Group Insurance is an easy way of providing Life Insurance to the employees of an organization. Group Insurance covers many people under one policy. In Group Insurance, the policy is a Single Policy named as ‘MASTER POLICY ’for the group insured. There is a contract of insurance in between the insurer & the employer called Employee Group Insurance. Thus the payment of premiums, the members to be insured & to what extent they shall be insured lies in the hands of the employer. The basis on which the employer selects employees for the Pension scheme are factors like their age, earning potential, designation and seniority. The main objective of this paper is to study the various group insurance schemes and some of the social group insurance schemes of LIC. The people who have low or no life insurance are able to get some amount of insurance coverage with group insurance.
Group, Homogeneous, Insurance, Policy, Premium
