Group Term Life Insurance is a policy that provides life insurance coverage to a group of individuals under a single contract. While it’s commonly associated with employer-employee groups, it’s also extended to other groups like bank customers, NGOs, professional associations, and microfinance institutions.

Key Benefits :

• Provides life insurance coverage to a collective group of individuals under a single policy.
• Often offered as part of an employer's features package, with the employer covering some or all of the premium costs.
• Group plans are typically more cost-effective than individual policies due to group purchasing power, resulting in lower premiums for members.
• Many group plans require no medical exams or detailed health histories, making them accessible to all members of the group.
• Members of the group are often automatically enrolled in the plan, with the option to opt out if desired.
• Some group plans offer the option to continue coverage even after leaving the group, providing continuity of insurance protection.
• Group plans may offer additional features such as coverage for dependents, accidental death and dismemberment features, and options for voluntary supplemental coverage.