Most employers provide Group Insurance Plans to their employees, especially senior or more valuable ones. So, many of us might be covered under Group Term Plans, as well. However, we might not have much knowledge of how they work and the benefits available under these plans. Here’s a quick roundup of the nuances and benefits […]
Articles Tagged: Group Insurance cover
What is Group Insurance Policy?
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): […]
Types of Group Insurance Policies available in India
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 […]
How can I structure a Group Insurance Policy for employees ?
Structuring a Group Insurance policy depends on the structure of the organization. Small organizations; i.e. those consisting of 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 […]
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 – […]