Why You Should Consider Subscribing to A Group Insurance Plan in Your Insurance Portfolio?

The importance of having an insurance policy is seen to grow in the last decade. With a global pandemic bringing the entire world to a still, the importance of insurance has strengthened. Your insurance portfolio may consist of many different types of insurance policies. Since different policies are designed for varying needs, selection of the right policies in combination can provide a comprehensive coverage.

Group policy is a form of medical insurance wherein the subscribers to this plan are a part of a particular group. This can be either individuals associated with a common organisation, a community or even a society. While these are some areas where group policies are purchased, workplace is the most common scenario where a group insurance policy is offered. With this health insurance coverage, all employees of the organisation are covered by one common policy having similar coverage for all employees. Since many beneficiaries are available for the insurance company, these plans are affordable when compared to other policies. Here are some of the benefits of having a group policy as a part of your insurance portfolio.

Added benefits of medical coverage

A group policy is offered based on your association to a particular organisation. In the case of your employment, this policy is available as an added benefit over and above your salary compensation. These perquisites are offered for all employees and thus can be in addition to your existing health insurance plans.

No mandatory waiting periods

Health insurance policies in general have a specified duration wherein the coverage is not offered for any ailment. This is called as waiting period for your policy. When you are a subscriber to a group insurance policy, there is no requirement of waiting period. Moreover, if any pre-existing ailments exist, they are covered after long periods like 12 of 24 months under a standard policy. The same in covered by your group insurance plan right from day one.

No requirement of medical check-up

Insurance plans often require the applicants to undergo medical check-up based on which the premiums are decided. For a group insurance policy, there is no such requirement and the coverage is offered based on your declaration.

Extensive coverage

The coverage offered under a group insurance plan is comprehensive and all round to cover different ailments. This ensures any unexpected diseases are already covered by your insurance policy. Moreover, group policies are also offer the facility of cashless health insurance thereby eliminating the need to worry about finances for treatment. In addition to that, group plans extend its coverage to your family members too. Since this is an extra facility, it bumps up the premium but is useful.

Maternity benefits

Most group insurance plan include maternity benefits bundled in its coverage. This way, you need not require purchasing a separate policy for including these expenses as a part of your health insurance policy.

In addition to the above benefits, a group insurance policy when included in your insurance portfolio, helps to bridge the coverage gap when you purchase an individual or a family floater policy and the waiting period required to be served. So, make a smart choice to compare health insurance policies before buying and include a group policy for the varied benefit it offers in your insurance portfolio. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.