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. […]
What is Free Cover Limit or No Evidence Limit in Group Insurance Contracts?
In a Group Life Insurance policy, the insurer calculates the ‘free cover limit’ (FCL) for the scheme. A free cover limit is also known as the ‘Free cover level’ or ‘No evidence limit’. A free cover limit or no evidence limit is the amount of cover that each individual policy member can have without any requirement […]
Can You Buy a Group Insurance Policy for Your Group/Association?
You can buy a group insurance policy if there are members who gather together with a common purpose or engage in a common activity. Further, there are some other guidelines that should be considered to buy a group insurance policy, like: 1. Most of the group insurance policies are about the employer-employee. However, other groups […]
How does Free-Look and grace periods work in group insurance plans?
A group insurance policy is offered to a group of people, which can be both employer-employee and non-employer-employee. In a group insurance policy, there are two important terms that you should understand – Free Look Period – If a policyholder has bought a group insurance but is not satisfied with its term and conditions, there […]
What are the Benefits of a Group Insurance Policy?
As the term itself says, a group insurance policy is designed to offer insurance cover to various groups of people, like employers-employees, professionals, cooperative societies, credit card holders, etc. The main motive is to offer insurance cover to people at low premium rates. Most of the insurers in India have come up with group insurance […]
Benefits of Group Superannuation Plan
Ironically today, when there are higher chances of outliving our savings, very few employees, are taking out enough time to plan their retirement. The majority of them are not even inclined to save for retirement regularly. Employees are a valuable asset to any company, and as an employer, you can retain staff for longer by […]
Universal Insurance Principles can be applied to Group Insurance Policies
The universal principles of group health insurance include risk pooling, where the costs of healthcare are spread across a group of people, and community rating, where premiums are set based on the average cost of healthcare for the group rather than the individual’s health status. The aim is to ensure that big, medium, and smaller […]
Which group insurance policies you should buy for your startup?
Being an entrepreneur may sound like an exciting thing to you. However, there are certain things that need to be taken care of in order to ensure the smooth functioning of your business. Moreover, when you have a start-up, protecting it from all risks becomes more important because funds are limited, but the risks are […]
What all benefits are coverable under a group insurance policy?
As the term itself says, a group insurance policy offers insurance cover to a group of people, which can be employers-employees, professionals, cooperative societies, and certain other sections. The benefits of group insurance policies are available to people irrespective of their age, economic background as well as profession as long as they remain members of […]
Some Important Terms Used in Group Insurance Contracts and Their Meanings
group insurance is an arrangement in which a large number of people are covered under a single master insurance policy. So what are the important terms used in Group Insurance contracts and their Meanings? Here are some of the Important terms used in Group Insurance contracts, along with their meanings, associated with group insurance – […]