Group Term Life Insurance is a type of life insurance that provides coverage to a group of people, usually employees of a company or members of an organisation, for a specified period (term).

Key Features:

1. Group Coverage: Covers a group of people under a single policy.
2. Term-based: Coverage is provided for a specified term (e.g., 1-5 years).
3. Death Benefit: Pays a death benefit to the nominee in case of the insured’s death.
4. No Cash Value: Unlike whole life insurance, term life insurance doesn’t accumulate cash value.
5. Lower Premiums: Premiums are typically lower compared to individual life insurance policies.

Benefits:

1. Affordable: Group term life insurance is often more affordable than individual life insurance.
2. Easy to Enroll: Simplified underwriting process, making it easier to enroll employees.
3. Tax Benefits: Premiums paid by the employer are tax-deductible, and death benefits are tax-free.
4. Employee Benefits: Provides financial protection to employees’ families in case of their untimely death.

Common Types:

1. Group Term Life Insurance: Basic coverage provided by the employer.
2. Voluntary Group Term Life Insurance: Employees can opt for additional coverage.

Benefits:

1. Employees: Financial protection for their families.
2. Employers: Attracts and retains talent, demonstrates care for employees’ well-being.