As the festival of lights, Diwali approaches, the entire country is lit up with vibrant colours, bustling markets, and a surge of seasonal businesses catering to the festive crowd. From online to offline, there is a festive vibe everywhere. From the large shops offering huge discounts and exciting offers to small stalls selling festive decors […]
A Group-based indemnity policy comes with both advantages and disadvantages. Advantages of Group based 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 […]
Group Insurance Policy refers to the type of health insurance that 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 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 […]
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 – […]