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Group life insurance policies are generally opted by professional associations, business groups, banks, and housing societies. Essentially, a group life insurance plan provides life insurance coverage benefits to a large number of people, regardless of their age, occupation, gender, and socioeconomic status. Simultaneously, the premium amount payable under a group plan is significantly lower than that for various individual life insurance plans purchased for the same number of people.
Advantage of Having a Group Life Insurance Plan
In today’s day and age, group life insurance plans have become a preferred form of life insurance protection for employees and employers alike. A group life insurance plan can provide term insurance coverage, annuity benefits, health insurance protection, and liability protection. Here are different advantages of having a group life insurance policy
1. Default Low-Cost Cover
Group life insurance plans provide affordable insurance cover to each member covered in the group. Compared to having individual life insurance plans, group life insurance policy is cost-effective and provides a default life cover to the employees, often as an incentive.
2. No Pre-requisites
In individual life insurance policies, the insurance company considers several factors, including lifestyle habits and medical history, before issuing it. On the other hand, there are no pre-requisites to purchase a group life insurance plan. For example, there is no pre-requisite for having a pre-medical screening in case of group plans (for up to a specific cover limit)
3. Hassle-free Claim Settlement Process
The claim settlement process for a group life insurance policy is usually quick and straightforward. The employee or their beneficiaries only have to submit the required documentation to initiate the claim settlement process.
1. Low Premiums
Generally, the premiums payable under a group life insurance policy are paid by the employers. Instead of purchasing individual life insurance plans, employers can significantly lower their expenses by opting for group insurance plans to cover the same number of employees.
2. High Employee Retention
Having the protection of a group life insurance policy as incentives, employers can reduce the employee attrition rate while increasing employee retention and boosting loyalty.
3. High Morale Among Employees
The security and peace of mind provided under a group life insurance policy helps keep employees stress-free and enables them to focus on the essential tasks at hand.
4. Tax Benefits
The premiums paid towards group life insurance policies are tax-deductible under relevant sections of the income tax laws in India.