Group endowment Assurance (without bonus) Plan 09
'Group insurance' is an insurance that covers a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group.
Group life insurance is a type of life insurance in which a single contract covers an entire group of people.
Typically, the policyowner is an employer or an entity such as a labor organization, and the policy covers the employees or members of the group.
Group life insurance is often provided as part of a complete employee benefit package. In most cases, the cost of group coverage is far less than what the employees or members would pay for a similar amount of individual protection.
So if you are offered group life insurance through your employer or another group, you should usually take it, especially if you have no other life insurance or if your personal coverage is inadequate.
As the policyowner, the employer or other entity keeps the actual insurance policy, known as the master contract. All of those who are covered typically receive a certificate of insurance that serves as proof of insurance but is not actually the insurance policy. As with other types of life insurance, group life insurance allows you to choose your beneficiary.
Sunlife Insurance is privileged to offer its product naming ‘Group Endowment Assurance (without bonus)” Plan-09.
If the Policyholder survive full term of the policy or In case of death of the assured within the policy term only the amount equivalent to SUM ASSURED become payable.