well. However, we might not have much knowledge of how they work and the benefits available under these plans. Here’s a quick roundup of the nuances and benefits […]
What is the significance of FCL in GTL policy?
FCL stands for Free Cover Limit in the GTL policy. It’s the limit up to which the insurer doesn’t require medical tests for a grant of coverage in the policy. Free cover limit FCL, is determined by two parameters in the GTL policy – sum insured and the employee’s age. The sum insured limit […]
What is the “Active at work” clause under GTL Insurance policy?
Though life insurers waive individual medical underwriting up to FCL limits. They necessitate that the GTL insurance cover, be underwritten subject to the “Active at work” clause. An employee is actively at work under GTL Insurance if he/she is: either actively performing his/her normal occupation or taking leave (other than sick leave) authorized by the […]
How does stamp duty affect first-time purchase and renewal pricing for GTL?
As per government and regulatory norms, insurers are required to pay stamp duty for GTL policy. The calculation of the stamp duty amount is as defined under – 1. Stamp duty of INR 0.20 per INR 1000 of the sum insured. 2. Stamp duty is to be paid for every new GTL policy. 3. On […]
What affects the Premium of Group Term Life Policies?
A group term life policy is purchased by an organization, to cover a minimum number (group) of employees. The very nature of the group term life policy affects the premium amount. An employer usually chooses to cover all insured members under the same risk and therefore, pays a lump-sum premium to the insurance company. It […]
Why Premium is Lower in Group Term Policy Than Individual Term Policy?
The premium for the group term policy is dependent on various factors, like the number of people insured in the group, the average sum insured per person, the average age of the group members, the occupational risk of the group, etc. Insurance premium consists of three components: Risk Premium Loading for Office Expenses Investment Component […]