Choose The Best Term Insurance Plan For Your Employees

Term Plan Insurance has become extremely popular amongst people looking for insurance these days. The rise in popularity of term plans is attributed to a number of reasons such as the simplicity of term plans, their cheap annual premiums, possibility of renewal, etc. These factors have not only made them popular amongst individuals looking for life cover, but even corporate companies are switching to term insurance plan for providing life cover to their employees for the same reason as mentioned above.

In addition to these benefits meant for individuals, there are also separate group term insurances available with banks such as Aviva India, HDFC Life, etc. For instance, the Aviva Corporate Life Plus provides life cover for the employees/members of an organization, and financially protects their families through the following means:

* Life cover for employees
* Additional cover for accidental death and permanent disability
* Provide protection with minimum medical formalities

Group insurance policy is designed to provide life insurance cover to a group of people under a single master plan. Group plans can be taken by any number of people, big or small, who can come together for any reason. Group insurance policies are generally undertaken by groups of people such as employers, co-workers, professionals, cooperative societies and certain weaker sections of society.

The group term insurance is applicable for 50 employees or more. Even for less than 50 employees, this can be used, but medical test may be required for assessing the health conditions of the individual. In case of death of the insured employee, the sum assured will be paid to the master policyholder, who in turn will settle the account with the beneficiary of the insured member. If the master policyholder opts for DAB rider, an additional amount equal to the Sum Assured shall be paid in case of accidental death of the insured member. In case PTD rider has been opted for and the insured member suffers from Total Permanent Disability then the rider sum assured will be paid and membership will cease thereafter.

About the Author(Article Source:
Rajani is a part- time writer. She loves to learn new things in her spare & share her findings with the readers. Her areas of interest include fashion, business, technology, insurance & finance etc.


In : Insurance

Related Articles