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INSURANCE
MARTIN GEORGE KURUVILLA
GROUP INSURANCE
INTRODUCTION
• group of people under a single master policy
• any group of people, big or small
• irrespective of their age, gender, profession, social
background
• in 2008, a school in Gujarat bought a life insurance policy for
its students
• offer life insurance, health insurance
CHARACTERISTICS OF GROUP INSURANCE
• Group of people - something common
• Master policy holder – administrative cost
• Typically available at a discount
CLASSIFICATIONS
• Contributory Scheme - employer and employee
• Non-Contributory Scheme - employer
TYPES OF GROUP INSURANCE
1. Group Term Life Insurance
2. Group Gratuity plan
3. Group Investment Linked Insurance Plan
4. Group leave Encashment scheme
5. Group Mortgage Redemption Assurance
6. Group Critical Illness Rider
FUNCTIONS OF GROUP LIFE POLICY
Gratuity
Superannuation
Term
Savings
Credit protection
BENEFITS OF GROUP LIFE INSURANCE
Default insurance cover
Employer benefit
Ease in premium payment
Employee welfare
Experienced fund management

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Insurance

  • 2. GROUP INSURANCE INTRODUCTION • group of people under a single master policy • any group of people, big or small • irrespective of their age, gender, profession, social background • in 2008, a school in Gujarat bought a life insurance policy for its students • offer life insurance, health insurance
  • 3. CHARACTERISTICS OF GROUP INSURANCE • Group of people - something common • Master policy holder – administrative cost • Typically available at a discount CLASSIFICATIONS • Contributory Scheme - employer and employee • Non-Contributory Scheme - employer
  • 4. TYPES OF GROUP INSURANCE 1. Group Term Life Insurance 2. Group Gratuity plan 3. Group Investment Linked Insurance Plan 4. Group leave Encashment scheme 5. Group Mortgage Redemption Assurance 6. Group Critical Illness Rider
  • 5. FUNCTIONS OF GROUP LIFE POLICY Gratuity Superannuation Term Savings Credit protection
  • 6. BENEFITS OF GROUP LIFE INSURANCE Default insurance cover Employer benefit Ease in premium payment Employee welfare Experienced fund management