There are different types of group insurance plans. Some group insurance plans are solutions that allow employers to contribute to the well-being of their employees, and show them that they care. Other group plans protect borrowers who have availed loans from lending institutions.

In individual insurance plans, you pay a premium to the insurer in exchange for benefits that are exclusive to you. You get to choose various aspects of the plan, such as the premium payment term, the policy term, the level of protection, and the mode of premium payment, among other terms. 

Group insurance plans are designed to benefit affinity groups comprising various people, such as employees, or groups of borrowers. These plans are cost-effective solutions that provide benefits to each member of the concerned group.

The right time to purchase a group plan depends on the kind of protection it offers. For instance, if you’re an employer keen on taking out an insurance plan for your employees, it’s a good idea to purchase a group plan for your workforce as early as you can. That way, they are protected early on. Instead, if you’re a lender (such as a bank, financial institution, or NBFC) looking to take a group plan to secure the loans taken by borrowers, the ideal time to purchase the plan would be when you disburse the funds to the borrowers. 

Group insurance solutions benefit a variety of groups like employer-employee groups, non-employer-employee groups, and groups of borrowers from a common lender

To buy an insurance policy, you need to submit the following mandatory documents.

Proof of address:

The following documents are accepted as valid proof of your address.

• Bank Statement (or passbook) with the latest entries for six months 
• Aadhaar card
• Passport
• Voter's ID
• Driver's License
• Electricity/telephone bill
• Ration Card

Proof of identity:

Some of the documents that are accepted as valid proof of your identity include:

• PAN card
• Aadhaar Card
• Passport
• Driver's license

Documents showing proof of income:

These documents, which are required only for a few plans, include:

• Salary slips of the previous 3 months
• Income tax returns/Employer certificate
• Bank statement of the previous 6 months
• Latest Form 16