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Every employer wants their workplace to be safe and healthy for the employees. Employee’s health and his/her family’s financial problems might become a stress for a company. Nowadays having an employee-specific life insurance policy helps the employees to manage family expenses.
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Voluntary life insurance offers financial protection and provides a cash payout to the nominee/beneficiaries at the time of the policyholder’s death. Group term life insurance policies are term insurance where a single agreement is issued to cover a group of people.
But before deciding which policy to choose, you should first learn about both their features and benefits. Let’s understand them in detail:
Term Plans
Voluntary Life Insurance is an offering that establishes you as a caring employer. This is the optional benefit offered by the employers which require no additional payment. It helps the families of an employee to address their requirements in the times of need. It ensures that employees have the chance to buy the insurance at a group rate. Riders are also available under this insurance. Voluntary Life Insurance provides you an option to customize your group insurance cover and provides financial protection at the time of the accident, critical illness, total and permanent disability, and terminal illness. In basic life insurance, a regular premium is payable by the employee every month. This is more ideal for those who want their families to be secured and protected if you are not around them.
In group Term life Insurance, a single policy covers multiple people. It is not restricted to only employees but it also covers other groups like Non-Governmental Organisations (NGOs), customers of the bank, etc. With the help of grouping, many buyers come together and negotiate as one unit, and employers profit more buyer strength and economies. Some schemes of group insurance offer coverages for outstanding loans to a group of debtors, while few come with the diagnosis of a critical illness and disability.
Now that you know that What is group Term life Insurance you should also know that what is term insurance first and then buy a term plan for your loved ones.
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Voluntary Life Insurance |
Group Term Life Insurance |
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It provides financial protection to the employees |
This Group Term Life Insurance is not limited to employees. It also offers financial help to other groups. |
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Who is Eligible? All employees of the company with maximum and minimum age 18 years and 65 years respectively. |
Who is Eligible?
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Plans offer lower premium rates |
Its premium is relatively lower than other individual policies. |
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Voluntary insurance also provides an option to customize plans. Customization will help employees to make an informed choice that suits their needs |
This term insurance provides the coverage extension along with the attachment of add-ons such as accidental death, education payment, thus helps cover multiple of benefits along with the existing cover. |
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Benefits of Voluntary Life Insurance
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Benefits offered by Group Term Life Insurance
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This is one of the primary questions that comes to the mind of every customer that why should I go with this plan. What are their benefits? So, Group Term Life Insurance usually offers a lower premium and is quite inexpensive, majorly for younger individuals. But in most cases, the coverage amount is not sufficient or large, so they are required to attach with an individual plan. Employers offering the insurance to their employees sometimes limit their policy coverage based on certain things such as time, salary, dependents, and statuses of employments like whether the employee is full-time or executive. Group plans majorly cover the base salary of an individual.
Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying the plan.
Some dissimilarities exist in both policies. Here is a quick laydown:
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Voluntary Life Insurance |
Basic Life Insurance |
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Voluntary Life Insurance is a part of employment benefit |
Basic life insurance is purchased from a private insurer for an individual’s financial protection and security |
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They are less expensive. |
They offer more customization in their plans as compared to voluntary life insurance. |
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They last till the employment of an individual |
Lasts for long term |
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It provides a minimum guarantee issue amount and requires no medical check-up |
Guaranteed issue is not available |
A Voluntary Life Insurance helps in filling all the gaps present in the plan offered by the employer. It is additional protection or a shield that provides you more safety against life uncertainties, by leveraging the buying power of a group, without paying any additional costs. Thus, it also reduces financial stress and helps to improve their health. Cost-effectiveness is another amazing benefit. Premium rates are relatively lower than other insurance plans and provide unique benefits at no cost to the employer. But
With each type of life insurance and term insurance, there are various pros and cons associated. Voluntary life insurance and group term life insurance, both offer benefits to employees for their financial stability. But how to select the right plan that suits your needs? One should always be aware of the policy’s features and benefits when deciding to buy insurance and then make an informed decision. it is always advisable to compare premium prices before purchasing any policy as this gives you an idea about choosing the right plan.
Choose your plans smartly.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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