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Group Term Life


This product is usually issued to group of individuals with similar characteristics. The minimum group size is 25. For instance, an employer can take such policy on behalf of its employees.  The life cover can be a multiplier of their annual salary.

In addition to the life cover, this policy has an option of a personal accident as a rider (additional benefit) with an extra cost.

Phoenix Group Term Life Insurance Policy is a combination of term life (one year term, renewable annually to age 60) and a personal accident benefit for insured members of a group. It is a policy that targets employers seeking to provide additional employee benefit package or welfare program.

It has the following characteristics:

• Easy administrative procedure

• Prompt claims settlement

• Affordable premiums

• Tax exemption on death claims


A “Group” should comprise of at least 25 members. No underwriting will be required for large groups.


Group Term Life is designed primarily as a group product, and as such the group (rather than the individual members) will be underwritten as a whole entity. Life benefit (in the unlikely event of death) is usually computed on the basis of one of the following:

• Salary - (multiples of annual salary) or

• A flat amount in multiples of GHs1,000.


Premium payment may be either contributory or non-contributory. This may be borne entirely by the employer or the employee. In some institutions, there may be a policy to split the premium between the employer and the employee.


This policy provides a life benefit payable up to age 60 in the event any member of the group dies while the policy is in force. The life benefit payable under the policy depends on the sum assured selected by the policyholder at the inception of the policy.

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