Group Insurance is a type of insurance policy that covers multiple individuals under a single plan, typically provided by an employer, organisation, or association. This policy ensures that employees, members, and sometimes their dependents receive health, life, or other forms of insurance benefits at competitive rates.
How It Works:
- The employer or group sponsor purchases a Group Insurance policy from an insurer.
- Members of the group (e.g., employees) are automatically covered under the policy.
- Premiums are either fully covered by the employer or shared between the employer and employees.
Types of Group Insurance:
- Group Health Insurance – Covers medical expenses for employees and their families.
- Group Term Life Insurance – Provides financial protection to the family of an employee in case of death.
- Group Personal Accident Insurance – Offers compensation for injuries, disability, or death due to accidents.
- Group Travel Insurance – Covers risks associated with business travel, such as medical emergencies or lost baggage.
Benefits of Group Insurance:
✔ Lower Premiums: Costs are shared among group members, making it more affordable.
✔ No Medical Check-ups: Most group policies do not require individual health assessments.
✔ Tax Benefits: Employers can avail tax deductions on the premium paid.
✔ Employee Retention: Offering group health benefits helps businesses attract and retain top talent.
Who Needs Group Insurance?
- Small Businesses & Startups: To offer affordable health coverage to employees.
- Corporates & Large Enterprises: To ensure the well-being of a large workforce.
- Associations & Unions: For covering members under a shared insurance plan.
With PlanCover, businesses get expert advice, easy claim management, and access to the best Group Insurance policies tailored to their needs. Get a quote today and secure the right coverage for your employees!
