Group Insurance

Group Insurance for SMEs, Small Scale Industries and Corporates

  • Group Health Insurance
  • Group Personal Accident
  • Group Term Life Insurance

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What is Group Insurance?

Group Insurance is a type of insurance which covers a group of people under one master policy. It provides coverage for every member of the group, thereby eliminating the need for buying separate policies for everyone. Usually, this type of policy is provided by the companies to their employees. Other than companies, clubs, organizations, and co-operative societies may go for group insurance to all their employees.

A group medical insurance is a comprehensive insurance policy which offers protection to you and your family against illness and accidents where you require hospitalization. It enables you to get quality healthcare in the best hospitals.

Features and Benefits of Group Insurance

  • Group insurance covers all the members of the group irrespective of the size.
  • Group members can be added or removed.
  • The coverage amount for every member in the group is the same irrespective of their designation.
  • Individual insurance plans are expensive, so it’s not possible for the organization to buy each employee an individual insurance plan. On the other hand, group insurance policies are incredibly cost-effective. From the employee point of view, they get free coverage without spending a rupee.
  • You will have coverage only as long as you are part of the organization. Coverage stops when you leave.
  • Group insurance costs much less than individual coverage as the overall risk is spread across all members of the group.
  • From an organizational point of view, it increases loyalty of the members towards the company as you are offering them something extra apart from their regular salary.
  • Happy employees create a comfortable work environment. If the employees feel safe, they are more motivated and work to their best ability. It’s a win- win situation for everyone.
  • Group insurance can be customized as per different subgroups based on income level, designations, etc.
  • Most group insurance policies extend coverage to the family members of employees as well.
  • Group Insurance does not require any pre-requisites such as medical check-up before enrolment.
  • Some insurance companies allow the employee who was part of group insurance to convert it into an individual insurance policy when they are leaving the group. However, a conversion fee will be charged during such occasions.

Types of Group Insurances

  • Group Life Insurance: The nominee of the insured person in a group will receive the death benefits if the person dies during the coverage period.
  • Group Health Insurance – Hospitalization expenses for the insured and their families will be covered.
  • Group Travel Insurance: It is for companies whose employees have travel as a part of their job. It includes baggage loss, accident cover and other emergencies that may occur during the journey.
  • Group Personal Accident Insurance - This type of insurance provides compensation if the insured dies or suffers any permanent disability in an accident.

How IVA Insurance helps you get the best group insurance?

Buying a group insurance policy at IVA Insurance is a hassle-free process. Finding the best plan that is suited for all the members of the group is difficult for an organization. At IVA Insurance, we have a vast database of group insurance policies from multiple insurance providers. Our ingeniously designed algorithm picks the most relevant quotes suited to your requirements. You can compare and analyze quotes from numerous insurance providers and select the one that is beneficial for everyone in your group.

FAQ On Group Health Insurance

There are four types of group insurance options available. Each industry may have a different set of operations and occupational hazards, it’s better to choose the one which will be beneficial to you and your employees. Most companies and corporates go for group health insurance to ensure the well-being of their employees.

The number of members varies from plan to plan in group insurance. While some policies require a minimum of seven members at least, some others would require 50 members. The organization must choose the policy based on their group size and their needs.

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