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Home / Special Section / Group Insurance

Group Insurance

• Employer-employee groups
  
  
• Professionals
  
  
• Cooperatives
  
  
• Weaker sections of society, etc

Insurance coverage is provided for people as long their occupations are approved and the rates of payable premium are fairly subsidised under social security group schemes.

Besides providing insurance coverage, insurance corporations design group insurance policies in a manner that employer specific liabilities such as funding of gratuities and payment of pensions are also minimised.

A few of the key features why group insurance schemes are more advantageous are

• Low rates of payable premium that are based upon the ages, combinations of members, occupations and working conditions.
  
  
• Simple insurability conditions such as employees not being absent from duty owing to ill-health at the commencement of the policy period.
  
  
• Easy administration since a single master policy is issued to cover all the employee members

The only conditions for granting a group insurance policy that matter to the insurance corporation are a requisite minimum group size and a minimum participation number. The standard schemes offered by the Life Insurance Corporation are

• Group Term Insurance Schemes
  
  
• Group Insurance Schemes in lieu of EDLI
  
  
• Group Gratuity Schemes
  
  
• Group Superannuation Schemes
  
  
• Group Savings Linked Insurance Schemes (GSLI)
  
  
• Voluntary Retirement Schemes (VRS)
  
  
• Group Leave Encashment Schemes and
  
  
• Social Security Schemes

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