Group term life insurance is a type of insurance coverage offered to a group by an employer, association or other organization. Coverage provides a benefit to the beneficiaries if a covered individual dies during the covered period.

Group term life insurance is a type of insurance coverage offered to a group by an employer, association or other organization. Coverage provides a benefit to the beneficiaries if a covered individual dies during the covered period. As with some types of group benefits, group term life insurance is generally less expensive than individual policy coverage. For this reason, group term life insurance is often a key component in employee benefit packages.

Group term life insurance policies are offered to the following sections of people

• Employer-employee groups
• Non employer- employee groups
• Banks
• Professional groups
• Non-banking financial institutions
• Microfinance institutions

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