Everybody knows insurance is a necessity, but many defer purchasing one for various reasons – from being unable to find the right insurance product to issues like paperwork and medicals. This has prompted insurance companies to come up with group insurance products to make decision-making for this class of customers easy.

These products are easy to understand and they are pre-underwritten, making it easy for the buyers to purchase them.

Most non-life insurance products , including health insurance, are essential, but most people don’t like to buy them since they do not give anything in return. One should essentially have a health insurance portfolio, which includes the traditional reimbursement-based insurance, hospital cash benefit, critical illness cover and personal accident cover. Buying all these covers together is possible on the group platform. Such products are offered to a group, say credit-card holders of a bank, employees of an organization which is not formed with the sole objective of buying insurance. “The group administrator decides on the insurance benefits to be offered to the members taking into account the group demographics and the insurance needs,” says TA Ramalingam , head — underwriting, Bajaj Allianz General Insurance Company. For example, as a credit card holder or a savings bank account holder with a bank, you may be offered a non-life insurance policy that will offer you Rs 2 lakh of traditional medical insurance, Rs 8 lakh of personal accident insurance and hospital cash benefit of Rs 5,000 per day for a maximum of 30 days.

The bank will charge the premium to your credit card or deduct it from your savings bank account. The insurance company in return will issue you a certificate of insurance . In most cases, these sales are concluded over phone and there is no need to undergo a medical test. Generally, the premium payable for such covers is less than for individual policies, due to the group economies.

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

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