Group Insurance By C. VISHNUPRIYA Assistant Professor Department of B. COM(PA)

Group Insurance By C. VISHNUPRIYA Assistant Professor Department of B. COM(PA).

What is Group Insurance?. Group insurance is an insurance that covers a group of people, for example the members of a society or professional association, or the employees of a particular employer for the purpose of taking insurance.Group insurance may offer life insurance, health insurance, and/or some other types of personal insurance..

Characteristics of group insurance. there must be a group of people to be insured who have something in common other than the purpose of obtaining insurance to save administrative costs, there is often a Master Policy Holder who will retain the documentation on behalf of the members, and may deal with the members on behalf of the insurer Such covers are typically available at a discount to the respective individual rates, as administration and expected claims costs are lower..

Popular Insurers offering Group Insurance In India • Star Health and Allied Insurance • Future Generali India Insurance • United India Insurance • ICICI Lombard -Group Health Insurance • HDFC ERGO • National Insurance TOMORROW MAKERS Let's get smarter about money • Reliance General Insurance • The Oriental Insurance • TATA AlG General Insurance INSURANCE.

Group Insurance Tax implications (cont' d) • Under 10 lives Group Term Life Plans ChapterlO Tools & Techniques ofLife Insurance Planning • Coverage must be provided for all full time employees Amount of coverage must be computed: • As a uniform percentage of compensation On the basis of coverage brackets as established by the employer No bracket may exceed 2 1 2 times the next lower bracket The lowest bracket must be at least of the highest bracket A separate schedule of coverage may be established for those over age 65 Evidence of insurability, if required, is limited to a modified questionnaire Plan must not discriminate in favor of key employees 10-8.

Benefits of Group Insurance Plans. Insurance Cover Low Premium Professional Fund Management Rider Options Ease of Payment Employee Welfare.

Disadvantages of group life insurance. The employee has little to no control over their individual coverage. Coverage does not continue or follow the employee if you leave your job. Healthier individuals pay the same premiums as those who are considered to be a higher risk within the group policy. Most people need additional coverage to compensate for coverage not included in their company’s group life insurance..

Thank you ?.