Planning to buy a group insurance cover? We have got you covered with some of the exclusive benefits that you could avail yourself of while buying the insurance cover for your employees. Listed below are some of the salient features available in the SecureNow platform : Securenow is a leading, award-winning, tech-enabled insurance broking firm. […]
Articles Tagged: group insurance
Group Term Insurance: Has the landscape changed post-Covid 19?
Covid-19 brought in unprecedented challenges, the group insurers also faced a new set of challenges. So, the industry was already stressed due to the increasing medical costs, reduced demands, severe competition for markets share, etc. The bouts of waves are indicative of repeated economic disruptions and pressure upon medical infrastructure. In fact, the industry has […]
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 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 […]
What affects the Premium of Group Term Life Policies?
A group term life policy is purchased by an organization, to cover a minimum number (group) of employees. The very nature of the group term life policy affects the premium amount. An employer usually chooses to cover all insured members under the same risk and therefore, pays a lump-sum premium to the insurance company. It […]
10 Factors Organisations Must Be Aware Of While Offering A Group Policy
Group Insurance Schemes can be one of the best employee benefits that an organization can provide to its employees. These policies enable the employer to fulfill the individual’s personal requirements by providing him financial security. After retirement and in special cases like accidents, physical injury, or bad health conditions. The benefits of the Group Policy […]
Why information gaps in insurance must be closed
Published in Mint on JUL 20 2016, Written by Kapil Mehta Information breathes life into our decisions. It improves industry conduct and, in insurance it reduces grossly wrong choices. At its best: information is simplified, data clutter is removed and the focus is on essential facts. Unfortunately, the insurance ecosystem—and I include hospitals in that—is still […]
Portability between insurers is allowed for individual products
Published in Mint on JUN 14 2016, Written by Abhishek Bondia I want to insure the interior furnishings of my office. What kind of insurance would be suitable? The structure of the office is already insured. —Keshav Sinha You should buy a standard fire and special perils policy. This policy will cover risks such as […]
Professional indemnity cover premium depends on speciality
Published in Mint on 23rd Dec 2014, Written by Abhishek Bondia I might need a joint replacement surgery soon. Can I take an insurance policy to meet my surgery related expenses? —Vaibhav Ghosh Insurers will consider your joint replacement as a pre-existing ailment and exclude it for a few years. Many insurers also explicitly include […]
Disclose all facts accurately in mediclaim proposal form
Published in Mint on 24th June 2014, Written by Kapil Mehta I am a 50-year-old male. I was a smoker for about 20 years, till the age of 45. Do I need to disclose this while purchasing a health cover? What effect will this have on the premium? —Puneet Ishrat Be as precise as possible […]
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 […]