Group Term Life (GTL)
This Insurance cover provides financial security to the dependents of the employee in case of an unfortunate death due to any reason. This provides the employee a hassle-free financial security while it benefits the employer as a strong retention tool and a loyalty-building measure.
Frequently asked questions (FAQ)
What is a group term life insurance?
An employer provides group term life insurance to support an employee's family in the tragic event of the employee's passing. It is designed to help the insured's family to sustain any immediate expenses and stabilise while they cope-up with loss.
What is the difference between individual life insurance and group term life insurance?
An organisation's whole workforce is meant to be covered by a single plan under a group insurance policy. The employer completes all the paperwork required to buy this insurance. Individual life insurance, however, as its name implies, only protects a single person (you and in some cases, your spouse). Unlike group term insurance, which is often an annual plan, these must be purchased by the individual, and the premiums must be paid for a certain period (normally more than 3 years). Another significant distinction is that group insurance premiums can be negotiated depending on group size and claim history, but individual-term insurance rates are set.