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Group Term Life Insurance

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Can we port term insurance?

Portability in insurance means moving from one insurer to another carrying some benefits from the policy of the previous insurer. It is important to remember that IRDAI allows portability only for health insurance policies and not life insurance policies. Hence, it is not possible to post group term insurance.

Group term life insurance is bought by the company for their employees. The policy’s tenure is one year. All the employees in the company in that one-year tenure are covered by this policy. When an employee leaves the organization, then policy benefits also terminate. There is no way the employee can convert it into an individual term life policy like it is possible in group health insurance.

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