Why Group Life Insurance Policy?
Group Life Insurance policy is subject to risks of death and disability due to natural and accidental causes. A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of the policyholder. Life insurance is one of the most important financial planning tools available in the market.
What Is Group Life Insurance Policy?
Group Life insurance is a contract between the insured customer and the insurance company in which the life insurance company assures to cover the life of the insured customer or promises to take care of the investment and returns in addition to the life coverage, in return for a periodical amount known as “Premium”. Life insurance is an agreement that is legally enforceable in a court of law. The parties to the life insurance contract should declare the basic facts which could affect the life insurance policy contract.
Reasons To Buy Group Life Insurance Policy
Life Insurance Advantages:
Normal Death: Group Life Insurance is a tool to cover the risk associated with death. In life insurance, term cover is the basic product that provides cover for a certain term at affordable premiums.
Accidental Death: In case of accidental death the nominee of the deceased employee will get 2 times of his yearly amount.
Permanent Total Disability: In case of PTD if an employee will get his benefit amount or if he dies within 3 months his nominee will get the benefit amount.
Looking after your loved ones on your absence
A Group life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of an insured.
Peace of Mind
Death is unavoidable. In the case of your absence, your family may face financial difficulties so the least you can do for your family is to secure their financial future with a life insurance policy.
Benefits of Group Life Insurance Policy Group Life insurance provides life cover that protects you and your family in case of an unexpected event happens.
A Group life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of the policyholder. According to the life insurance definition, the insurance provider agrees to pay the nominee or beneficiary the pre-defined sum assured. As a result, even in the policyholder’s absence, his family stays protected.
Tax Savings Group Life insurance offers tax dual benefits under prevailing laws as per Income Tax Act, 1961. The life insurance premium paid can be availed as a tax deduction under section ???
The life insurance policy gives financial security to the family of the policyholder. The premium paid by the customer is depending on age, life expectancy, and health, and gender. Life insurance gives you the ability to stick at low premium rates while you’re young. If you buy the same policy when you are older, you will be paying a much higher premium compared to if you bought the same plan when you were younger.
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