Are you an employee or a freelancer? If yes, chances are you have medical and travel insurance policies. But are your family members insured? Probably not.
Group insurance policies will cover hospitalisation, medical expenses, and travel insurance, ensuring financial security in an emergency. In this blog, we’ll cover group health insurance and group term life insurance plans to get you started with insurance. Let’s dive deeper into the benefits of having group insurance plans.
Key Features of Group Insurance
Group insurance provides coverage to a group of people at affordable premium rates. The benefit of group insurance is that the individual members benefit by getting the insurance coverage in one go. With group insurance, the employer also gets tax benefits.
The benefit of group insurance is that all individual members can access health insurance under the plan, and no one has to buy a separate health insurance policy for themself.
The main benefit of having a policy under a group plan is that it takes care of medical expenses for everyone in the family without any hassle and hassle.
So if you have employees covered under group health insurance policies, it benefits both the employer and the employee.
Types of Group Insurance Plans in India
Group insurance plans are designed for groups of people, such as employees of an organisation or members of an association. These cover individuals and families without any individual contribution towards the premium. Standard group insurance plans include group health insurance, group personal accident insurance, group superannuation insurance, group pension/pension insurance, group employee deposit-linked insurance, group travel insurance and others.
Non-contributory plans are those in which the group members or employees do not have to pay a premium to avail of the policy benefits. Group health insurance plans provide medical coverage to everyone, including the employees’ families, at affordable rates. Some policies also cover medical expenses incurred during travels abroad. Group personal accident insurance policies cover the insured in case of an accident arising from employment or while travelling on business trips. Group superannuation plans help save for a good retirement life by offering tax benefits to employers and employees. With minimum policy amount assured, these plans provide financial security in old age. Group pension/pension plans offer life cover for employees who regularly contribute to the plan corpus.
In a contributory plan, individual members or employees have to make contributions towards the premium for their benefit. These plans provide protection against income shocks such as unemployment and ill health by providing an assured minimum sum of policies for various age groups (whole life policy). In case of accidental death/disability due to employment-related causes or during travels overseas, individual members are covered under these policies with no premium deducted from their salary/income.
Group Health Insurance
Group health insurance covers employees for medical expenses up to a specified sum insured amount. It is typically provided by the employer and can protect the employee’s family members such as spouses, children, and parents. The policy benefits may include medical expenses, prescription drug coverage, and the cost of hospitalisation. Group health insurance is one of India’s many group insurance plans. It can benefit the employer and the employees who benefit from its policies.
Usually, the employer purchases group health insurance policies as an insurance policy, while the employee is insured through their employment contract or benefit plan. The policy provisions are designed to cover all group members’ medical costs, regardless of how much they contribute to the project. This makes group health insurance a cost-effective way to provide comprehensive health coverage to an organisation’sorganisation’s employees.
Group Term Life Insurance
A group life insurance plan is a type of group insurance plan that provides coverage to a group of people, such as employees of an organisation or members of an association. The employer or association typically pays the group life insurance plan premiums. Group life insurance plans usually cover the policyholder’s family members, such as spouses and children. They can also cover dependents such as parents and siblings.
Group life insurance plans are non-contributory, which means the policyholder does not have to pay any premium to benefit from the policy cover. Instead, the insurance companies cover the costs of policies for all group members at a single premium rate. This makes group life insurance plan cheaper than individual life insurance policies, which require each member to pay their own premium.
Group Personal Accident Insurance
Group accident insurance group insurance plans are available in India. It protects the insured against accidental death or disability due to an accident. It also provides financial compensation to the insured’s family in case of accidental death. This group insurance policy is issued to the group manager (usually the employer), and a certificate of insurance is provided to the members. Groups of companies, associations, or colleges typically purchase these policies.
Many organisations offer this type of group insurance policy that can be tailored to cover a specific group of people or an individual’s unique needs. It can cover medical costs, lost wages, and funeral expenses in an accident.
Group Travel Insurance
Group travel insurance provides coverage to a group of people travelling together. It typically covers medical expenses, accidents, and other unexpected events. Group travel insurance plans cover all members in a single policy, which can save money and streamline filing for insurance coverage.
Group travel insurance plans may include coverage for loss of baggage, trip delays, and emergency medical assistance. These policies help cover the costs of replacing lost or damaged luggage or getting to the destination on time. Some group travel insurance plans also include coverage for emergency evacuation and repatriation in an emergency or natural disaster. They cover the cost of returning home safely once the crisis is over.
Group Covid Insurance
Group insurance plans in India cover a group of people, typically employees or members of an association. Standard group insurance plans available in India include health insurance, personal accident insurance, pension/superannuation insurance, and employee deposit-linked insurance (EDLI). Group insurance plans can be classified as non-contributory and contributory, with the former being designed to cover the medical expenses of the group without requiring individual insurance coverage. In a non-contributory plan, the employer pays the employee coverage premium.
Group covid insurance plans are designed to cover employees’ medical expenses for Covid-19 treatment at a lower cost than individual health insurance policies. Group insurance plans allow employees to benefit from group health insurance at a lower price than purchasing separate health insurance policies. Overall, group insurance plans offer benefits such as reduced healthcare costs for individuals and a reliable source of health coverage for groups of people.
There is plenty of group insurance plans in the market today. Be it for business travellers or family members; group insurance plans can protect you from any financial loss. You can choose the plan that suits your budget and requirement the best. If you are looking for a group insurance plan that fits your travel needs, our group travel insurance plan can be the best one for you. It covers trips of up to 120 days and has multiple benefit options to cover all eventualities.
Vivek is a published author of Meidilight and a cofounder of Zestful Outreach Agency. He is passionate about helping webmaster to rank their keywords through good-quality website backlinks. In his spare time, he loves to swim and cycle. You can find him on Twitter and Linkedin.