To further understand the differences, take a look at the table below:
Group Insurance | Individual Insurance |
Group insurance is purchased by an entity for its members. Some of the examples of Group Manager – Members are – Employer – Employee, Lender – Borrower, Service Provider-Subscriber, RWA – Resident, etc. | Individual insurance is a policy purchased by an individual for themselves and their family based upon personal needs and budget. |
Entry & Exit to the group are controlled by the Group Manager (Master Policy Holder). | Individual alone can choose for the policy to be discontinued. |
A group health insurance plan usually costs lower given a larger risk pool. | Individual plans are more expensive since they involve a lot of underwriting individually. |
Higher Non-Medical grids for a recognised group. | Medical requirements are seen individual basis the life that is getting insured. |
Policies are issued in favour of the Master Policyholder. Individual members are issued a Certificate of Insurance. | Policy bond is issued to the proposer of the policy only. |
Disclaimer - *Conditions apply. This product is offered under the Group Insurance scheme wherein Bajaj Finance Limited is the Master policyholder. The insurance coverage is provided by our partner Insurance Company. Bajaj Finance Limited does not underwrite the risk. IRDAI Corporate Agency Registration Number CA0101. The above mentioned benefits and premium amount are subject to various factors such as age of insured, lifestyle habits, health, etc (if applicable). BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance and any claims post sale. This product provides insurance coverage. Purchase of this product is purely voluntary in nature. BFL does not compel any of its customers to mandatorily purchase any third party products.”
All you need to know about personal loan from Bajaj Finserv
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