An insurance policy that covers a defined group of people, such as employees of a company or members of a group is called a group insurance policy.
A group insurance plan comes at a low premium and can be made into customised plans. The group insurance policy is for the benefit of both employee and the employer. The policy helps the policyholder/employer in employee retention.A group insurance policy can be of these types:
REC Limited bought a group term life insurance policy that covered all the 255 employees working in the company. One employee Arnab went on a company’s tour where he met with an accident and died. The company filed for the claim and paid the dependents in the family, the amount of sum assured.
Buy ₹1 Crore Term Insurance at Just ₹508/month*
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹508/month*
ABSLI Salaried Term Plan (UIN:109N141V03) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6100/- ( which is ₹ 508.33/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/6/22-23/420
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