Group Insurance IRDA

Hii Sir, I wants to get the information About the Group Insurance of the Insurance Regularity And Development Authority of India ?

[shikha]

As you Asking for the information About the Group Insurance of the Insurance Regularity And Development Authority of India the information is given below


A group insurance policy gives you advantages of standardised coverage and very competitive premium rates. You can avail of group insurance policies that a group you belong to takes.

Purpose of the Group Insurance

- can be employer-employee groups or non employer-employee groups as defined by IRDA’s group insurance guidelines. (Examples are holders of the same credit card, savings bank account holders of a bank or members of the same social or cultural association and so on.)

Things to be Noted for the Group Insurance

Only one master policy will be issued to the Manager of the group and will be in the name of the group (eg: the association)

You are entitled to get a certificate of insurance if you participate in a non employer-employee group policy for your records.
This certificate should containthe schedule of benefits premium charged andterms and conditions of the cover
Your cover could cease if you leave the group

When you leave the group the insurer should offer you continued coverage under an individual policy

The Manager of the group should disclose the premium rate and terms of the policy including the premium discounts offered to the group and should pass on the discounts to all members

The manager of the group has to disclose any administrative or other charges he is collecting from members over and above the premium charged by the insurance company