What is group term life insurance plan in SAP PA-BN - Benefits?

SAP Term: group term life insurance plan

• Component: PA-BN

• Component Name: Benefits

• Description: Life insurance coverage plan provided under a policy carried directly or indirectly by an employer.

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• Key Concepts: 
  Group term life insurance plan is a type of life insurance plan offered by employers to their employees. It is a type of group insurance plan, which means that the employer pays the premiums for the policy and the employees are covered under the policy. The policy provides a lump sum payment to the beneficiary in the event of the employee's death. 
  
  How to use it: 
  In SAP, group term life insurance plans are managed using the PA-BN Benefits component. This component allows employers to set up and manage group term life insurance plans for their employees. Employers can set up different plans for different groups of employees, such as full-time and part-time employees. They can also set up different levels of coverage for each plan. 
  
  Tips & Tricks: 
  When setting up a group term life insurance plan in SAP, it is important to make sure that all of the necessary information is entered correctly. This includes the name of the policy, the type of coverage, and any other relevant information. It is also important to make sure that all of the employees who are covered under the policy are listed correctly. 
  
  Related Information: 
  For more information about group term life insurance plans in SAP, please refer to SAP Help documentation or contact your SAP support team.