– Lower Premium
A group insurance policy has the advantage of offering a wider coverage in terms of the options available in the policy. This is usually at a cheaper premium, in contrast to the high cost such options would be made available in an individual insurance policy. Costs are as low as 50% in comparison to individual plans.
– Superior Benefits
Some of the benefits available under Group insurance policies don’t exist in individual insurance policies because of the cost, due to the fact that they can be provided for at a cheaper rate when a group of people are taking up an insurance policy. e.g., pre-existing illness covered from the first day, Chronic ailments cover.
– Customized Policy
Group insurance policy provides the opportunity of having peculiar policies which would fit the needs of the members of such group. The terms of the insurance are usually elastic and can accommodate almost every need. For example, Maternity cover with or without a waiting period, Children covered from the first day etc.
– Easy to Manage
Obtaining a group insurance is cheaper and easier to administer. This because it saves the money and complexities that would be involved in managing various multiple individual plans for employees. For example, bulk member addition and deletion.
Advantages of Buying a Group Insurance Policy
