Group Term Insurance
Group term life insurance policy is the approach that gives extra security inclusion to a group of individuals. The businesses or some other group head can buy into it to cover the lives of its workers or individuals. The group term protection approach gives budgetary help to the relatives of the worker if there should be an occurrence of his/her death. In this way, it gives financial security to the recipients of the approach.
How to apply for group Term Insurance
- A group administrator is issued a master policy upon which he pays an initial premium.
- This initial payments covers all the members of the group for a tenure one year.
- An option to choose the sum assured is provided to the members of the group. This sum can either be a lump sum amount or could be linked to salary account or a loan account, etc.
- Once the policy holder has paid the premium, the members are covered for a tenure of one year from the date of commencement of the policy.
- The group life insurance plans are annually renewable.
- The premium is charged based on the alterations in the size and age allocation of the concerned age group.
- Pre- Authorization form.
- Investigation reports.
- ID Proof of the patient.
- Health card of the patient.
- Doctor’s note.