Why Group Insurance?

Group Insurance plans cover a group of people with a single insurance policy. These plans can be bought by organizations for providing cover to their members. The members covered under the single insurance policy are collectively referred to as a ‘Group’.

An insurance that covers a group of people, usually who are the members of societies, employees of a company or professionals in a common group.

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Eligibility & Identified

Eligibility Criteria

– The Group should have a legal existence.
– It should have defined objective/ purpose/insurable interest of its creation.
– It should not be created for taking insurance.

Groups Identified

– Bank Employees/Shareholders/Accountholders
– Petrol/Gas Stations
– Industries/Mills
– Hospitals / Hotels
– Educational Institutes

Types of Insurance

Group Term Life Insurance

The main feature of this plan is to cover the risk of death.Benefit is payable on death due to natural or accidental causes. No survival benefits are payable at the end of the contract. One year renewable contract.

Group Health Insurance

A group health insurance plan is a type of group health plan that provides actual health insurance coverage.

A group health insurance policy is purchased by an employer (or employee organization) and is offered to eligible participants, and to eligible dependents of participants. With group health insurance, the risk is spread over the company — the number of participants covered.

Group Personal Accident

The purpose of personal accident insurance is to pay fixed compensation for death or disablement resulting from accidental bodily injury.

The personal accident insurance policy provides that, if at any time during the currency of this policy, the insured (person who has taken the policy) shall sustain any bodily injury resulting surance company shall pay to the insured or his legal personal representative(s), as the case may be, the sum or sums set, forth, in the policy, if resulting in specifiesolely and directly accident caused by external violent and visible means, then the insurance company shall pay to the insured or his legal personal representative(s), as the case may be, the sum or sums set, forth, in the policy, if resulting in specifie

General Types of Group Insurance

Premium

The premium under such scheme is wholly paid by the employer. However, the scheme may be contributory i.e. the members may also contribute.

Administration

Group representative needs to inform insurer on regular basis for addition & deletion of members. Other changes & administration will be handled by a single handler both at insurer & client’s end.

Benefit of Group Insurance

  • – No/minimum hassles for pre-policy medical tests.
  • – Premium rate is comparitively lower than individual rates.
  • – Forms an integral part of an overall employee benefit package.
  • – Fast & smooth handling of claims or any queries.
  • – Well designed process ensures smooth functioning.

FAQs

Insurance is a hedge against the occurrence of unforeseen incidents. Insurance products help you in not only mitigating risks but also helps you by providing a financial cushion against adverse financial burdens suffered.

Accidents… illness… fire… financial securities are the things you’d like to worry about any time. General Insurance provides you the much-needed protection against such unforeseen events. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory.

It is very important to have adequate amount of coverage for each insurance policy. For any asset or property insurance, the value of the asset based on market value or reinstatement value should be taken into consideration before deciding Sum Insured. If the Sum Insured is not adequate, the percentage representing the uncovered portion of the asset is to be borne by the insured.

Almost everything that has a financial value in your life and has a probability of getting lost, stolen or damaged can be covered through insurance. Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also your liability towards others can be covered.

Accidents and mishaps can occur anytime and anywhere. It is important to identify the risks faced and insure oneself against these at the earliest.

Premium is the fixed amount of sum paid over the period by the insured to the insurance company to take insurance policy and to complete the contract of insurance.

It is the consideration of material fact to assess the risk and to take the decision whether to accept the risk for insurance contract and if so at what rate of premium.

It is an arrangement by which insurance companies spread their risk with other underwriters or reinsurance companies.

The amount, which the insured has to bear in all cases and this amount, is first deducted from the total assessed payable claims amount before determining the insurance company’s liability.

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