What Is Group Insurance Policy?

A single policy that refers to a group of people, typically employees of the same company or members of the same association and their employees.

The cover is based on a policy statement issued to the employer or the association.

The group insurance covers a certain group of persons, eg B. Members of a professional association or a company or employees of an organization.

The group insurance may offer life insurance, health insurance or other types of personal insurance.

Most insurance companies in India have group insurance policies that meet the needs of specific groups, including professionals, employers, workers, cooperatives, etc.

Group insurance has several key benefits, including life insurance, available to members regardless of age, gender, socio-economic background or occupation, as long as they belong to the application group.

Their has two types of “Group”:

  • Formal groups (employer-employee): Formal groups include organizations or companies where the employer has insurance to protect the members of his organization.
  • Informal groups (non-employees): These groups include members of similar cultural or social organizations. As a rule, the group administrator buys insurance to cover group members.

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Importance & Benefits Of Corporate Insurance – In Hindi

Types Of Group Insurance:

There are 6 type of group insurance :

  • Group Health Insurance
  • Group Term Life Insurance
  • Group personal accident insurance
  • Worker compensation insurance
  • Public liability insurance
  • Group travel insurance

Group Health Insurance: (Group Mediclaim)

A group health insurance contract is purchased by an employer for the appropriate employees of a company.

One of the service packages offered by employers to key employees, a group health insurance, may in some cases include family members of employees.

Also Read: Compare Health Insurance Online

Key Features of group health insurance:

  • Some policies may cover the cost of transportation, with the exception of fees for surgeons, anesthetists and consultants. In addition to the costs of anesthetics, oxygen and diagnostic equipment, the costs for X-rays and dialysis are also incurred.
  • Offer cashless service and direct payment of bills to the hospital.
  • Offer to cover expenses before and after hospitalization for a certain period.
  • Some guidelines may offer maternity benefits.
  • Less than 24 hours hospitalization for certain procedures such as chemotherapy, eye surgery and tonsillectomy.
  • Extended coverage of some critical illnesses about the benefits of hospitalization.
  • For some insurance policies, existing illnesses may be covered after paying an additional premium.
  • Some policies may cover the cost of the apartment.
  • Optional benefits include the elimination of waiting time, first year exclusions and the reimbursement of ambulance costs.

Group Term Life Insurance:

If you are an employee, you can benefit from group insurance proposed by your employer and ensure that the future of your loved one is secure, as you will receive a death benefit.

The group term life insurance refers to the insurance cover for a group of persons. Group life insurance systems provide the employee’s family with financial independence in the event of death. It is intended to give a financial guarantee to the beneficiary covered by the group life insurance in the event of death of the insured person.

Also read: Compare Life Insurance | Best term insurance plan

Key Features of Group Life Insurance:

Corporate terms have many attractive features that make them ideal for employees. Here are some of the many features of group life insurance:

  • Members can be added anytime in the year
  • In the event of death, the beneficiary of the insured will be paid a pre-determined amount.
  • The drivers receive additional cover for critical illnesses, accidental death, disability etc.
  • The application process is quick and easy
  • The minimum group size is 50 members
  • A deadly disease is rendered as an embedded power
  • Cover cheaper than a single policy
  • Employees can enjoy the benefits they are entitled to while maintaining a healthy and strong relationship with employers

Group personal accident insurance:

As the name implies, Group personal accident insurance is an insurance policy issued by an institution or organization to a group of persons.

The main objective of group personal accident insurance is to provide comprehensive financial protection against the high costs associated with disability or accidental injury.

Group personal accident insurance is helpful to employers who are constantly looking for ways to protect their employees from certain risks that could lead to death or permanent disability.

The product is available to employees and the Board of Directors or the owner of a company.

The multiple benefits that the group personal accident insurance plans offer play a very important role in each individual’s life.

Key Features Of Group Accident Insurance –

Now that you know the importance of group personal accident insurance, let’s talk about some of the highlights of group personal accident insurance:

  • The group personal accident insurance of the group covers all accident costs.
  • In the event of accidental death of the insured, the candidate will be paid 100% of the insured sum.
  • The insured sum is paid at 100% if the insured loses the significant members.
  • Half of the sum insured will be paid to the insured person if there is a partial disability.
  • In case of total temporary disability, the insured person will be paid a certain percentage of the insured sum.
  • It also provides cover for the injured person’s broken bone as a result of an accident.
  • This policy provides protection against burns of the insured as a result of an accident.
  • Some group insurances for personal injury include heart attacks and strokes.

