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As the name implies, a group life insurance policy is a single contract that covers a group of people. There are no limitations on the number of people that can be included in a group life insurance plan.
The working of a group life insurance plan is similar to regular life insurance policies, albeit with a few changes. Individuals of a particular group (say employees of an organisation, or members belonging to a particular association) are enrolled in the plan.
The employer purchases a master life insurance contract from an insurance company. The premium of a group plan is based on the number of members included in the plan and the coverage. When there is an increase in the members of the group, the premium of the plan increases accordingly. Similarly, the premium costs reduce when the number of members in the group decreases.
Generally, the premium for each individual in a group plan is lesser than availing separate policies for each member. This is because, with a group plan, the administrative costs and other associated policy costs are clubbed together, thereby reducing the overall charges.
The premium for each member in a group life plan can be paid either by the employer or shared by each member included in the plan. If the premiums are paid in full by the insurer, then it is known as a non-contributory group plan. In this case, the members of the group enjoy the coverage without paying premiums. On the other hand, if the premium costs are shared by the employer and employee, it is known as a contributory group plan.
The validity period of a group plan is until the employee is employed by the company or until the policy term, whichever comes first. The employee is also allowed to convert his group insurance policy to individual insurance if he decides to leave the employer.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,