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What is group insurance?

Group insurance is a type of insurance policy that covers a group of people under a single plan. It's typically offered by employers or organisations to their employees or members at a reduced cost. As the risk is spread across all members, it commands lower premiums compared to individual insurance plans.

Key features of group insurance policy

Some key features of a group insurance policy are as follows

  • Extensive coverage: Group insurance offers a range of benefits, including health, life, personal accident, travel, etc.
  • Low premiums: Group insurance has lower premiums compared to individual plans. This is because the cost is spread among all members.
  • Easy enrolment: Group insurance policies usually have simple and quick enrolment processes. There’s minimal paperwork involved
  • Uniform benefits: Lorem ipsum premiums compared to individual plans. This is because the cost is spread among all members.
  • Convenient administration: The policy is managed by the employer or organisation offering the policy. This simplifies the process of policy administration and claims.
  • Employer contribution: Often, employers contribute to the plan's premiums, reducing the financial burden on employees.
  • Coverage till you are the group’s member: Group insurance plans provide coverage till you are the group’s member. The coverage ceases to exist once you leave the group.

Types of group insurance plan

The different types of group insurance plans are as follows:

Group health insurance

Group health insurance also known as corporate health insurance, offers health coverage to a group of employees for expenses up to a certain sum insured. Offered by employers, a group health plan also provides coverage to your dependents, including spouse, parents and kids.

Group term life insurance

It provides financial coverage to employees in the event of their untimely death. In case of any untoward incident, the member's nominee or beneficiary receives the proceeds from the plan through which they can meet their day-to-day expenses, pay loans (if any), etc.

Group personal accident

Group personal accident provides financial coverage to its members against accidents leading to death or disability (temporary or permanent). It covers medical expenses, disability benefits, and accidental death or injury compensation.

Group travel insurance

Another type of group insurance policy, it offers coverage for unexpected events like trip cancellation, medical emergencies, lost luggage, loss of important documents, and flight delays, among others.

Who is covered under
group insurance?

Formal group

A formal group refers to a group of working professionals within an organisation. Group insurance for employees can come in various forms, such as corporate health insurance, group personal accident insurance, group term life insurance and group travel insurance, among others. These group insurance plans offer coverage in

Key features of group insurance policy

Group insurance offers the following advantages

Significant cost savings

Group insurance offers significant cost savings. It spreads the risk across many individuals, leading to lower premiums for each member. This makes it a cost-effective option for obtaining comprehensive coverage. Be it corporate health insurance or group term insurance, you can enjoy extensive benefits at a fraction of the cost compared to individual insurance plans.

Extensive coverage

Group insurance for employees ensures extensive coverage. Also, they can include additional perks such as wellness programs and family coverage. This protection helps secure the financial well-being of all members, providing peace of mind.

Enhance loyalty of group members

Group insurance boosts the loyalty of group members towards their organisation and employers. Being cared for through group insurance fosters a sense of commitment and continued association.

Convenient and simple

Group insurance offers convenience and simplicity in enrolment and administration. Members typically have fewer health checks and paperwork, and the organisation or the group head handles policy management. This ease of access and streamlined process makes it an attractive choice for both employers, employees and group members, thereby enhancing overall satisfaction.

What are the eligibility criteria for group insurance?

The eligibility criteria for group insurance differs across insurers. That said, some common grounds are:

Minimum and maximum age

Members must attain a minimum and maximum age to be enrolled under group insurance. On most occasions, the minimum age is 18, and the maximum age can range from 60 to 80.

Minimum number of group members

The minimum number of members may differ across group insurance plans and insurers. While a corporate health insurance plan require at least, a group term plan or a travel plan may need only 10 members.

Active full-time group members

Members must be active full-time members of the group. If you leave the group, you will not receive coverage.

Factors affecting group insurance
premiums

The factors affecting group insurance premiums are:

  • Group size: The group's size significantly affects the premium. Larger groups typically enjoy lower premiums per person because the risk is spread over more individuals.
  • Age and health of group members: A group with younger and healthier members usually pays less since they are considered lower risk for claims.
  • Type of job: The industry or activity associated with the group can influence premiums. Groups involved in higher-risk activities or industries are likely to face higher costs due to the increased likelihood of claims.
  • Riders chosen: If the plan has riders, the premium can increase. Riders offer additional coverage above the base plan
  • Claim history: If the employer or organisation has a high claim ratio, it can shoot up premiums and vice versa.
  • Type of coverage chosen: More extensive plans with additional benefits will have higher premiums than basic coverage options.
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Why buy group insurance from ICICI lombard?

Buying group insurance from ICICI Lombard gives you the following benefits:

1A trusted name

ICICI Lombard is one of the most reputed names in the industry. Our policies are designed to meet your exclusive needs.

2Hassle-free claims settlement

We offer a hassle-free claims settlement process. Reach out to us with your claims, and we take all the possible measures to ensure your claims are settled on time. Our claim settlement ratio for FY 23-24 stood at

3Different types of group insurance plans

We offer different types of group insurance plans ranging from corporate health insurance to group personal accident insurancpolicy. You can choose the policy that best fits your requirements.

Frequently asked questions

1. What Do You Mean by Group Insurance? Group insurance refers to an insurance policy that offers coverage to a group of people. It could be an organisation’s employees or members of an association.
2. What Goes into Pricing of a Group Insurance Plan? The group’s size, age of the members, claim history, etc, goes into computing premiums for a group insurance plan.
3. How to Claim Group Insurance? Contact your insurer and fill out the claims form. Upon submission of the form along with the relevant documents, the insurance company will appoint a surveyor. Based on the surveyor’s report, the company will settle your claim.
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