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By Okbima 16 Jan 2023 6

What is Group Term Life Insurance? | Benefits for Employees

 

Group term life insurance is a type of life insurance that is offered to groups of people, such as employees of a company or members of an association. It provides financial protection for the beneficiaries of the insured in the event of their death. Group term life insurance is typically more affordable than individual life insurance, and it offers a number of other benefits for both employers and employees. Okbima offers a variety of group term life insurance plans to choose from, so you can find the right plan for your business or group.

 

Benefits for Employers

1. Reduced costs: Group term life insurance is typically more affordable than individual life insurance. This is because the insurance company can spread the risk across a larger number of people.

2. Improved employee satisfaction: Group term life insurance is a valuable benefit that can help to attract and retain employees.

3. Reduced gratuity liability: Group term life insurance can help employers to meet their gratuity liability. Gratuity is a payment that is made to employees upon retirement, and it is calculated based on the employee's salary and years of service.

4. Tax benefits: Employers can deduct the premiums for group term life insurance from their taxable income.

 

Benefits for Employees

1. Financial security: Group term life insurance can provide financial security for employees' families in the event of their death.

2. Affordability: Group term life insurance is typically more affordable than individual life insurance.

3. Convenience: Group term life insurance is often offered as an employer-sponsored benefit, which makes it easy for employees to obtain coverage.

4. Tax benefits: The first ?50,000 of the death benefit from a group term life insurance policy is tax-free for the beneficiary.

 

 Features of Group Term Life Insurance from Okbima

1. Group membership: Okbima offers group term life insurance to a variety of groups, including employees of companies, members of associations, and other groups of people who meet certain criteria.

2. Affordability: Okbima's group term life insurance plans are typically more affordable than individual life insurance plans. This is because Okbima can spread the risk across a larger number of people.

3. Convenience: Okbima offers a variety of group term life insurance plans to choose from, so you can find the right plan for your business or group.

4. Flexibility: Okbima's group term life insurance plans can be customized to meet the needs of the group. For example, employers can choose to offer different levels of coverage or to include additional riders.

 

Buy Group Term Life Insurance Plans with Okbima

Protect your employees' financial future with group term life insurance from Okbima. Our affordable and customizable plans provide coverage for death, terminal illness, and other unforeseen events. With Okbima, you can easily compare and purchase the right plan for your business and your team.

 

Why buy group term life insurance with Okbima?

1. Affordable rates: Okbima's group term life insurance plans are typically more affordable than individual plans. This is because the insurance company can spread the risk across a larger number of people.

2. Customizable plans: Okbima offers a variety of group term life insurance plans to choose from, so you can find the right plan for your business's specific needs. For example, you can choose to offer different levels of coverage or to include additional riders such as critical illness or accidental death benefits.

3. Easy to purchase: Okbima's online platform makes it easy to compare and purchase group term life insurance plans. You can get quotes from multiple providers in minutes and choose the plan that's right for you.

 

Conclusion

Group term life insurance is a valuable benefit for both employers and employees. It provides financial protection for employees' families in the event of their death, and it is typically more affordable than individual life insurance. Okbima offers a variety of group term life insurance plans to choose from, so you can find the right plan for your business or group.

Contact Okbima today to learn more about our group term life insurance plans and how we can help you protect your employees' financial future.

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