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Group Life Policy

Group Life Policy

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Published by crazyraskal1

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Published by: crazyraskal1 on Jul 02, 2011
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02/15/2014

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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.

The policy issued to the employer is called master contract • .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.

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

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