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What is the significance of FCL in GTL policy?

FCL stands for Free Cover Limit in the GTL policy. It is the limit up to which the insurer does not 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 employee’s age.   The sum […]

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What is the “Active at work” clause under GTL policy?

Though life insurers waive individual medical underwriting up to FCL limits, they necessitate that the GTL insurance cover is underwritten subject to the “Active at work” clause. An employee is actively at work if he/she is: either actively performing his/her normal occupation or taking leave (other than sick leave) that has been authorized by the […]

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What are the advantages to a borrower to buy credit life insurance?

What are the advantages to a borrower to buy credit life insurance? A credit life insurance policy prevents the borrower’s family to repay the loan in the case of the borrower’s death or disability. Following are the advantages of credit life insurance policy to the borrower – 1. Save your family from financial hardship – […]

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What is the significance of FCL in GTL policy?

What is the significance of FCL in GTL policy? FCL stands for Free Cover Limit in the GTL policy. It is the limit up to which the insurer does not require any medical test for the grant of coverage in the policy. Free cover limit is determined by two factors – sum insured and employee’s […]

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What affects the Premium of Group Term Life Policies?

A Group term policy is purchased by an organisation, to cover a minimum number (group) of employees. The very nature of this 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 means an equal […]

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Why Premiums Are Lower in Group Term Policy Than Individual Term Policies?

The premiums for the group term policies are dependent on various factors, like number of people insured in the group, the average sum insured per person, average age of the group members, occupational risk of the group, etc. Insurance premium consist of three components: Risk Premium Loading for Office Expenses Investment Component The premium for […]

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Group insurance policies that offer life cover

Coverage under group life insurance policies depends on the terms and conditions under which a company buys the policy. Types of group insurance policies There are different group insurance policies that come with life insurance cover. Group term life insurance This policy offers a lump sum benefit payable to the specified beneficiary in case of […]

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What is a Group Term Life Insurance Policy?

Group term life insurance policy is the policy that provides life insurance coverage to a group of people.  The employers or any other group administrator can subscribe to it to cover the lives of its employees or members. The group term insurance policy provides financial support to the family members of the employee in case […]

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What are the advantages of Group Term Life Insurance policies?

As the name itself suggests, a group term life insurance is designed to offer life insurance to a group of people under a single policy. A group insurance is not limited to employer-employee group only because it extends to other groups like banks, NGOs, etc.; also. Here are some of the benefits of group term […]

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