Group life policy

Group life insurance may be defined as plan,which provides coverage for the risks on the lives of a no. persons under one contract. The basic feature of this scheme is the coverage of no. persons under the act. Group Life Insurance facility is provided to the employees working with one employer.

Features
Insurance is provided to all employees under one employer without any evidence of insurability This scheme provide risk coverage to the employees so long as they remain in the service of the employer It is a contract between employer & insurance co. The policy issued to the employer is called master contract

 The premium is paid jointly by employer & employee. The amount of premium is paid at flat rate without considering age & salary. In the case of injury or death of an employee , the claim received by the employer is paid to the employee or his nominee.