Distribution partner types are Pension Schemes, saccos, etc. .
An insurance product designed to provide risk protection against natural death. Other benefits include an accidental death & disability rider.
The product is for a group insurance, Compulsory with voluntary doubling of sum insured.
Risks covered are:
Sum Insured- Amount equal to amounts saved. Voluntary doubling of the sum insured against a doubling of the premium is allowed.
Premium Rate- Depending on the group, underwriting rateto be set. Varies based on group demographics
Premium Payment- Annual or Monthly
Group Term Life is suitable for 1-year renewable terms. However, for multi-year terms, a different product called “GCPP (Group Credit Protection Plus)” is used. Other than the duration all other characteristics are the same.