LIC's Group Term Insurance Schemes:
Nature of the Scheme:

• Group (term) Insurance Scheme is meant to provide life insurance protection to groups of people.
•  Administration of the scheme is on group basis and cost is  low.
•  Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. 
• Scheme offers covers only on death and there is no maturity value at the end of the term.