Group Insurance-IC83
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Introduction Group Insurance is the insurance for a group of people. It may include members of a professionals’ association or society or employees of an organization. Group Insurance provides life cover, health cover, and other types of personal insurance to the insured group. Group insurance policies are very popular among people and companies. Insurance companies have introduced group insurance policies to meet the insurance needs of specific groups. Group insurance has many advantages and the major among which is a life cover made available to members irrespective of their age, gender, or social background. In the case of a mishappening, group term life insurance policies provide financial independence to the employee's family. In the event of the insured's death, It also provides a monetary guarantee to the insured. There may be instances when some group plans offer uniform covers to all of their members while some plans offer ranked covers for various grades of members. Similarly, some plans offer coverage for housing, car loans, etc and some schemes have riders like critical illness benefits, disability benefits, and accident benefits, etc.
Salient features of Group Life Insurance
Group life insurance is ideal for employee benefit packages. The features of group life insurance schemes are as follow:
1. Group life insurance is cheaper than individual policy cover. The insurance company offer discount to the organization which provides group life insurance to their employees.
2. The minimum size of the group should be 50 members.
3. More number of members may be added at any time by the organization/company.
4. A pre-decided sum assured is paid to the beneficiary of the insured in case of death.
5. Add-on covers are provided as riders ensuring the critical illnesses, accidental deaths, etc.
6. Terminal illness is provided as a built-in benefit in group life insurance.
Various kinds of Group Medical Insurance
Group Medical Insurance: It is a very popular insurance plan providing many benefits. It may include even pre-existing diseases. Some diseases have no waiting period.Group personal accident insurance: Most of the group personal accident insurance not only covers the accidental death, but also the medical expenses that may include partial and total disabilities. This group insurance policy assists workers and their families by bearing a significant portion of the financial responsibility in the event of an injury while on the job.
Public liability insurance: This type of insurance is quite beneficial for employers. It is good to face the challenges of liability claims. Claims can be made by the clients or the public against the financial loss or physical injury.
Workers compensation insurance: Worker's compensation insurance is mostly taken by employers who know that their work is more prone to accidents and physical injuries. In manufacturing and construction units where even less than 20 workers are working, worker’s compensation insurance is mandatory to cover any mishappening and accidents during employment.