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 […]
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 specific ed beneficiary in case […]
How to decide coverage under the Group Life Insurance Policy?
The employer can choose different benefit calculations to determine the amount of coverage for the employees under a group life insurance policy. In general, for group insurance contracts, the employer assigns employees to different classes and schedules of benefits. These classes determine the amount of coverage that will be provided to the employee. Here are […]
How does Group Insurance Cover work?
The group insurance policy cover is the single contract taken by a group administrator (i.e. a company, a society, etc.). The contract provides coverage to multiple beneficiaries (group members), i.e. the employees of the company. The administrator is responsible for the payment of the premium in respect of a group policy. In case of any […]
The importance of Group Life Insurance for a Business
Here is why every business should consider buying a group life insurance for its employees: Financial Protection Employee’s Dependents: The group life insurance plan offers financial protection to the family of the employee and helps them to be stress-free about their dependents’ financial future. Increased Productivity: A stress-free environment helps nurture creativity and employees may […]
What is a Group Term Life Insurance Policy?
A Group term life insurance policy is a 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 […]
What is the meaning of Life Insurance?
The meaning of Life Insurance means that it covers an individual and the individual takes it by themselves. The primary goal of this cover is to provide a measure of financial security to the policyholder’s family in case of the holder’s demise. Besides this, there may be several other riders and clauses added to the […]
What is the meaning of An Insurance?
The concept of insurance originates from the principle of sharing the risks by a large group to reduce the burden on the few. Insurance, in the realm of risk management techniques, embodies the concept of ‘Risk Transfer.’ Here, individuals or entities shift the burden of potential losses to an insurer. By doing so, they seek […]
What is covered in a Term Insurance Policy?
A term insurance policy is the simplest and most inexpensive form of life insurance available to an individual’s life. Under this policy, the insurer promises to pay a large sum assured amount to the nominee of the insured individual, in case the insured dies within the policy term. There are many benefits of the term […]
How to select the best Life Insurance Policy?
Looking to buy life insurance policy cover, there are a few critical variables that might help you narrow down the best choice. Here is a list of factors you should look for while searching for a life insurance policy. Claim Settlement Ratio The percentage of claims granted out of the total filed in the year. […]