team 3 group insurance (1).pptx

8/16/2019 TEAM 3 GROUP INSURANCE (1).pptx

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Team 3Keerthika, Narmatha,

Muthukumar, Murugan ,Azar &


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MEANING•Group Insuranceinvolves proviing

insurance to a group o!iniviuals, through asingle polic" contract.

•It is use as a humanresources tool #"corporate emplo"ers to

ensure emplo"ee


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Group insurance policies o$er li!e insuranceprotection to all t"pes o! groups such as%

Emplo"eremplo"ee groups

'ro!essionals

(ooperatives

)eaker sections o! societ", etc

In group schemes, the *hole group o! personsis consiere as a single unit !or insurancepurposes an are covere uner +masterpolicy”


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• The emplo"er *ill receive the Master

policy an all the mem#ersEmplo"ees- *ill receive Certifcate oInsurance, *hich summarizes thecoverage terms an eplains the

mem#ers/ right uner the contract.

• The most important conition !or

granting a group insurance polic" is are0uisite !or a minimum group size ana minimum participation num#er


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TYPES OF GROUP ISUR!CEP"!S

N1N(1NT2I4T125

(1NT2I4T125


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T5'E6 17 (18E2AGE 712 G214'

IN642AN(E


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COST OF EMP"OYEE #EEFITSFOR ! EMP"OYER

TYPIC!" #EEFITS FOR ! $%&'OOO S!"!RIE(EMP"OYEE

LIFE INSURANCE $150

-HEALTH COVERAGE $ 2000-3000 ( SINGLE PERSON)

$6000-7200 (FAMILIES)

-LONG TERM DISALIT! INSURANCE- $ 250

-DENTAL PLANS" RETIREMENT PLANS#-$20-650T)E COSTS FOR #!SIC S!"!RY' EMP"OYMET T!*ES !(

#EEFITS !RE TYPIC!""Y I T)E +,-% TO +,. TIMES #!SES!"!RY R!GE, T)IS ME!S T)!T ! $%&'&&& EMP"OYEES!"!RY MIG)T RE!""Y COST T)E COMP!Y $/-'%&&0$1&'&&&,

2E6EA2(9 A2TI(:E :EIG9 2I(9A2;6


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:I( G214' 6(9EME6Group Term Insurance 6chemes

Group Insurance 6cheme in :ieu o! E;:I

Group Gravit" 6chemeGroup 6avings :inke Insurance 6cheme

Group :eave Encashment 6cheme

Group Mortgage 2eemption Assurance

6chemeGroup (ritical Illness 2ier


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FE!TURES OF GROUP ISUR!CE


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6ING:E '1:I(5 (1NT2A(T.

2E:ATI1N69I'.

1)NE2 17 T9E IN642AN(EEM':15E2. '2EMI4M 'A5MENT.

72EE T1 M18E IN 12 14T.

(9EA'E2 (18E2AGE.


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#usiness Principleso Group Insurance


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Group Insurance Contracts3

;i$erence there is a single insurance contract,calle a master group insurance contract.


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Certifcate o

Insurance

Insure group mem#ers are not parties to the mastergroup insurance contract, o not

participate in the !ormation o! the contract, an o notreceive iniviual copies o! the

contract.

This ocument, kno*n as the certi


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Free Co5er "imit or o E5i6ence

"imit

No meical check

up neee unto a

limit


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Group Insurance Policy

Pro5isions

(ertain provisions are inclue in ever"group insurance polic", *hether it proviesli!e or

health insurance coverage


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These stanar polic" provisions e


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Eli7i8ility

Re9uirements

Group insurance policies are permitte #" la*to e


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Types o Co5era7e or Group

Insurance A num#er o! group insurance schemes have

#een esigne !or various groups.

These inclue emplo"eremplo"ee groups,associations o! pro!essionals such as octors,la*"ers, chartere accountants etc.-, anmem#ers o! cooperative #anks, *el!are !uns,creit societies an

*eaker sections o! societ".


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7our #asic t"pes o!

coverage=. :i!e cover

>. 'ension cover3. Meical cover

?. ;isa#ilit" cover


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"ie Co5er

Group li!e insurance covers the li!e o! eachiniviual *ithin the insure group.

A single polic" is issue !or the entire groupan the premium collecte is !rom the group

o*ner.


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!cci6ent Co5er

The insurance cover ma" also cover !oraccients, *hich is in the !orm o! a rier thatis attache to the #ase li!e plan at the polic"contract level.

a. ;eath #" accient.

#. 'ermanent partial isa#ilit".

c. 'ermanent total isa#ilit". ;ismem#erment.


