Group Insurance Policy

What are Group Insurance Plans?
How are they beneficial to me?
Who should buy this plan?  

What are Group Insurance Plans?

Group Insurance offers life insurance protection under group policies to various groups such as employer-employee, professionals, co-operatives, weaker sections of society etc. It also provides insurance coverage to people under certain approved occupations at the lowest possible premium cost. Besides providing insurance coverage, it also offers group schemes to employers, which provide funding of gratuity and pension liabilities of the employers.

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  How are they beneficial to me?

Group insurance plans have low premiums. Such plans are particularly beneficial to those for whom other regular policies are a costlier proposition. Group insurance plans extend cover to large segments of the population including those who cannot afford individual insurance. As such the premia you need to pay is comparatively lower and at the same time you can avail of insurance benefits.

The main features of the schemes are low premium and simple insurability conditions. Premiums are based upon age combination of members, occupation and working conditions of the group.

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  Who should buy this plan?

A number of group insurance schemes have been designed for various groups. These include employer-employee groups, associations of professionals (such as doctors, lawyers, chartered accountants etc.), members of cooperative banks, welfare funds, credit societies and weaker sections of society. Creditor-Debtor groups are also offered group insurance schemes.

Group insurance schemes providing uniform cover can be granted to outstanding loans. These groups are Members of primary housing societies where housing loans are granted by State Apex housing societies, borrowers granted loans by Institutional agencies in Public/Joint Sectors for housing purposes and borrower members of cooperative societies/banks formed by employees of the same employers.

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