Group Term Life Insurance is a life insurance policy offered by an employer or organization to its employees or members. It provides life cover to all members under a single policy, usually at no or low cost to the employee. In case of the insured person's death during the coverage period, the nominee receives a lump-sum amount (known as the death benefit). It is called "term" insurance because the coverage is valid for a specific period, typically as long as the person is part of the organization.