What is group insurance?
This is a contract that covers multiple people at the same time when the people involved have something in common: employees of the same business, members of an association. The advantage of group insurance lies in having the group members pay less in premiums for the same amount of insurance, generally without a medical examination or proof of insurability.
An insurance policy that provides the coverage for a number of people under one contract. Group insurance is generally applicable for the health services where the employees and sometimes their dependents are also covered through this policy. Because of the broader coverage, Group policies (life, health) are available at a cheaper rate as compared to the individual policies.
