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    Group Isurance

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    2771683
    Group insurance offers affordable life insurance coverage to various groups through group policies. It provides coverage for employees, professionals, cooperatives, and weaker socioeconomic groups at lower premium costs than individual policies. Group insurance plans have simple eligibility requirements and low premiums that make insurance accessible to more people. They cover large segments of the population, including those who cannot otherwise afford individual policies. Premiums are based on factors like the age, occupation, and health of the overall group rather than individual risks. Coverage continues as long as employment and premium payments are maintained.

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    Group Isurance

    Uploaded by

    2771683
    28 views8 pages
    Group insurance offers affordable life insurance coverage to various groups through group policies. It provides coverage for employees, professionals, cooperatives, and weaker socioeconomic groups at lower premium costs than individual policies. Group insurance plans have simple eligibility requirements and low premiums that make insurance accessible to more people. They cover large segments of the population, including those who cannot otherwise afford individual policies. Premiums are based on factors like the age, occupation, and health of the overall group rather than individual risks. Coverage continues as long as employment and premium payments are maintained.

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    Group insurance offers affordable life insurance coverage to various groups through group policies. It provides coverage for employees, professionals, cooperatives, and weaker socioeconomic groups at lower premium costs than individual policies. Group insurance plans have simple eligibility requirements and low premiums that make insurance accessible to more people. They cover large segments of the population, including those who cannot otherwise afford individual policies. Premiums are based on factors like the age, occupation, and health of the overall group rather than individual risks. Coverage continues as long as employment and premium payments are maintained.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    28 views8 pages

    Group Isurance

    Uploaded by

    2771683
    Group insurance offers affordable life insurance coverage to various groups through group policies. It provides coverage for employees, professionals, cooperatives, and weaker socioeconomic groups at lower premium costs than individual policies. Group insurance plans have simple eligibility requirements and low premiums that make insurance accessible to more people. They cover large segments of the population, including those who cannot otherwise afford individual policies. Premiums are based on factors like the age, occupation, and health of the overall group rather than individual risks. Coverage continues as long as employment and premium payments are maintained.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 8

    Group Insurance

    Chandan
    Meaning..
     Group insurance offers life insurance protection
    under group policies to various groups such as
    employers-employees, professionals, co-
    operatives, weaker sections of society, etc. It also
    provides insurance coverage for people in certain
    approved occupations at the lowest possible
    premium cost.
     Group insurance plans have low premiums. Such
    plans are particularly beneficial to those for whom
    other regular policies are a costlier proposition.
    Group insurance plans extend cover to large
    segments of the population including those who
    cannot afford individual insurance.
    A number of group insurance schemes have been
    designed for various groups. These include
    employer-employee groups, associations of
    professionals (such as doctors, lawyers, chartered
    accountants etc.), members of cooperative banks,
    welfare funds, credit societies and weaker sections
    of society.
     Many employees see group insurance coverage as
    a major perk for faithful company service. The
    premium payments are usually deducted
    automatically from the pay itself. Some companies
    will absorb the entire cost of the policy as a benefit
    for employees. The main advantages of the group
    insurance schemes are low premium and simple
    insurability conditions. Premiums are based upon
    age combination of members, occupation and
    working conditions of the group.
    A major feature of group insurance is that the
    premium cost on an individual basis may not be
    risk-based. Instead it is the same amount for all the
    insured persons in the group. Another distinctive
    feature is that under group insurance a person will
    normally remain covered as long as he or she
    continues to work for a certain employer and pays
    their insurance premiums. This is different from
    the individual insurance policy where the
    insurance company often has the right to reject the
    renewal of a person's policy, depending on his risk
    profile.
    Thank You

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