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Individual vs group term life insurance

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Individual vs Group Term Life Insurance Explained


July 02, 2021

By : Bajaj Allianz Life

Advancements made to society have meant that there have been corresponding advances made in the collective standard of living that individuals are awarded with. These positive changes have been accompanied by ever-increasing daily expenses. Healthcare too has skyrocketed in terms of prices commanded and off shooting these expenses is no easy task. In order to provide your loved ones with some amount of financial protection, individuals are advised to invest in a term insurance plan. This form of insurance provides their loved ones with sufficient coverage should they need it in the future.


What is individual term life insurance?


Term life insurance plans provide individuals who avail a coverage based on the premium paid and is valid for a specified period of time as selected by them for a life cover amount opted. In the event that an individual insured under this policy dies within the policy term, the insurance company would pay a death benefit to the beneficiary/nominee of the insured individual. This payment may be in the form of a single lump sum and / or may be spread across several months for a fixed period of time as per the product terms and conditions.

A number of factors are used to determine what the premium paid ought to be. Term insurance premium calculators are used to provide prospective buyers with an estimate of what their coverage would be. Information that is considered when accounting for the same includes age, gender, medical history, lifestyle preferences, current income, the anticipated annual increase in income, anticipated year of retirement, and so on.


What is group term life insurance?


Group term life insurance is a form of term life insurance under which one contract is issued that provides coverage to a number of people. Most often, companies may choose to avail of this form of insurance to cover their employees. Here, the contract is assigned to the employer who may then offer the coverage provided under this plan as a benefit to their employees. Employees are then entitled to a base amount of this group coverage


Difference between individual and group term life insurance


There exist a number of differences between individual and group term life insurance which may be listed as follows –

  • Group insurance is contingent upon member of group which means that it’s only valid so long as membership lasts whereas individual term insurance depends upon personal preference. While there are provisions that allow for group term insurance to be made into an individual permanent policy it may require underwriting depending on terms and conditions specified therein.
  • Group term insurance could also require those who avail of it under a given group to have a certain number of eligibility requirements. These may vary based on the group in charge.
  • Even if an individual is entitled to benefits that fall under group term insurance, they must consider plans offered by other insurance companies. This will help leave them feeling well assured of the fact that they are availing one of the suitable term life insurance policy presently available in the market.




We are living in uncertain times and therefore any and all forms of financial security must be embraced with arms wide open. Term life insurance is one such form of financial security which individuals can avail of provided they agree to pay a premium on a recurrent basis. The sooner they avail of it i.e., the younger they are, the lower the premium they incur. Term insurance premium calculators can come in handy in determining what an individual ought to pay as a premium should they choose to avail of an individual policy.


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2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information.