Group Term Insurance
Group Term Life Insurance is a product that organization must have for the well-being of their employees as the organizations most valuable asset is the human resources. This type of insurance coverage is offered to a group of people. This coverage will provide a benefit to the beneficiaries if the covered individual accidently dies during thepolicy coverage period.
The investment in life insurance provides exemptions and deductions under the Income Tax Act 1961 (Act). The insured can avail deduction benefits under 80C. However the life insurance policy should be evaluated on the basis of protection benefits rather than tax exemption benefits.