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Group Insurance

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Definition:

An insurance policy that covers a defined group of people, such as employees of a company or members of a group is called a group insurance policy.

Description:

A group insurance plan comes at a low premium and can be made into customised plans. The group insurance policy is for the benefit of both employee and the employer. The policy helps the policyholder/employer in employee retention.A group insurance policy can be of these types:

Term life insurance: The sum assured or the coverage amount is paid to the family of the deceased group member (employee) due to the sudden death.
Gratuity: A group gratuity scheme is for the employees who complete 5 years in an organisation.
Credit Risk: The group insurance policies also protect the employees who have taken loans in life. The group policy provides protection in case of unfortunate death or disability.

Example:

REC Limited bought a group term life insurance policy that covered all the 255 employees working in the company. One employee Arnab went on a company’s tour where he met with an accident and died. The company filed for the claim and paid the dependents in the family, the amount of sum assured.

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Newly Added Terms

Newly Added Terms on Insurance Dictionary

Death Benefit

Insurability

Key Employee or Keyman

Insurer

Most Appreciated Terms

Most appreciated Terms on Insurance Dictionary

Guaranteed income with Lumpsum benefit

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Buy ₹1 Crore Term Cover @ @Rs.492/month for Salaried Individuals¹

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