Worker Compensation Insurance:

Worker compensation insurance(Group Insurance ) is the main method by which an employer can demonstrate that he / she can meet the obligations imposed by the worker’s compensation status.

It is a compensation payable under a system set out in the Indian Workmen’s Compensation Act and controlled by the Ministry of Labor.

The policy covers the statutory liability of an employer in the event of death or injury to workers caused by an accident during employment.

Key Features of Worker compensation insurance:

It is the type of group insurance. The policy covers an employer’s statutory liability for death or personal injury caused to workers by accidents occurring during and during the employment relationship.

Cover for:

  • Death
  • Permanent total loss
  • Permanent partial unlocking
  • Temporary disability
  • In addition, court fees and expenses are payable with our consent
  • The guideline can also be expanded to include the medical costs for the necessary treatment

Public Liability Insurance:

Public Liability insurance under the PLI Act of 1991

Every business is carefully cultivated for growth and profit. But as in life, accidents inevitably happen.

For example, a customer slips and twists the ankle over damp floors on the premises, leading to hospital stays.

The policy exempts you from any claims arising out of accidents, injuries and damage that occur as part of your business activities in your business premises.

For greater protection, the scope of application may be extended to the legal burdens of sudden and accidental pollution, to the dangers of force majeure, to the transport of dangerous substances, etc.

Risk positions and public responsibilities The consequences of the law can abruptly stop a promising future.

With the Public liability insurance you are subject to these legal obligations and offer your company the best protection.

Group Travel Insurance:

As the name of this type of group insurance suggests, Group travel insurance protects a group of people travelling together from medical or travel issues. Whether it’s a medical emergency or a financial crisis while travelling, this insurance covers everything.

Travel insurance can be divided into two categories: group insurance for international groups and travel insurance for national groups.

In addition, a potential customer can do this for a single trip or for multiple trips. You can, therefore, take out travel insurance for a group if required.

To Buy Online Travel Insurance

Group Insurance scheme:

The group insurance scheme is a life insurance for groups of people.

This group insurance  scheme is ideal for employers, associations, companies, etc. And so you can benefit from collective benefits at a very low cost.

Benefits Of Group Insurance:

To this end, companies take  life and work plans for employees and employees, including group insurance premium programs.

It is very different from other types of insurance that deal with raw materials and other materials.

In the case of such insurance, there are certain replacement and repair values.

1. Additional protection:

The group insurance premium system offers the insurer additional protection.

This is in addition to the group insurance policies that you may have already signed for you and your spouse.

The discussion about group life insurance may seem boring at first, but is very important in our lives.

You must make the decision about group insurance plans or the plan at an early stage of your life.

2. Death benefit:

Once you’ve decided on the group insurance reward plan, you’ll need to determine the number of death benefits you’ll need next.

Those who opt for a higher death bonus must pay higher premiums. In order to obtain the correct coverage and also a reasonable premium, it is necessary to evaluate the death conditions according to the current situation.

When you apply for the Group Rewards program, make sure you get the best group life insurance.

3. Easy availability:

You can use the online group life insurance system because most insurance companies are able to provide insurance coverage online.

The requestor only needs to enter his contact information, and the company receives the data and sends their representative to the insurer to provide further details.

With Online group insurance plan, the extension can also be made online.

It is not necessary to go physically and make renewals. It is always advisable to have a group insurance plan system as it additionally protects you and your family.

4. Insurance is important for employees:

The group life insurance must be completed when a person is young and healthy.

The group life insurance premium is much lower and cheaper when a person is young. In fact, those who are young should be healthier and fit. Help

The amount paid for coverage is much lower than for the elderly. Another important thing in group life insurance is the amount of coverage you need to choose: you can choose the type of coverage you want.

Also Read: Whole Life Insurance Plan

You need to make sure that the coverage you make covers your principal debts, mortgages, credit and credit card debt.


Article written by
Swapnil R. Chavan (Digital marketing & SEO Executive )


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