Group insurance is a type of insurance plan that covers a number of people in the same contract. Such a plan provides the same level of insurance coverage to all members of a group irrespective of their age, gender, occupation or socio-economic status. Group insurance eliminates the need to buy a separate insurance plan for each member. Often, employers cover their employees with a group insurance plan as part of the payout benefits. Such a plan provides cover to group members and their spouses, children and dependent parents.
Types of Groups
A group insurance plan provides cover to the below types of groups.
Features of Group Insurance
Here are some of the key features of group insurance.
Group insurance plans by Canara HSBC Life Insurance are a smart choice for employers and associations operating in different sectors. These plans secure financial needs of group members and help employers meet their employee benefit payouts in an effective manner.
Benefits of Group Insurance
Buying a group insurance plan can be rewarding for individual group members such as employees as well as employers. Today, many companies and businesses prefer to cover their employees with group insurance as part of the overall compensation. Here are the key advantages of a group insurance plan for employers and employees.
Must Read - Group Term Life Insurance
Here are the eligibility requirements for a group insurance plan.
Conclusion: Group insurance offers a smart and convenient option to cover all members of a group under the same plan. Such a plan offers several benefits to individual members as well as the group as a whole.
The Group Advantage Term Plan by Canara HSBC Life Insurance is a non-linked one-year term plan for non-employer employee groups. This plan provides life cover to group members and secures their family against uncertainties of life. In this plan, you can opt for a fixed sum assured or a linearly reducing one. It also provides flexibility to modify the benefit and coverage.
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