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Me6ical Co5er

Critical Illness

)ospital Cas: 4 Me6iclaim


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G214' IN642AN(Eproucts in inia


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Group Insurance Pro6ucts in

In6ia+, Group "ea5e Encas:ment Sc:eme

The Group :eave Encashment 6cheme G:E6-has #een esigne to provie !uning !orlia#ilities o! all emplo"ers. A group insurancecover #" *a" o! a @at sum assure is also

provie !or the emplo"ees.


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>. Group Insurance Sc:eme in lieu o E("I

All emplo"ees to *hom the Emplo"ee/s

'rovient 7un an Miscellaneous 'rovisionAct,=B> applies, have a 6tatutor" lia#ilit" tosu#scri#e to Emplo"ee/s ;eposit :inkeInsurance 6cheme, =CD to provie !or the

#ene


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3. Social Security Sc:eme

:I( maintains hal! the premium amount ra*n!rom the 6ocial 6ecurit" 7un *hile the#alance B percent is collecte !rom aesignate noal agenc". This noal agenc"

receives contri#utions !rom the 6tategovernment an F or its #ene


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.,;oluntary Retirement Sc:eme

The 8oluntar" 2etirement 6cheme 826- isesigne to provie !or pa"ment o! annuit",epening upon the salar" an the length o!

the service perio o! the insure emplo"ee. The scheme ceases at the normal retirement

age.


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/,Group Superannuation Sc:eme

The Group 6uperannuation 6cheme isesigne as a pension scheme to theemplo"ees a!ter their retirement !rom active

service. The emplo"er alone or ointl"arrange *ith the emplo"ees can


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Group insurance products offered by Life

insurance companies

Group Term Life Insurance Schemes

Group Savings Linked Insurance Schemes (GSLI)

Group Credit Life Insurance and

Group Health Insurance

Group Dental Insurance

Worldide Travel Group Insurance Group Short Term Disa!ilit" Insurance

Group Long Term Disa!ilit" Insurance

BF3F=D 3?IN642AN(E AN; 2I6K MANAGEMENT


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Group Term Life Insurance

BF3F=D IN642AN(E AN; 2I6K MANAGEMENT 3B

Group (Term) Insurance Scheme provides life insurance

protection to groups of people#

$dministration of the scheme is on group !asis and cost is

ver" lo#

Group insurance schemes that provide uniform cover can

also !e granted to associations of professionals such as

Doctors%La"ers% and

Chartered $ccountants etc


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Group Saving Linked Insurance

BF3F=D IN642AN(E AN; 2I6K MANAGEMENT 3D

The Group Savings Linked Insurance Scheme (GSLI)

offers insurance cover along ith an element of savings#

The contri!utions under this scheme are deducted from

the monthl" salar" of the mem!ers#

This scheme is alloed onl" to selected &mplo"er'

&mplo"ee groups such as

u!lic sector corporations eputed private sector companies hich maintain

accurate records and files of their emplo"ees


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Group Credit Life Insurance

BF3F=D IN642AN(E AN; 2I6K MANAGEMENT 3C

The Group Credit Life Insurance plan provides life cover

for a group of emplo"ees ho are !orroers from the

same emplo"er% !" pa"ing a lump sum toards repa"ment

of loan amount on the death of emplo"ee#

Group Credit Life offers insurance against the folloing*

+ortgage Loans ersonal Loans

Credit Cards


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Group Health Insurance

BF3F=D IN642AN(E AN; 2I6K MANAGEMENT 3H

$ll of the individual t"pes of plans can !e purchased

on a group !asis#

,nl" full time emplo"ees ma" participate in these

plans% as determined !" the insurance compan"#

$de-uate participation of emplo"ees#


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Group Dental Insurance

BF3F=D IN642AN(E AN; 2I6K MANAGEMENT 3

Coverage is generall" provided for

reventive services% (cleanings% .'ra"s% ande.ams)%

+inor restorative services (fillings)% and

+a/or restorative services (crons% !ridges%

root canals)#


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Worldide Travel Group Insurance

BF3F=D IN642AN(E AN; 2I6K MANAGEMENT ?

Worldide Travel insurance include travel assistance for

medical emergencies and coverage including

am!ulance services

Dental services

Diagnostic services

Hospital accommodation

+eals and $ccommodation+edical $ppliances

h"sicians% and Surgeons.


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Group Term Disability Insurance

BF3F=D IN642AN(E AN; 2I6K MANAGEMENT ?=

There are !asicall" to t"pes of Term disa!ilit" Insurance*

Short Term Disability Insurance

0or short term coverage is generall" provided upon thefirst da" of an accident% or upon the eighth da" of an

illness for a period of 12%34% or 53 eeks# 6suall" !enefits

are for 44 3728 of salar"#

Long Term Disability Insurance#0or this insurance coverage is provided for longer periods

of time than ith Short Term Disa!ilit"% t"picall" to

"ears% five "ears% to age 45 or for life#


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