- Group insurance is an insurance that covers a defined group of people which can be employees of a particular employer, members of a society etc.
- In such policies, such cover ceases to exist if an individual leaves the group, employer. A great feature of group insurance is the low cost of premium due to less paperwork and other administrative costs, thereby making them a great product for any employer to offer to its employees.
Group Insurance policies can be segmented as follows -
Group Health Insurance | Group Personal Accident | Group Term Insurance | Group Superannuation | Group Pension Plan
Group Employee's Deposit Linked Insurance (EDLI) | Group Gratuity | Workmen Compensation