Group insurance policy

Group insurance is an insurance policy that provides coverage to a group of people, typically employees of a company or members of an organization. It offers a range of benefits such as health, dental, vision, life insurance, and disability coverage, at a lower cost than individual insurance policies.

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What is Group Insurance?

Group Insurance is a type of insurance coverage for a defined group of people under one single policy. For example, employees of an office, members belonging to a specific organization or a society. Instead of buying insurance for every single individual in an organization, group insurance provides coverage to all the members. Generally, employers offer group insurance to their employees as an additional benefit apart from the statutory allowances.

Features of Group Insurance

Most insurance companies have extensive group insurance plans to meet the insurance requirements of offices and organizations. Group insurance plans have distinct features that set them apart from the rest of other insurance plans. Below are some of the features of group insurance.

  • Coverage to every member: No matter the number of people, a group insurance covers every member of the group under one single policy.
  • Standard Coverage: The benefits of this insurance policy remain the same for all the insured members in the group irrespective of their position in the organization.
  • No Limitation:There’s no size limitation while going for group insurance. Whether the group has 500 members or a mere ten members, everyone can receive insurance coverage.
  • Coverage ends when you leave the employment: Group insurance is active as long as you are a member of the group, which bought the insurance policy for you. When you end your association with your company by resigning or retirement, your insurance coverage automatically stops.

Types of Group Insurance Plan

Most insurance companies offering group insurance plan under these four categories:

family-insurance

Group Life Insurance

Group Life insurance is a type of insurance which provides a death benefit to the nominee of the insured member of the group. In the event of the death of the insured member, his/her nominee will be eligible to get the compensation. However, if the insured member survives the coverage period, no maturity benefit shall be provided.

Individual-h-insurance

Group Medical Insurance

Group Medical Insurance is a type of insurance which provides medical coverage to all the insured members. It covers hospitalization charges, ambulance charges, and other daycare benefits to the insured members and their families.

Senior-Citizen-insurance

Group Personal Accident Insurance

This insurance policy provides compensation to the nominees if the insured member dies or suffers any permanent/partial disability due to an accident.

Accidental policy

Group Travel Insurance

Group travel insurance is provided to people who frequently travel as part of their jobs. It covers emergency hospitalization, passport loss, baggage loss, and other emergencies that may occur while travelling.

Benefits of Group Insurance

Every plan has its own set of benefits. A group insurance policy not only benefits the member of the group but also the organization. Here are the benefits of buying group insurance from an employer/organization point of view.

Benefits to Organization

Low Premium payment
Health insurance provides you financial cover for medical emergencies which may be unaffordable otherwise. It can pay for expenses like hospitalization, medical tests, doctors’ and surgeons’ fees and ambulance charges as per the terms of your policy. Some health policies pay a lump sum on diagnosis or recommendation of surgery.
Enforces Trust
Buying an insurance plan for your employees increases the trust in the organization, thus helping forge a long term relationship. If an organization provides insurance for all the employees, it will enable them to work stress-free. It also acts as a motivating factor.
Tax Benefit
A group insurance comes with a benefit of tax exemption. The organization can claim waiver while filing the income tax.
Easily Customizable
A group insurance is easily customizable as per the sub-groups under your organization.

Benefits to Employee

Free
Generally, most employers these days provide a group insurance policy to all their employers without deducting from their salary. Employees can stop worrying about spending money to buy an insurance policy as long as they are part of the group. It's a boon for people in the lower-income group.
Family Coverage
Most insurance plans extend coverage to the member's families automatically. For instance, most insurance providers provide coverage for the member's spouse and dependent children.
No Prior Check-up
Group insurance plans do not require members to undergo procedures like a medical check-up. As soon as they come under the umbrella of the group, the insurance facility is provided automatically without any pre-requisite conditions.
Chance to convert to an individual insurance policy
Many Group Insurance Plans provide an option for the group member to convert their existing policy to individual policy, once they exit the group.

Eligibility Criteria For Group Insurance Policy

  • All members should be a full-time member of the group.
  • The minimum age entry to enlist in a group insurance policy is 18.
  • Maximum age limit depends on the insurance provider. Generally, the insurance companies provide cover for members up to 60 years of age.

How to buy group insurance policy at Fincover?

Buying a group insurance policy at Fincover is a hassle-free process. Just follow the below steps to get a group insurance coverage for your employees.

  • Login to "Fincover"
  • Select the type of group insurance you want to buy (life/health/accident coverage)
  • Furnish all the necessary details about the employees and your organization
  • Select the best plan that suits your budget
  • Complete the purchase and have your employees insured
How to buy