With group life insurance policy comes with provision of affordable and efficient life insurance coverage for employees working in an establishment. So what are eligibility criteria for group Life Insurance Policies
The policy must be bought by non-employer-employee groups, Banks
Non-banking financial institutions,
Microfinance institutions and professional groups
it must be bought for for Large Group of People
This Is a group life insurance policy provides life cover protection to multiple individuals. So for eligibility the buyer must have some employees or people working with the company.The process of filling easy as the employer becomes the applicant and also the master policyholder.
Initial payment for the policy
For one to be eligible then , there should be an initial payment by the group administrator. The premium completed initially covers all life insured members under the group life insurance policy for one year from the date of the start of the group policy
Ability for renewal
Another eligibility is the ability of the group administrator to renew the policies. The group life insurance policies are annually renewed. Again , The members of the group have the option of choosing the sum assured maybe as a lump sum amount payout or be linked to a salary or loan account
What do you think?
The policy must be bought by non-employer-employee groups, Banks
Non-banking financial institutions,
Microfinance institutions and professional groups
it must be bought for for Large Group of People
This Is a group life insurance policy provides life cover protection to multiple individuals. So for eligibility the buyer must have some employees or people working with the company.The process of filling easy as the employer becomes the applicant and also the master policyholder.
Initial payment for the policy
For one to be eligible then , there should be an initial payment by the group administrator. The premium completed initially covers all life insured members under the group life insurance policy for one year from the date of the start of the group policy
Ability for renewal
Another eligibility is the ability of the group administrator to renew the policies. The group life insurance policies are annually renewed. Again , The members of the group have the option of choosing the sum assured maybe as a lump sum amount payout or be linked to a salary or loan account
What do you think?