Personal Loan EMI Calculator

The primary features of a group term life insurance plan are as follows:

• Multiple Individuals are covered – The insurance plan insures multiple individuals at the same time under the same policy. Each insured has separate beneficiaries. Though the premium is paid by the employers, the benefit of the group insurance is for the employees of the organisation.
• Flexible – As this policy is for the benefit of the employees of an organisation, the objective is to cover all its employees, no matter the date of joining. Hence the group term life insurance plans are flexible to allow the entry of new members to the plan at any point of time during the tenure of the policy. Similarly, when employees resign and leave the organisation, the policy allows deleting the member from the group insurance policy. The premium is paid on the policy is adjusted to give effect to the addition and deletion of the employees.
• Minimum Group Size – The group term life insurance plan is offered for a minimum group size. At Muthoot, we offer the same for a minimum group size of 50.
• Annual Renewal – Like all other insurance policies, the overall policy cover needs to be renewed on an annual basis.
• Premium – Based on economies of scale, the premium on group life insurance plans is cheaper as compared to insuring all these individuals separately and individually.
• Additional Cover – Certain organisations offer the benefit of the group term life insurance policies to the family members by giving their employees a choice to pay the additional premium and add their family members to the cover too. As the premium mostly works out cheaper than individual life insurance plans, it is cost-saving for the employees to obtain a cover for their families under the same plan too.