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Group Term Life Insurance.
A Group Term Life Insurance policy is a popular policy among employers who care about the well being of their employees and their families.
Group term insurance could be a variety of insurance within which one contract is issued to cover multiple people. Group term life insurance is commonly provided as a part of a whole employee benefits package. The value of group coverage is a smaller amount than what the staff would get hold of an identical amount of individual protection. Advantage of being a member of a group insurance policy is that the coverage is out there at a way lower rate when put next to an individual policy (For example, we will correlate it with Retail vs wholesale buying).
Key Benefits
1. Death Benefit
Within the event of an employee’s or a member’s death during the group insurance Policy Term, the Sum Assured under the policy is payable to the designated beneficiary.
2. Cost Effective
Since the group plan entails insurance cover for many folks, its premium is far lower than compared to individual policies.
3. Gratuity Funding
Funding Employers are aided with a structured method to build up funds for his or her future gratuity liability towards the workers. A group insurance policy assists the employers with this same, and also provide life insurance cover to employees, with greater ease.
3. Tax Benefits
Group Term Life insurance plans offer various tax benefits to both employers and employees.
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