Individual life:

These are long-term life insurance contracts underwritten on individual basis, covering the life of insured. These contracts protect the Company’s policyholders from the consequences of events (such as death or disability) that would affect the ability of the policyholder or his/her dependents to maintain their current level of income.
Guaranteed benefits paid on occurrence of the specified insurance event are either fixed or linked to the extent of the economic loss suffered by the policyholders. There are benefits to be paid on maturity or surrender benefits. These are taken into consideration by the actuary while determining life reserves for unexpired risks.

Group life:

These are short term life insurance contracts underwritten on a group basis, the lives covered usually being employees of a corporate policy holder. These contracts protect the Company’s policy holders (the employer) from the consequences of events (such as death or disability) that would affect the ability of the policy holder or his/her dependents to maintain their current level of income. There are no guaranteed benefits for the policyholders. There are no maturity or surrender benefits.