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A Group Travel Insurance is a combination of health, accident and liability insurance. This plan covers a traveller group against the risk of loss of luggage, medical emergencies, accidents and third-party liabilities. A Group Travel Insurance Plan is not limited to a group of people travelling together. But employers can also purchase Group Travel Insurance for employees who travel several times in a year. The premium of this plan is calculated depending on the number of travel days in a year.
Features of Group Travel Insurance
- Coverage against employees personal travel within the policy period.
- Single-window management and hassle-free handling of employee’s travel emergencies.
- No minimum number of employees required to purchase the policy.
Types of Groups
Before divulging the types of group insurance plans available in India, it's essential to know the types of groups that can benefit from a group insurance policy. In India, there are mainly two types of groups: Formal Groups and Informal Groups. Below are the details of both types of groups.
1. Formal Groups (Employer-Employee):
These groups are mainly companies or organisations wherein the employer purchases the insurance plan to insure the organisation's employees.
2. Informal Groups (Non-employees):
These groups include members from cultural, social or welfare associations. Generally, the group administrator or head of the association buys the group insurance policy to insure the members.