Group Insurance - Definition & Meaning
Group Insurance covers a defined group of people, for example members of a professional association, or a society or employees of an organization. Group Insurance may offer life cover, health cover, and/or other types of personal insurance.
Most insurance companies in India have introduced group insurance policies to meet insurance needs of specific groupsincluding professionals,employers-employees, co-operative societies,among others.
Group insurance has several advantages chief among which is a life cover made available to members irrespective of age, gender, socio economic background or profession,so long as they belong to the group that is applying for insurance.
While there are various objectives of group insurance, they cover the following basic functions:
a. Term insurance
The sum assured is paid out to family members of the deceased in case of death over the employment tenure with the company.
Superannuation schemes of group insurance policies provide for retirement plans that can be availed of by employees post-retirement, at existing NAV (group insurance), as pension.
On completing five years of service an employee becomes eligible for gratuity subject to relevant laws.Group insurance provides investment options to the organization to create a corpus for gratuity.
It mobilizes savings of participating members which can meet long-term financial goals like child’s education or marriage.
e. Covering liability
It can provide for outstanding dues or loans (like home loans) of participating memberson death or disability.
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