What is Group Insurance ?

Group Insurance cover a group of people with a single insurance policy, in this insurance plan, covers a group of people usually who are the members of company or employees, professionals, society in a common group.

Group Insurance Criteria

Insurable Groups include :

– Labor unions
– Trade associations
– Individual Employers
– Fraternal associations
– Creditor / Debtor Groups
– Multiple Employer Groups

Types of Insurance

Group Term Life Insurance

The main feature of this plan is to cover the risk of death but the benefit is payable on natural or accidental causes death, and no extra benefits are payable at the end of the one-year renewal contract.

Group Health Insurance

This insurance plan is a type of group health plan which provides health insurance coverage for insured members.

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

Group Personal Accident

The personal accident insurance policy may cover, accidental death sum assured, benefits of permanent disability & partial, fund for learning, temporary total disability (T. T. D.) benefits, accidental medical expenses, break the bones, expense on medicine purchase from abroad, the cost of buying blood, It has to be admitted due to an accident. The insurance company shall pay to the insured or legal personal representative.

Plan Conditions

– The salaried person can take insurance up to 10 times their annual income
– A business person can take up to 20 times of their annual income
– Up to a maximum of 50 lakhs after
– Insurance is available up to 10 times the annual income

General Types of Group Insurance


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


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.

The benefit of Group Insurance

  • – No minimum hassles for pre-policy medical tests.
  • – The premium rate is comparatively lower than individual rates.
  • – Forms an integral part of an overall employee benefits package.
  • – Fast and smooth handling of claims or any queries.
  • – Well design process ensures smooth functioning.


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 an 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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