Group Term Life Insurance
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Quick Guide to Group Term Insurance
You can have two term insurance plans if you meet all applicable inclusion and exclusion criteria for both policies.
It is a type of life insurance that provides life coverage to a group of people, such as employees of a company or members of an organisation, in case of the death of the covered individual during the policy term.
Group term insurance is more cost-effective than individual life insurance policies. Here, the risk is spread among people, and you can also avail of tax benefits. It can provide financial protection to employees and their families in the event of an unexpected tragedy.
The first step in the group term insurance claim settlement process is registering the claim with the insurance company (notification of death), followed by submission of required documents, claim processing, decision, settlement and closure of the claim.
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