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Group Insurance - Definition & Meaning
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.
b. Annuity
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.
c. Gratuity
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.
d. Savings
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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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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HDFC Life
Reviewed by Life Insurance Experts
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