10 Reasons to Personalize Group Insurance Policy

Today, we are living in such a time where most of us are in stress at some point in time. Now, this stress could be because of any personal or professional reason.

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  • Employee, spouse & kids

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With the advancement of technology and innovations, something else has also increased.

Wondering... What has increased?


Yes, you read it right.

In the hustle-bustle of life, living and coping in a stressful environment is surely not a bed of roses.

The corporate set up, meetings, financial independence all of these sound fascinating but at the same time what we do not realise that working in a stressful environment leads to less of physical activity and it does affect our health.

Envision a scenario, wherein you are at a desk job of 09:00 a.m. to 06:00 p.m. There is hardly any physical activity or much of movement. You simply sit and work as a couch potato.

What is being hampered is your health earning a livelihood is somewhere hampering your health, which most of us underestimate and realize it gradually over time. Besides, in this world of uncertainties, any mishap/accident is the most certain aspect.

Therefore, it is important to buy a group insurance scheme depending upon the needs of the customer.

What does Group Insurance Policy Mean?

Group insurance policy is insurance, which provides cover to a group of people. Group insurance caters to meet the requisites of particular groups and provides standardized coverage at affordable rates, which may include professionals, employer-employee or any other non-employer-employee group.

Now, let us have a quick understanding in regards to various types of group insurance policies, which are as follows:

  • Group Health Insurance: A group health insurance policy essentially provides coverage to employees of any firm or organization on the grounds of medical-related perils.
  • Group Travel Insurance: Group travel insurance is designed to cater the interest of those people who are travelling together and safeguard them against any uncertainties, which may incur while they are travelling and provide cover for any medical as well as travel-related risks.
  • Group Life Insurance: A group life insurance generally is pocket-friendly and has a lower coverage sum. The employer or any other large-scale industries mostly provide it to the members or employees of the specific organization.
  • Group Personal Accident: A group personal accident insurance can be purchased for a small or a larger group such as employees of a bank, colleges, company and so on. A group personal accident cover can be tailored depending upon the need of the customers.

Why Should You Customize Group Insurance Policy?

With a plethora of insurance providers available in the market, the scope and nature of insurance differ.

Besides, the insurance policy may also differ depending upon the requirement of the customers. One should look for customizing group insurance policy to avail considerable benefits and to obtain a better premium rate and policy term along with waivers when compared to any individual policy.

10 Reasons to Personalize Group Insurance Policy

Below mentioned are some important benefits that an organization should consider customizing into a group insurance policy.

  1. One Policy for the Employee And Their Dependents- With group medical insurance policy, the health coverage is not only provided to the employee but to the spouse, the parents/ children of the dependent up to a specified age. This type of group insurance is advantageous for the employee as having this insurance you need not look for any other cover for your family.
  1. Miscellaneous Charges Limitations: Most of the medical policies have restrictions or topping on random charges like bed charges, prescriptions, and ICU charges, etc. In group insurance, policy topping restrictions are adaptable, which can be set by the business, which additionally influences the premium rate. Consequently, an employer according to their spending limit can fix the topping sum or even set no topping boundary for the sum guaranteed.
  2. Beneficial Variable for Family Member: When it comes to availing group medical insurance, the insured can include any member of the family from 03 years of age up to 80 years. In case, if your parents still have not availed any kind of insurance, then you can easily benefit from this type of group insurance policy.
  3. Low Cost: Availing group health insurance plans are beneficial as they are economical. Besides, when compared to an individual health plan the premium amount to be paid is on a lower side.
  4. A Cover for Baby Since Birth: Group health insurance policy provides cover to a newborn baby of an existing insured mother. Subject to the policy confinements, the expenses incurred during the treatment process will be covered from day one. Although, the treatment should be taken in registered hospitals or clinics as provided by the policy.
  5. Immediate Medical Claim: There is a lock-in time of 30 days for any kind of health care policy where the policyholder can utilize the particulars of the policy simply following 30 days. Because of group medical insurance policies, there is no kind of lock-in period and the workers can profit benefits following being remembered for the policy. This is extremely valuable for employees that require prompt hospitalization and shields the business from any kind of money related difficulty when an employee gets unwell inside a brief time of being employed.
  6. Clause For Pre-existing Disease: When it comes to any pre-existing diseases, most of the health insurance policy often do not provide any cover for pre-existing diseases. On the off chance, if a health insurance provider does the lock-in period is usually of 04 years. However, when it comes to group medical insurance there is as such no lock-in period in regards to pre-existing disease required and the insured employee along with their dependents are covered under the group insurance policy for any pre-existing disease from day one.
  7. No More Medicals: Mostly health policies do require health check-ups for an individual following 45 years old. In any case, the best piece of profiting a group insurance policy is an immense advantage of no medicinal check-up for an employee or their family up to the age of 80 years; additionally giving protection from the day, they buy the group insurance policy.
  8. Advantages During Maternity: Often, an individual health insurance policies do not cover maternity benefits; be that as it may, group health insurance policy offer this feature and can be handily profited promptly either by a woman employee if they require or in the event of a male employee by their wife.
  9. Additional Benefits: In a group insurance policy, there are additional value-added services, which encourage healthy lifestyles and motivate the employees to remain fit and healthy as this helps to the reduction of the insurance claims. An organization can settle on different worth included advantages from an insurance bearer for their employees, for example, limits or repayments for wholesome enhancements, limits on programs that identify with stopping smoking, limits accessible for gym enrollment, etc.

Wrapping it Up

Considering, the above-stated reasons it is important for each one of us to buy the right type of group insurance policy that suits our needs.


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Written By: PolicyBazaar - Updated: 24 January 2022