Overview

We’re delighted you’ve found us. Join the team of 100 million+ happy customers across India who have chosen Bajaj Finserv as their trusted financial partner. It's your time now! With the feeling of giving back to its community of loyal customers, Finserv Markets lets its customers secure their health and/or life with Group Insurance plans. A hassle-free and cost-effective insurance that comes with great benefits and coverages, makes group insurance an ideal choice for those looking for a policy that offers them a much-needed assurance amongst life’s uncertainties.

What is meant by a Group Insurance?

A group insurance policy covers a defined group of people under one single policy, for critical illness, hospitalization, or death. These groups under the insurance policy can consist of employees of a company, or members of the same society, or members of the same business entity. The group insurance policy can either be a group life insurance policy, or a group health insurance policy. A group insurance plan can also offer some other types of personal insurance. The coverage under this policy is provided under one master policy, by an employer or association. The premium of a group insurance plan depends on the group to whom this policy is being offered. Group insurance policy available on Finserv Markets has premiums that are comparatively lower than that of an individual policy.

How is a group insurance policy different from other insurance policies?

  • Group Insurance

    • The premium for a group insurance policy is substantially lower than that of an individual insurance plan

    • Under this policy, the insurance contract is drawn in the name of the group

    • It is not compulsory to undergo medical check-ups for the policy available on Finserv Markets

    • The policy term of a group insurance is of one year which means that it can be renewed annually

  • Individual Insurance

    • The premium for an individual insurance plan is costlier than a group health or term life insurance policy

    • The insurance contract is drawn in an individual’s name

    • Medical check-ups are mostly compulsory to buy this policy

    • The policy term of an individual insurance differs from company to company and can range from 5 years to 30 years

Why should I buy Group Insurance?

You should buy group insurance on Finserv Markets for the following reasons:

  • It is very economical and usually costs less as compared to individual plans.
  • Group Insurance plan does not necessarily require any medical underwriting.
  • The hassle-free buying processes.
  • Insta-Issuance of the group health insurance/group life insurance policy.

How does Group Insurance work?          

Group insurance is generally offered to the employees of a company as an employment benefit, but can also be sought by an alumni group, members of an association, and other groups of this sort. Under this insurance, members of the group are provided a certain fixed and uniform cover. The cumulative risk of all the members is considered while deciding upon the premium amount. The logic here is that in a group, some members would be less likely to make a claim than the others. So, this balances the risk factor to a large extent. In a group insurance plan, the members are covered till the time they are a part of the group (employed in the company, part of the association, etc). The coverage for a member ends as soon as he/she leaves the group. The same working model applies to anyone who buys a group insurance policy with Finserv Markets.