|Features/Benefits||Individual term plan||Group term plan|
|Premium payment||To be made by the individual policyholder||To be made by the group administrator or employer|
|Availability||Available for all as per eligibility criteria norms||Available to professional groups or enterprises|
|Terms and conditions||As per terms and conditions agreed between policyholder and insurer||As per terms and conditions agreed between group administrator and insurer|
|Sum Assured||Flexibility to choose Sum Assured||Sum Assured fixed by the group administrator|
|Tax benefits on premium||Premium paid eligible for tax deduction under section 80C||No benefits as premium is paid by group administrator|
|Group Term Insurance Plan Name||Minimum-Maximum entry age||Maximum maturity age||Coverage term||Minimum-Maximum Sum Assured||Premium payment term||Premium Payment Modes||Minimum Group Size|
|LIC Group Credit Life Insurance||18-60 years||65 years||5 to 35 years||Rs.4,00,000- No upper limit||Same as policy term||Single premium only||50 members|
|Kotak Term Group Plan||18-74 years||--||1 year (Annually Renewable)||Minimum: Rs. 1,000 Maximum: No Limit||Same as policy term||Annual / Half-yearly / Quarterly / Monthly||50 members- no upper limit|
|Aegon life group term plan||18-59 years||60 years||1 year (Annually Renewable)||Minimum: Rs. 5000 per member Maximum: Rs. 2,00,000 per member||Same as policy term||Annual / Half-yearly / Quarterly / Monthly||50 members- no upper limit|
|ICICI Pru Group Term Plus||15-79 years||--||1 year (Annually Renewable)||Minimum: Rs. 5000 per member||Same as policy term||Annual / Half-yearly / Quarterly / Monthly||Formal group: Minimum 10 members Informal group: minimum 50 members|
|Future Generali Group Term Life Insurance Plan||18-69 years||70 years||1 year (Annually Renewable)||For social groups with 5000 members or above: Rs 1000/- per member. For other groups: Rs 5000/-.||Same as policy term||Minimum 25 members per group|
|LIC Single Premium Group insurance||18-60 years||65 years||2-7 years||Rs. 5000 – Rs. 10 Lakhs||Same as policy term||Single premium only||50 members|
|PNB MetLife Group||Min-Max for Employer||EE : 81 years Non EE :||Year renewable Term||Minimum Rs. 1000 per life-||Regular||Annual, Semi-Annual,||Minimum group size: 50.|
|Term Life Plus||Employee (EE): 18-80 years Min-Max for non Employer-Employee (NEE): 15-60 years||61 years||one year||maximum as defined in the rules of the group insurance scheme under administration or as defined by the employer for employer- employee group and Master Policyholder for non-employer-employee group.||Quarterly, Monthly||For gratuity Minimum group size: 10.|
|Sud Life Group Term Insurance||Min-Max for Employer-Employee (EE): 18-79 years Min-Max for non Employer-Employee (NEE): 18-64 years||Employer-Employee-Groups:- 80 years Non Employer Employee Groups:- 65 years||One year renewable||For Groups other than Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance: Rs. 5000 per member For Group Term Insurance Scheme in lieu of Employee’s Deposit Linked Insurance: Rs. 362,000 per member||Same as policy term||Annual, Semi-Annual, Quarterly, Monthly||For Compulsory Employer-Employee groups: 10 members Otherwise : 50 members|
|HDFC Life Group Term Plan||16 years (18 years if rider is chosen)-79 years (64 years if rider is chosen)||80 years||One year renewable||Rs. 5000- No upper limit||Same as policy term||Annual, Semi-Annual, Quarterly, Monthly||Employer-Employee Groups – 10 Others - 50|
A: Group term insurance is a term insurance policy that is offered to a group of people collectively. A group term insurance is usually taken by an employer to ensure the life protection of all the employees is safeguarded at all times. A group term insurance works just like a term insurance plan, offering a sum assured component in the event of the unfortunate demise of the group term policyholder during policy tenure.
A: A group term insurance plan is offered to a group of people unlike term insurance plans for individuals who are offered for each individual. The policyholder does not have to pay for the premiums for a group term plan as the employer or the group manager facilitating the group term insurance plan pays for all the premiums. In an individual term insurance plan, the policyholder needs to pay the annual premium for the term insurance plan.
A: Any of the employee-employer groups along with professional group of people looking for a collective group insurance can seek group term insurance. A group can be non employer-employee group, employer-employee group, bank, microfinance institution or any other professional group.
A: There are various types of group term plans that can be offered by the insurer depending on the need of the group. Some group term insurance plans offer uniform cover to all members while others can offer grades in cover leading to a higher cover for more experienced or older employees compared to new or recent ones. Similarly some group term insurance plans also offer the option to choose from additional riders like critical illness rider or accident or disability benefits. A group term insurance plan may sometimes also offer cover for outstanding home or car loans. It all depends on the terms and conditions between the group and the term insurer issuing the group term insurance plan.
A: No. Group term insurance plans as the name suggests are primarily term insurance plans and offer no maturity benefits. The term insurance plan offer protection for the policyholder till the insurance plan is valid and pays out a death sum assured to the nominee.
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