Similar to health insurance, life insurance policies are of two types: Individual Life Insurance Group Term Cover Unlike a health insurance policy, there is no family life insurance cover, although, there can be joint life cover. Group term cover is a simple term plan which is provided to a large homogenous group of people. The […]
Group term life insurance policy is a master policy taken by any organization for its employees. The life of an individual is a journey full of uncertainties. Nobody wants to face difficulties and mishaps, but sudden accidents or events affecting life badly are in nobody’s control. Also, an individual that works and earns doesn’t do […]
What are the conditions for a new employee to be covered under Group Term Life Insurance of the employer?
Most companies offer group-term life insurance policies to their employees. The policy ensures that even after the death of the employee, his/her family’s future is secure. At the time of buying group term life policy, the insurer takes into account all the current employees, in case, more employees join the organization. The following conditions will […]
Employees are the most valuable assets of an organization. As an employer, one may feel responsible for their well-being and the security of their respective family. In case an employee dies a natural or accidental death, it affects not only his family but is unpleasant for the organization and his colleagues as well. The best […]
Group Term Life Insurance Policy Benefits both employers and employees in multiple ways: Benefit for Employers Group term insurance helps in the retention of talented employees. The premium or cost of such a policy is tax-deductible for the firm. Helps maintain a healthy relationship with employees and retain the preferred employer brand. It is an […]
The following types of groups can purchase group term life insurance on the lives of the group members: Employer-employee Consumer Groups Associations for their Members Non-Profit Organisations Other Self-interest groups formed for a purpose other than to avail a group of insurance An employer can purchase a group term life insurance policy for employee groups […]