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What is the Group Insurance is?

Let’s get to know the Group Insurance.

A Group Insurance is the insurance that covers many people under a one and single Policy with employer as the Policy Holder and employees as the Insured which, in most case, is the giving of welfare to employees. In this respect, the Insurer will issue to the employer only one and single Policy so called “Master Policy” where the employees will be given a document so called “Insurance Certificate or Health Insurance Card” as an evidence on taking the insurance or for use in exercising their rights of medical treatments. The Group Insurance which employers can make for their employees consists of many forms: such as;

  • Group Life Insurance: Providing coverage on the loss of life in all cases no matter what the cause is either from sickness or an accident both within the working hours or out of the working hours throughout 24 hours worldwide which, in this connection, the insurer will pay the insured amount to the heir(s)/heiress(es) or beneficiary/beneficiaries of the employee as specified.
  • Group Accident Insurance: Providing coverage on the loss of life or dismemberment (arms, feet, sight) from an accident. There may be compensatory money for medical treatments as a result of an accident or an injuries requiring hospitalization, as well.
  • Group Total Permanent Disability Insurance: Providing coverage in the case where the insured is totally and permanently disable from sickness or an accident which, in general, the insurer will provide coverage when the person becomes totally and permanently disable continuously for a period of not less than 180 days from the date of the occurrence of the incident.
  • Health Group Insurance: Providing coverage relating to compensation, medical treatment costs arisen from injuries or sickness both in the case of in-patient and out-patient.

Advantage which employer will receive
from making Group Insurance

Advantage which employees will receive
from having Group Insurance
  • • Create good image to organization: Because good welfare is given to employees. It expressly shows that attention is given and importance placed on the employees. In addition, it is a creation of good relations between employers and employees.
  • Low cost: Cost of Group Insurance is low, but, employees’ benefits are high when comparing with an individual insurance and it helps reduce compensation claims when an employee is dead, sick or disable.
  • Help in financial planning: In this respect, an employer or organization can map out financial plan in advance because insurance premium of Group Insurance is certain; thus, cost spending in relation to this part in each year can be expected.
  • Tax benefits can be exercised: Because the company is entitled to use the premium for deduction as an expense before the company’s corporate income tax is computed.
  • Create security on the coverage from insurer: Makes employees feel that they have stable security which eventually makes them to be more happy in working.
  • Reduce expense burden: If sustaining injury or being sick, employees will not be worried about medical treatment cost incurred because insurer will be responsible for the expenses on this part.
  • Better life quality: If employees should be required to pay medical treatment expense at own cost, many of them may prefer to let sickness healed itself rather than going to see a Doctor for complete curing. But, insurance will help employees to be able to receive medical treatment at early stage before the sickness would become more serious including helping in reducing the rate of risk of being sick of dangerous disease.
  • Family spirit is secured: In the case of a loss of life of an employee or disability, the subject family will receive compensation which will help mitigate troublesomeness that may rise.