Group Life Insurance
is the insurance that is provided to a large number of people. The Group Life Insurance Scheme is favored by the company,organizations etc.
The premium is paid by the organization.
The premium is also taken from the insured members of the group. The Group Life Insurance Scheme
provides monetary benefits after death.
Some of the insurance companies provide the scheme to those employees who are the members of Employees Provident Fund Scheme.
About Group Life Insurance:
The person who dies due to accident receives double the insured amount under Group Life Insurance Scheme
Some of the Group Life Insurance Schemes
are devised by the companies so that the employee can reap the benefits of insurance by paying a low premium.
The insured person under the group savings scheme can get the matured amount after retirement in the form of pensions.
The Group Life Insurance Schemes, not only insures the life of a person, but also help in the savings of the company.
Most of the companies in the private and public sector provide the Group Life Insurance Scheme
to their employees.
Some of the companies are providing the Group Life Insurance Scheme instead of Provident Fund. The employee has to contribute a premium that is lesser than the contribution to Provident Fund.
The employee`s life is insured under this scheme. The employee can also avail the rebate in tax by contributing in Group Life Insurance Scheme
Some of the companies take a certain amount of the employee`s salary as the premium for the Group Life Insurance Scheme
The employee, after retirement ,can avail the pension from the Group Life Insurance Scheme
The pension can be availed by other member of his/her family after death.
The employees of the company that provide group insurance schemes gain confidence about their future.
Group Life Insurance is of immense help to the employees of the companies.