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What is Group Term Life Insurance?

As part of the workplace benefits that are provided by employers, group term life insurance is offered as a cover to the members of the workforce collectively. It may also be made available to the spouse of the employee, as well as their dependents. The concept is that a single contract is responsible for covering multiple people under its ambit. The process is usually that group life insurance is provided as part of a comprehensive employee benefits package. Since the cost is naturally being divided up between all the policyholders, the price of coverage as part of a group is far lesser than what the employees would have to pay for a similar amount of protection for a similar individual.

A group term life insurance policy is not merely restricted to employer-employee groups, but can also be extended to other groups such as NGOs, professional groups, non-banking financial institutions, and so on. A group term insurance for employees is usually provided in the form of term insurance. It can be typically provided in the form of term insurance which is renewable on an annual basis. When group term insurance is provided by the employer, it is incumbent upon the employer who takes care of most of the premiums. The amount of coverage that is allowed to a person may be equal to one or two times typically the annual salary of the employee. A group term life insurance policy might come in handy in case you are single, and do not have a family or other persons depending on you.

The group term insurance plan is supposed to stay in force until either the term for the whole group lapses or if the specific employee in question leaves the current employer/switches professions/is terminated.

Main Advantages of Using a Group Term Life Insurance

The benefits of a group term life insurance may be discussed as follows:

Default insurance cover - A group term insurance policy provides cover to the members simply by virtue of their being part of the group. It can be a good option for those who do not have the resources to fund a personal life insurance cover.
Gratuity funding - A group insurance policy comes in useful for the employers, in providing funds for their gratuity liabilities to their employees. The group insurance policy will come in useful for the same, along with providing life insurance to the employees.
Customizable according to employee needs - Group term insurance policies can be modified in order to accommodate specific needs of the employees such as add-ons like education allowance, repatriation allowance, etc. Several benefits may be covered in addition to the core death coverage.
Affordable - The main attraction of a group insurance plan is that it is a lot more affordable when compared to individual life insurance policies. The group insurance plan can be a smart way to avail of insurance benefits against multiple risks.

Best Group Term Life Insurance Companies in the UAE with Top Plans

Alliance Insurance Company

Alliance Insurance has been expanding convincingly since 1975 into various domains that can be accessed by individuals, corporations as well as governments. The Alliance group policy seeks to give peace of mind to the employees as well as the company which is opting for this policy. The employer may be in a relaxed state of mind, with the knowledge that they have made adequate provisions for their workforce. In order to apply for an Alliance group life insurance, the client will need to provide relevant information such as the nature of the business that they are involved in, the number of employees for which group insurance is being sought, claims filed over a period of the past 3 years and so on. Some of the additional benefits that shall accrue to the client under Alliance group insurance are as follows:

Benefit in case of accidental death
Benefit in case of onset of critical death
Medical expense recompensation
Benefit in case of permanent and total disability - accidental or sickness

In case the client wishes to make further inquiries regarding the product, they may contact the support team on the relevant email id 046051111, or they may drop in an official email to the address care@alliance-uae.com for getting further information.

Oman Insurance Company

The Oman Insurance Company is dedicated to providing the most affordable group health plans in the UAE. While the network of healthcare partners is extensive, the options available are also customizable. The two main lines of products provided by the Oman Insurance Company include - Group Tailor Made Insurance Plans and the group health plans for small and medium enterprises (SMEs).

The Group Tailormade Policy has been specifically designed keeping in mind organizations that are a size of at least 100 people or more. For such institutions, Oman Insurance Company offers a wide variety of choices with different networks, coinsurance, and optional benefits to cater to the different categories of employees. The features included under this plan area:

Complimentary access to doctors through voice and video calls throughout the day.
A mobile app and portal that is dedicated to this purpose.
Second medical opinion from reputed institutions across the world.
The client may get access to the unique LivFit wellness initiatives. LivFit is a comprehensive corporate wellness program that is offered with the group healthcare programs that OIC offers. The employees have a lot of options to choose from in order to advance their fitness goals, such as weight management, exercise, managing their stress from daily routines, reducing tobacco consumption etc.

