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 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:
Some key insurance companies excelling in group insurance include: ICICI Lombard, LIC of India, The New India Assurance Company and National Insurance. For certain lines of businesses, group insurance contributes around 50% of the total premium. Insurance.
Eligibility criteria varies by insurance companies. Some of the common eligibility criteria are:
Following are the steps involved in online purchase of group insurance:
Under group insurance claim can get settled by an insurer in two ways:
Cashless Claims - cashless claim means, a policyholder, need not pay the bill as the insurance company will settle it with the hospital (as part of claim settlement), as it is a network hospital. Policy holder may have to sometimes pay a nominal amount though.
Reimbursement Claims -In case of treatment undertaken in a non-network hospital, a patient and policyholder, settle the hospital bill on your own and then submit the health insurance claim application to his/her insurance company for applicable reimbursement.
The insurance company must be informed about the emergency at the earliest. Below listed documents should be submitted to the insurer, including for the claim process:
The insurer will verify, through it’s in-house claims processing department, the claim as per the coverage available under the group insurance scheme
Many insurance companies may rope in TPAs, which are separate organizations, to help in managing the claim settlement process. Their work is usually related to facilitate coordination between policyholder and the insurer for claim settlement.
There are two types of groups that can be covered under Group insurance:
Group Insurance policies are also broadly classified into two types basis who is contributing the premium amount:
Group insurance policy comes with lot of advantages, but the biggest one is the cost savings. Grouping individuals together allows insurance companies to provide much lower rates to companies.
The main advantage of a group members plan is that it spreads risk across a pool of insured individuals. This benefits the group members by keeping premium amount low, and insurers can better manage risk when they have a clearer idea of who they are covering. In a group insurance, all the members of a pre-existing group are provided uniform or graded cover through a single or master policy issued by the insurers. In respect of housing, car or personal loan, such a scheme proves to be a source of tremendous relief to the surviving members of the family.
For aforesaid reasons, getting a Health Care cover from a company is the most effective way of having your loved ones covered all the times.
The main advantage of a group members plan is that it spreads risk across a pool of insured individuals. This benefits the group members by keeping premium amount low, and insurers can better manage risk when they have a clearer idea of who they are covering. In a group insurance, all the members of a pre-existing group are provided uniform or graded cover through a single or master policy issued by the insurers. In respect of housing, car or personal loan, such a scheme proves to be a source of tremendous relief to the surviving members of the family.
Below is the list of factors that influence the premium of a Group Insurance plan:
SecureNow’s expertise is more than just about insurance policies. Our training and experience focus not only on specific types of insurances, but also risk management. We can help you to get the right group insurance plans, by actively working as an advisor or negotiator on your behalf. It doesn’t cost you anything extra to use our services.
We as an insurance broker;
Group Insurance covers insurance needs of a defined group of people including professionals, employers-employees, co-operative societies, amongst others. Group Insurance may offer life cover, health cover, and/or other types of personal insurance.
Amongst many benefits of group insurance, chief benefit is a life cover made available to members irrespective of age, gender, socio-economic background or profession, so long as they belong to the group that is applying for insurance.
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