A group life insurance policy, as the name implies, is taken for a group of individuals. It is a single insurance policy, obtained by employers and usually, fully paid for by employers. Sometimes there is a smaller component or share that the employee contributes too. The bigger chunk of the premium though, is usually contributed by the employer. Your employer will remain the owner of this policy. A group life policy will be in force till your employment contract is terminated. A well tailored and beneficial group life policy also serves as a tool that motivates employees to work longer for an organization and be more productive.
A group life policy normally covers loss of life, accidents that prevent you from continuing your profession or work, life threatening and terminal illnesses. The ‘master policy’ as they call it in insurance terms, remains with the employer but each member gets an insurance certificate as proof of inclusion into the said policy.
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