Group Health Insurance
For Start-up's, SME’s and Corporates
Who Needs it?
• Companies with 7 or more Employees
• Association for their members
Coverages
IPD Hospitalization
Pre Existing Diseases
Maternity
Employees & their Families
Customized features
Benefits
- Day 1 Coverage
- No Pre policy checkups
- Covid 19 covered from Day 1
- Covers Accidental Hospitalization
- Any time Endorsement
USP of Group Health Insurance
Group Health Insurance Advantages
Better Benifits
Group Health insurance provides significantly better benefits than individual health insurance. Group Health Insurance is an excellent tool to attract and retain talent for organisations.
Lower Cost
In group insurance policies, the risk is spread over a large group of individuals and that helps reduce the premium cost due to the economies of scale.
Customised Cover
You can customise the policy according to your needs. You can add more benefits apart from the basic policy provisions already available in any mediclaim policy. For example, parents can be covered, day care treatments can be increased.
Guaranteed Issue
As there is no medical checkup prior to the issuance of the policy and no waiting period clause for pre-existing ailments, the issue of group health insurance is assured.
Group Personal Accident(GPA)
Who Needs it?
- Companies with 7 or more Employees
- Association for their members
- Educational Institutes for Students/ Trainees
- Companies for their Customers/ Clients
- Companies for their Agents/ Dealers
Scope of Cover
Benefits
- Fixed Sum Insured
- Covers Employees of Corporate
- Covers Terrorism
Group Term Life
the insurance coverage that is provided to a group of people.
Who Needs it?
- Companies with 25 or more Employees
- Association for their members
- Delivery/ Logistics/ Courier Companies
Scope of Cover
- Death due to any reason covered
- Suicide is also covered from Day 1
- Add-on coverage for Terminal Illness, Critical Illness, Accidental Death and Permanent Disability can be provided
Benefits
- Fixed Sum Assured
- Add-ons can be opted for
- Provides Financial support to family in case of Death or Disability
How GTL Plan work
A group administrator is issued a master policy upon which he pays an initial premium
This initial payments covers all the members of the group for a tenure one year.
An option to choose the sum assured is provided to the members of the group. This sum can either be a lump sum amount or could be linked to salary account or a loan account, etc.
Once the policy holder has paid the premium, the members are covered for a tenure of one year from the date of commencement of the policy.
The premium is charged based on the alterations in the size and age allocation of the concerned age group.
The group life insurance plans are annually renewable.
How to Choose Sum Insured
Building, Machinery & Stock
Building
- Original Cost
- Book Value
- Reinstatement Value
- Market Value
- Land Value: Not to be included in any valuation (Exception: Landslide)
- Foundation & Plinth: To be taken for Earthquake perils
- Underground Assets: To be added as these are exposed to EQ and Flood & Inundation Perils
- Roads, pavements, boundary walls and utility buildings should be included if part of asset
Machinery
• Reinstatement Value
Stock
• Market Value
Employee Compensation Insurance
Popularly known as Workmen Compensation (WC)
Who Needs it?
- Principal Contractors
- Contractor
- Sub-Contractor
- Agencies providing Staff to third parties
- Consultancies providing House keeping solutions
- Any kind of Blue collared workers
Types of Policies
- Named
- Unnamed
Scope of Cover
- Accidents arising out of & in the course of one’s employment
- Death
- Permanent total disablement
- Permanent partial disablement
- Temporary disablement
- Legal costs and expenses incurred with the company’s consent
Add-on Covers
- Medical Extension
- Occupational Disease
- Sub Contractor Cover
Benefits
- Helps to Transfer the liability imposed by Workmen Compensation Act, 1923. and Indian Fatal Accident Act, 1855, to the Insurance company.
- Compensates the Employees for any accidental injury, disability or death happening in the work premises, during the working hours and due to the work
Coverages
The policy covers statutory Liability of an employer for the death of or bodily injuries or occupational diseases sustained by workmen in the Insured’s immediate service and arising out of and in the course of employment.
These include
- Accidents arising out of & in the course of one’s employment
- Death
- Permanent total disablement
- Permanent partial disablement
- Temporary disablement
- Legal costs and expenses incurred with the company’s consent
Types of Policies
- Named
- Unnamed
Policy Period
- Minimum 1 Month
- Maximum 12 Months