Group term insurance is a policy similar to that of individual term insurance policy. It provides life coverage to a group of people who are covered under the policy for a specific term. Every member’s beneficiary covered under a group term insurance will be benefitted by the plan in case of their death. It ensures that a nominee of the member gets the lump sum amount.
A group term insurance can be taken by the organisation on their employee name, If any of the group members die during the insured period, the family members of the deceased will get the benefit up to the insurance amount. If there is no death during the insurance period, then there won’t be any benefit to them. They can renew the policy or review the policy
Group term insurance plans are almost similar to that of the term insurance policy, except that here a group of members takes the policy collectively. These types of policies are usually drawn by members of a club, the employer on its employees, etc. to save on the premium. If you are seeking to have a group term insurance policy, you can get in touch with Apex insurance… We assure you to give you the best services at competitive pricing.