Group life insurance helps to offer multiple benefits to a standard group of individuals in one go. Group Insurance plan is hassle free and customized mechanism to cover a group of people under a single master life insurance policy. Group insurance ensures financial security to the family in the event of unfortunate group members sickness, accident, death or other hospital cares such as maternity related facilities.
The Group Insurance is a comprehensive coverage that can be offered to employees and the plan can be customized as per the need of the group. The employer can offer their group members either uniform cover or varied cover. Benefits are not only for insured, but also for their dependents such as spouse, children, and parents as well. Group insurance is appropriate for all kinds of small and large organizations having at least 10 employees such as associations, banks, financial institutions etc. to provide a systematic financial security for the employees that work as a motivational tool which leades to higher employee retention and productivity.
The more financial security employee has, the more motivated they remain. Through group term insurance an organization can mitigate the level of uncertainty of their employees and for that employees become more loyal to the organization when they get financial supports in time of their needs from the organization they work for. Conversely an employer/organization feels better when they can stand beside their employees through group term insurance providing a sense of good governance in the organization.
If an insured member dies (except suicidal death, in first year of coverage of a member and HIV/AIDS-related diseases), Guardian Life Insurance upon receipt of written proof of such death due to sickness or accident, will pay the organization the sum insured in respect of the said insured member within 7 days.
Critical Illness is a special supplementary scheme designed for employees and for their family members with a view to provide financial support and protection in the event of a member is diagnosed to have one of the diseases mentioned below, but not until at least three months have been elapsed since the commencement. The coverage amount is provided upon being diagnosed with the following 18 critical diseases.
Nowadays to lead a healthy life is very challenging considering the imbalances of family expenses. Medical insurance plans are designed to cover medical expenses in case of hospitalization either as in-patient or as an out- patient as well as critical illness. Very flexible and an affordable group medical insurance allows all the regular employees with an option to include family member (spouse & dependent children) under the proposed Medical Insurance Scheme.
The hospitalization Insurance Plan is designed to provide a comprehensive coverage of hospitalization treatment expenses of an insured due to illness or injury sustained during the period of coverage. Hospitalization benefit coverages are given on following categories:
Applicable for Female employee/spouse up to the age of 45 years. The maternity/obstetrical benefit is applicable for the expenses that incurred for room, board and general nursing care, special hospital services and ordinary nursing care of the baby/babies while the mother is confined to the hospital and for charges made by the physician, or registered midwife. Pregnancy shall include childbirth, miscarriage or legal abortion, including any and all complications arising there from in connection with pregnancy. Maternity benefit coverages are given on following categories:
Supplementary Benefit (Disability)
Group personal accident insurance plans cover multiple types of disabilities. The disabilities caused by accidents are classified under the following three sections for determining compensation:
Accidental death benefit shall pay to the employer (organization) the sum insured in respect of the said insured member in addition to death benefit if an insured member dies directly from an accident caused through external and violent, within 7 days from the date of occurrence..
Permanent and Total Disability coverage shall pay to the organization the sum insured in respect of said insured employee in case of permanent and total disability caused directly by an accident from bodily injury, which prevents the insured member from engaging in any business, occupation or work whatsoever for remuneration or profit and which disability has continued uninterruptedly for a period of at least six months and has been certified to be incurable by a physician approved by the company.
In the interpretation of this definition the Company will, however, recognize as Total and Permanent Disability the entire and irrevocable loss of: