What is Group Insurance Policy?

Group Insurance refers to the type of insurance which covers a ‘group’ of people instead of one individual. The only condition is for all members of one group to be included 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 formal […]

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How does Group Insurance Cover work?

The group insurance cover is the single contract taken by a group administrator (i.e. a company, a society, etc.). The contract provides coverage to multiple beneficiaries (group members), i.e. the employees of the company. The administrator is responsible for the payment of premium in respect of a group policy. In case of any incident (which […]

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Types of Group Insurance Policies available in India

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

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How can I structure a Group Insurance Policy for employees ?

Structuring a Group Health policy depends on the structure of the organization. Small organizations; i.e. those consisting 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 different […]

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Some Important Terms Used in Group Insurance Contracts and Their Meanings

A group insurance is an arrangement in which a large number of people are covered under a single master insurance policy. Here are some of the terms, along with their meanings, which are associated with a group insurance contract- Groups: Outlined in the IRDAI group insurance guidelines, groups can be either employer-employee or non-employer-non-employee. Cultural […]

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