Types of Group Insurance in India

A group insurance policy covers a certain group of people working in an organisation, or a cultural or social association. There are different types of group insurance plans available in India including health insurance, term insurance, personal accident cover, etc. The coverage may vary depending on what the employer or group administrator decides. In this blog, let’s understand the different types of group insurance plans in India.

Also, Read: Types of Health Insurance

Types of Group Insurances:

1. Group health insurance
2. Group personal accident insurance
3. Group travel insurance
4. Group term life insurance

1. Group Health Insurance

Group health insurance provides coverage against medical expenses to the members of the group. It is one of the most common types of group insurance plans in India. Depending upon the employer, the health insurance cover may be extended to the family members or the dependents of the employee.

Features of group health insurance

• Cashless treatment at network hospitals
• No-pre policy medical check-up required
• No waiting periods
• Coverage for critical illnesses
• Maternity coverage
• Pre and post-hospitalisation expenses

2. Group Personal Accident Insurance

This type of insurance provides coverage to the member in case an injury, death, or disability is caused due to an accident. Financial protection is provided against accident-related events.

Features of group personal accident insurance

• Covers hospitalisation expenses
• All types of accident-related events are covered
• Financial coverage in case of loss of income due to an accident
• Insured member receives 100% of sum insured in case of loss of vital limbs due to an accident
• In case of partial disability, 50% of sum insured is given to the insured member

3. Group Travel Insurance

This type of group insurance provides coverage to the member travelling domestic or international for work several times in a year. It is a combination of health, accident, and liability insurance. The entire group of members may not be covered under this type of insurance and only those who undertake frequent travel are covered.

Features of group travel insurance

• Coverage against loss of luggage, flight delay, medical emergency
• No minimum number of employees required to avail coverage

4. Group Term Life Insurance

Group term life insurance insurance helps group members safeguard their family’s financial future in case of an unfortunate event. In case if a group member dies during the term of the policy, the sum insured is given to the nominee. Premium for this type of policy is cheaper than that of an individual term policy.

Features of group term life insurance

• No pre policy medical check-up required
• Premiums are directly deducted from employee’s salary
• Offers financial protection to family members in case of death of the insured member

Group insurance is a safety net that helps employees gain additional protection. As an employer, it helps you retain employees, keep them motivated, and also increases their productivity and performance.