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 stamp duty amount is as defined under – 1. Stamp duty of INR 0.20 per INR 1000 of the sum insured. 2. Stamp duty […]
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 […]
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 […]
