A Group Life Insurance contract covers the members of a particular group. The group could be employees, members of a club, society, association etc. It provides financial compensation in the event of death of a member of the group. In the case of employers, Group Life Assurance policy or Death-in-Service benefit scheme is a contract of insurance designed to provide for the payment of a capital sum (Sum Assured) to the dependents of an employee who dies while in service of the employer.