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What are the advantages and disadvantages of a group-based indemnity policy?

A Group-based indemnity policy comes with both advantages and disadvantages. Advantages of Group-based indemnity policy – 1. Waiver of medical underwriting – Medical tests are not mandatory for group insurance schemes. Hence, guaranteed policy issuance for members who may have pre-existing medical conditions. 2. Waiver of waiting period for pre-existing diseases – Individual policies generally […]

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5 Group Policies which are a must for any Organization

A successful organization is made with the efforts of its employees. They work efficiently together to take the organization to desired heights. Being the owner, it is your responsibility to work towards the welfare of your employees. You would realize that constant motivation is the key to the efficient work of any employee, whether a […]

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What is Group Insurance Policy?

Group Insurance Policy refers to the type of insurance which covers a ‘group’ of people instead of one individual. So, the only condition is for all members of one group to include in a single policy is that the group’s risk should be homogeneous. The ‘Groups’ can be of two types: Formal Groups (Employer-Employee): The […]

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Types of Group Insurance Policies available in India

Following are the different types of group insurance policies available in India: 1. Group Term Life Cover: This type of policy offers a life cover to each member (insured) working in the group (organization). The premium is collected from the group owner which can be deducted from the salary of the employees on a monthly […]

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How can I structure a Group Insurance Policy for employees ?

Structuring a Group Insurance policy depends on the structure of the organization. Small organizations; i.e. those consisting of less than 50 employees, will have a very different set of hierarchy than that of a large organization comprised of 10,000 employees. Depending on the homogeneity of the group members the organization may even have to purchase […]

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Conversation With SecureNow-Health Plan

Below video is an extract from Your Money show of CNBC Awaaz aired on 20th September 2016. The show discusses the importance of buying health insurance at an early age. It discusses no claim bonus and waiting period in mediclaim policies. It also shares a perspective on whether a person should buy an individual health […]

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Few insurers give group term cover even for 10 employees

Published in Mint on, Dec 04 2012, Written by Kapil Mehta My adviser has asked me to purchase a keyman insurance. What are the benefits? —Singh Keyman is a term insurance that is purchased by a company on the life of its key personnel. If the key person dies, the death benefit is paid to […]

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Only the defined set of groups can buy group insurance

Published in Mint on 17 November, 2015, Written by Abhishek Bondia I am part of a large charitable trust. Can we buy life insurance policy for all members? We are not employees of the trust. —Karunesh Walia The Insurance Regulatory and Development Authority of India has defined eligible groups for the purpose of group insurance. […]

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Can I sue my employer for not having worker’s compensation?

The Workmen Compensation Act, 1923 provides for the payment of compensation to workmen and their dependents in case the workmen get injured or die in workplace accidents or contract an occupational illness during the course of employment. As per the provisions of the Act, the employer is liable to pay the compensation to the workmen […]

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Contractual workers can be covered under group term plan

Published in Mint, Written by Kapil Mehta I will be taking an online term insurance in this month. Being a central government employee (36 years old), my family and I are eligible for pension after 20 years of service. Presently, I am in my 12th year of service. Should I take the term up to […]

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