The term Insurance itself means a group of people coming together to contribute small amounts each to raise a fund that can compensate for the hardships meet by any one of them. But, the thing is that the group may not be homogeneous and may be each of them may be unknown to each other.
While a group insurance plan insures a homogeneous set of people. The group health insurance plan can be set up by an employer for his employees or it can be maintained by the employees themselves. The terms and clauses may vary from group to group. In some dependents can also be covered, the definition of dependents can also vary from one group to another.
Benefits of availing Group Health Insurance Plan
- The premium is less than individual health plans
- The claims are easily settled.
- Since the insured is part of the group, there is a security factor
- In some plans, one can also include his dependents.
Nowadays, most of the private and public players in the insurance industry offer group health insurance plans. Employers take advantage of these schemes to ensure that the needs of their employees are well taken of and these helps to retain employees also.
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