What is Group Life Insurance?
Also called Group Yearly Renewable Term (GYRT) Insurance, it is a life insurance coverage provided to members of an organization. The organization can be a company or an association.
In the case of companies, the members would be its employees.
What does G.Y.R.T. stand for?
"G.Y.R.T." stands for Group Yearly Renewable Term Insurance.
Group - because it is a life insurance coverage provided to a group of people, belonging to either a company or an association. The group of people are referred to as "Members".
Yearly - because this type of life insurance coverage is given for one (1) year.
Renewable - because after a year of life insurance coverage, it can be renewed for another year, and the following years, on an annual basis.
Term - because this type of life insurance coverage gives Protection to members for a specific period.
Who can be covered by Group Life Insurance?
In the case of companies, employees with "Regular" and "Probationary" status are covered by Group Life Insurance.
How much does Group Life Insurance cost?
Basically, the cost (also called "Premium Rate"), is calculated based on the following factors:
- The number of members to be enrolled;
- The amount of life insurance coverage of each member;
- The type of industry your company is engaged in, as well as the work of each member;
- The age of members;
- The gender of members.
Sony Life can provide you a quotation, free of charge. Click here for the Group Life Insurance Quotation.
How about the schedule of payments?
Your company can choose to pay either: quarterly, semi-annually or even yearly.
What if a Member (or an employee) resigns from the organization?
Firstly, the Member has the option to convert the current Group Life Insurance coverage to an Individual Life Insurance policy. In this case, the Member will be paying for the cost.
Secondly, Sony Life will refund the unused portion of the Group Life Insurance coverage applicable to the resigning Member. The refund will be given to the Organization.
Are cash benefits from Group Life Insurance paid directly to the Member / Beneficiary of Member or to the Organization to which the Member belongs?
The cash benefits, in the form of cheque, are handed over by Sony Life to the Organization, which then gives it to the Member or the beneficiaries.
How long does it usually take Sony Life to release the cash benefits?
It will only take 3-5 working days, after all the required documents have been submitted to Sony Life.
