Following are the different types of Group Insurance Policies available in India:
1. Group Term Life Cover(Group Term Plan):
This type of policy offers a life cover to each member (insured) working in the group (organization). While the premium is collected from the group owner, same can be deducted from the salary of the employees on a monthly basis. Hence, out of different types of life insurance plans available, a group life insurance plan is most preferred as it provided financial protection of members.
2. Group Health Cover:
The group medical cover is to meet the unpredictable medical needs of each group member. Further, this health insurance covers pre-existing diseases along with the diagnosis costs. In some cases, it covers maternity expenses, visionary treatment, and dental checkups too. Therefore, may function in the form of a cashless card form or the reimbursement of medical expenses up to the limit specified.
The inclusive coverage of family members under a Group Health Insurance policy, ensures comprehensive healthcare for your employees family.
3. Group Personal Accident Insurance Coverage:
This policy compensates the insured group’s members in case they meet with an accident during their employment. Indeed, it offers protection and support to injured individuals, helping them cope with medical expenses and loss of income resulting from such incidents.
4. Workers Compensation Insurance:
This policy covers all the employer’s liabilities under the Workers’ Compensation Act 1987. Notably, employers like the construction units and manufacturing hubs must have this insurance policy, as workers (even if the number is less than 20) operate at a high risk of a fatal accident which may follow the partial or even complete disablement of their own selves.
5. Group Pension/Superannuation Plans:
Pension plans are said to be the best insurance cover because they promise a sense of safety and security. Something which promises a regular monthly income even after 60 is worth sharing the pride. There are different formats of a pension plan are the Provident fund, Gratuity, and Superannuation.
6. Public Liability Insurance:
This is suitable for groups that are involved in direct public dealing or provide professional services to individuals. Such individuals can be held responsible for the results of their decisions made while providing the service and may face legal scrutiny and penalties. This insurance covers such expenses incurred by the insured group or its members.
7. Group Travel Insurance:
Covers the hazards faced by travelers, including theft of documents and luggage. Can also include health cover for the group members, ensuring their well-being and access to necessary medical care.
Discover diverse group insurance policies in India: life and general, with sum assured, tax benefits (Section 80C), and car insurance. Insurance pays with unit-linked insurance plans; explore types of general insurance under the Income Tax Act. Discover India’s life insurance and general insurance, linked to the various types of the income tax act.
The case for Types of Group Insurance Policies
Garg & Associates, a top Indian law firm, serves nationwide clients and diverse legal domains. With 50+ lawyers and 30 consultants annually, it’s a significant presence in the legal landscape.
The firm offers life and health covers for all its members and, as well as their families upon joining. The firm is considering a personal accident cover as well, after Dr. Jatin Chaudhary, a senior civil lawyer met with an accident and became permanently disabled. Consequently, he had to transfer many of the cases to his partners due to his condition and there was no compensation mechanism for the income loss.
Importantly, the firm also has a group superannuation plan for its members and employees which ensures that employees can self-sustain after retirement. The firm has strict policies and protocols and advises utmost care and diligence in its dealings with clients but for any eventuality, they have insured with Public liability insurance.
In know more about different types of Group Insurance Policies available in India, you can call to us at +91 96966 83999 or write to us at support@securenow.in
About The Author
Himanshi
MBA Insurance Management
With over 8 years of dedicated experience in the insurance industry, Himanshi has established herself as a leading expert in group insurance. As a prolific writer for SecureNow, she produces informative and engaging blogs and articles that shed light on the intricacies of group insurance, helping businesses and individuals make informed decisions about their coverage options. Throughout their career, Himanshi has developed a deep understanding of various aspects of group insurance, including employee benefits, policy selection, and risk management. Their expertise allows them to translate complex insurance concepts into clear, actionable insights, making their content an essential resource for readers looking to navigate the world.
