Several benefits provided under a group insurance plan are either not available in an individual insurance or are available with restrictions e.g., pre-existing diseases cover from day 1.
A group insurance plan leverages economies of scale to offer better coverage for a relatively lower premium than an individual insurance. Costs could be upto 50% lower than individual plans.
Group insurance plans allows a cdompany to customize insurance benefits. For example, you can cover maternity benefits in a group health insurance plan with or without a waiting period.
Buying and maintaining a group insurance plan is siginificantly easier than managing multiple individual plans for employees. For example, waiver of medical underwriting for individuals.
A group insurance scheme or policy is a master plan that covers members of a particular group. Group insurance policies are mostly bought by employers for their employees. Group insurances are created to provide better protection at reduced cost as the provider’s cost is spread across a large number of policyholders. Group insurance can also be bought by organizations to cover their customers, borrowers and channel partners.
Following are some common types of group insurance policies:
All leading Life Insurers, General Insurers and Standalone Health Insurance companies offer group insurance policies. The group business contributes around 50% of the total premium for certain lines of businesses. Some key insurers include: ICICI Lombard, LIC of India, The New India Assurance Company and National Insurance.
Eligibility criteria varies by insurance companies. Some of the common eligibility criteria are:
The following are the steps:
Following are the steps to be taken to make a claim under group insurance policy:
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Get cover note issued within 24 hours. All service requests are resolved in pre-defined TATs.
Manage all aspects of claim including insurer, surveyor & TPA co-ordination, and documentation.
Receive risk diagnostic reports, themographic studies, policy analysis, and wellness programs.
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