The SME Group Health Plans have been specifically designed to cater to the unique needs of small and medium enterprises regarding their employees, and the regulatory requirements that they need to comply with. The focus of these group plans is on affordability. If the group insurance is being sought for a collective which is in excess of 50 members in the region, they will be entitled to a volume discount by virtue of mass participation. Even if the number is lower, Oman allows for quotations being given to as few as 2 employees, and up to a maximum of 150 members. The plans are available across all the seven emirates. A life rider of the amount of AED 50,000 is available free in case of death due to any cause. Moreover, additional routine optical and dental checkups can be done with no eligibility requirements.

In order to avail of either of the two group insurance plans provided by the Oman Insurance Company, clients may call the customer executives at 800 - 4746, or they may drop in an email at service@omaninsurance.ae. Finally, if the customer is not comfortable with online communication, they may visit any of the physical branches to initiate the policy.

Union Insurance Company

The Union Insurance group life insurance plans are designed to allow employees to achieve financial security for themselves, as well as for their families, against all costs. The plans are applicable to formal employer-employee groups, such as micro finance institutions, non-banking financial institutions.

The advantage for an employer who is seeking to avail of the group health insurance is that they can provide life insurance coverage to their employees at a nominal cost. Moreover, the management process is also considerably simple and accessible. As far as the employees are concerned, they can easily enroll themselves in this scheme, since they do not need to undergo any medical examinations for this. The Union Insurance Company policy is relatively flexible, and it can be customized according to the requirements or the decisions of the employer. It seeks to give employers the best possible protection at the lowest possible price, and is more affordable than an individual policy. Some of the riders which are applicable on the group term life insurance include temporary total disability due to accident or sickness, repatriation expenses faced by policyholders who wish to return to their domestic countries, and so on.

For this group term life insurance scheme, any employee of an organization who is professionally employed and receiving remuneration is eligible. The age limit for availing the benefits is 18 to 65 years. A minimum of 11 employees must be involved by the company for applying for this insurance. Modifications may be made to the list of members who are considered eligible for this group insurance plan. This shall be on the basis of people joining or leaving the respective organization

Zurich Insurance Company

The Zurich Insurance company has on offered its premium policy of Zurich Group Life and Disability Cover, in order to help the employees of the company involved fend with financial distresses and emergencies. Some of the key features of the same include:

No consideration for applicants to the Zurich Group Life Cover of pre-existing medical complications.
Lower premiums on offer as compared to the regular insurance policies that can be subscribed by users of Zurich.
Life cover will be provided to the holder of the Zurich Group Life cover, irrespective of the specific cause of death.
Benefits will be provided in case of any accidents leading to deaths or medical expenses being incurred.
Coverage in case of the onset of terminal illness.

MetLife

The Group Medical Insurance plan offers buyers the leeway to go for a coverage plan that they deem fit, whether it is the cost efficient Essential Benefit plan or the more comprehensive VIP program. As far as the in-patient services are concerned, the insurance policy shall provide for hospitalization expenses accrued on a daily basis, doctor’s visits, maternity benefits for the childbearing woman etc. In case of out-patient services, the insurance policy shall cover expenses for clinical examination, minor surgeries, and medical requirements on a day-to-day basis and so on.

The Group Medical Plan is specifically being targeted to employers who have a minimum of 10 employees. Dependents are eligible for coverage under the comprehensive major medical plan.

MetLife is committed to providing efficient service to its clients through the Group Medical Package. The service comes with the following guarantees: prompt compensation of claims to all employees and providers; in case the company is a multi-national institution, suitable profit-sharing arrangements shall be made. The clients need to simply present their respective insurance card at any of the MetLife PPO Network premises and pay the co-insurance amount in order to enjoy the benefits of the Group insurance scheme.