Why a group insurance policy is ideal

1. Why a group insurance policy is ideal? In a plan, all the members of a pre-existing group are provided uniform or graded cover through a single policy issued by the insurers. group insurance Employees of a particular firm or members of a cooperative society or customers of a particular bank are regarded as a group for providing insurance cover. These days critical illness riders are also demanded by the employee- employer groups. The non-life insurers provide group health insurance schemes under which the premium per individual is far less than what one would pay individually. The individual’s contribution to the scheme is through some system already in place. Generally, term insurance schemes are offered to the eligible groups.