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.
Group Insurance is a contract that covers a certain group of people under insurance coverage irrespective of age, gender, economic status, and so on. This plan aims to provide the same amount of insurance coverage to all people such as life insurance, health insurance, disability insurance and so on. This type of group insurance policy is usually opted by large organizations to provide insurance coverage for all of their employees. Dependents of covered members such as kids, spouses and other family members are also covered under group insurance.
There are different types of Group Insurance available that one can opt for, depending on their needs and requirements. In India, there are two main types of groups that can be benefitted from group insurance scheme:
Group Insurance Plans can be classified on the basis of different criteria, such as, Type of Coverage, Financing Method, Group Size, Plan Design and Underwriting Method.
It can also be classified as Contributory and Non-contributory.
There are different types of group insurance plans available in India. Here, we have listed a few of them for your consideration.
The following are some of the key features of group insurance:
Understanding the importance of group insurance is essential for anyone looking to protect themselves and their loved ones. Here are some reasons why group insurance may be necessary:
Several key factors can influence the premium costs of group insurance policies. Here are some of the most important factors to keep in mind:
To be eligible for Group Insurance, certain criteria must be met. Here are some of the eligibility criteria for Group Insurance:
Group Insurance is a type of insurance policy that covers a group of people under a single policy. The premium for a Group Insurance Policy is calculated based on several factors, including:
To determine the premium, the insurance company will assess the level of risk involved in insuring the group. This risk assessment is based on the factors mentioned above. Generally, the larger the group and the younger and healthier the members, the lower the premium will be. On the other hand, if the group has a history of high claims or works in a high-risk industry, the premium may be higher.
SecureNow is one of the leading insurance brokers, where policy buyers can renew and buy their insurance policies online without any hassle. They aim to provide affordable and efficient risk insurance to small and medium business enterprises. Now, there are many reasons why you should buy group insurance online from SecureNow instead of other insurance brokers. We have mentioned some noteworthy distinctions below that will help you to make decision while choosing the Insurance broker for your business.
Leverage specialized underwriters and international experts unique for each line of business.
Works with all the leading insurers to discover the best price for most comprehensive features.
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.
Access your insurance policies through single login; service requests, MIS, and renewal alerts.