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.

Groups – for this purpose - 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.)

Here are some things to be careful about when you participate in a group policy:

1 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)

2 You are entitled to get a certificate of insurance if you participate in a non employer-employee group policy for your records.

3 This certificate should contain

4 Your cover could cease if you leave the group

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

6 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

7 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.