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Definition
Group Life Insurance is a life insurance coverage in which individual members in a family or individual employees in an office are put under one master life insurance policy owned by the head of the family or the employer in the office
Group Life Insurance also gives cover to the unexpected deaths of a family member or the death of an employee
2. Group Universal Life This type of group life insurance policy combines the benefits of term life and whole life insurance Features of this type of group insurance include: group buying power resulting in more affordable premiums, optional cash value account, coverage that can be extended to age 100, and dependent coverage thats generally available as a rider.
3. Variable Group Universal Life Often used in executive benefit plans or as to fund retiree life insurance, variable group universal life provides flexible life insurance, a guaranteed account, and optional sub-account investment choices. Features include: affordable premiums due to group buying power, investment option (for tax-deferred accumulation), coverage that can be extended to age 99, optional dependent coverage available as a rider, and investment account options (that cover a wide range of investment styles and risks). This type of group life insurance has expenses and fees such as mortality and expense charges, fund expenses, management and distribution fees.
Group Scheme
Group Insurance Scheme is life insurance protection to groups of people. This scheme is ideal for employers, associations, societies etc. and allows you to enjoy group benefits at really low costs
Group Scheme
Group Term Insurance Schemes Group Insurance Scheme in Lieu Of EDLI Group Gr-atuity Scheme Group Super Annuation Scheme Group Savings Linked Insurance Scheme Group Leave Encashment Scheme Group Mortgage Redemption Assurance Scheme Group Critical Illness Rider
Group Mortgage Redemption Assurance Scheme, is a Group Insurance Scheme for the borrowers of Housing/Vehicle Loans from Financial Institutions where Loan is recovered under EMI. Under the Scheme, the premium is payable in a single installment covering a decreasing life cover. Insurance cover every year will be almost equal to the loan outstanding at the anniversary date of each borrower.