Individual life insurance is a policy that covers a specific person’s life. It can be purchased by an individual or for someone else they have an interest in, such as a spouse, children etc.

Other types of life insurance plans include:

• Term insurance plans
• ULIPs – Unit Linked Insurance Plans
• Money Back Insurance Plans
• Whole Life Insurance Plans
• Child Insurance Plans
• Retirement Insurance Plans

Group life insurance is a single contract that covers a group of people, usually those who work for the same company. It’s a type of term life insurance plan that employers or organizations purchase to cover an entire group of people.
Group life insurance is often offered as an employment benefit or membership perk at little or no cost to insured individuals. It’s often significantly less expensive than individual life insurance because it may not provide as much coverage.