Group Insurance in Bangladesh

Group insurance package also provides the treatment expenses of the insured employees of an organization and their dependents ensuring their quickest recovery without having negative impact on their health conditions. GoodHope Insure has a set of Group Insurance products that provides financial supports due to death and disability, and the financial shocks due to unplanned treatment of diseases, accidental disability, critical illness and others. With this package of insurance a financial safety net to both employees and their family members can be reassured.

By partnering with GoodHope Insure, organizations can attract and retain top talents, boost employee motivations and foster a positive work environment at very low costs compared to other employee-benefits packages.

Retain your company’s talented workers partnering with GoodHope Insure. Get a free quote today! Call 01711025165.

What is Group Insurance?

Group insurance is a type of insurance package that provides several death & disability, and health insurance coverages to a group of individuals, generally employees of a company or members of an organization, under a single contract. This cost-effective solution offers uniform coverage to all members of the group, regardless of their individual health status or risk factors.

Key Features of Group Insurance Policy

Covers a Group of People

Group insurance plans are designed to cover a specific group of individuals under a single policy contract, such as employees of a company, members of an association or students of an educational institution. By spreading the risks among a larger group of members, insurers can offer more affordable coverage compared to individual insurance plans.

Typically Purchased by Employers

Employers are the main policyholders of group insurance plans, offering a set of coverage for the employees and their dependents as part of their employee benefits package. This insurance package not only helps the policyholder organizations attract and retain their talented employees but also demonstrates the company's commitment to the well-being of its workforce.

Cost-Effective Coverage

Products and plans of group insurance are much cheaper than the individual insurance policies because it’s risk is spread across a larger pool of people. Generally, employers pay the premium to the insurance company. Sometimes the employers contribute a significant portion of the premium, making it even more cost-effective for employees to obtain coverage through their workplace.

Simplified Underwriting Process

Unlike individual insurance plans that requires extensive medical underwriting, group insurance policies generally have the simplified process of underwriting. This facility encourages the employees to buy the insurance coverages without undergoing extensive medical underwriting by several examinations or answers to extensive health questionnaires.

Don't leave your family's financial security to chance. Call GoodHope Insure now at 01711025165.

Benefits of Group Insurance in Bangladesh

Financial Protection for Employees and Their Family Members

A complete package of group insurance policy provides a financial safety net for employees and their families in the event of unexpected health issues, accidents, or even death. By offering comprehensive coverage, employers can help alleviate the financial burden on their employees during challenging times.

Attracts and Retains Top Talented HR

In today's competitive job market, a robust employee benefits package that includes group insurance can be a key factor in attracting and retaining top talented HR of the organization. By demonstrating a commitment to employee well-being, companies can differentiate themselves from competitors and foster a positive employer brand.

Boosts Employee Morale and Productivity

When employees feel valued and supported by their employer, they are more likely to be engaged, motivated and productive in their work. By providing group insurance coverage, companies can show that they care about the health and well-being of their employees, leading to increased morale and job satisfaction among the employees.

Tax Benefits for Employers

Offering group insurance plans can also provide tax benefits for employers in Bangladesh. In many cases, the premiums paid by the employer for group insurance coverage are tax-deductible, allowing companies to reduce their overall tax liability while providing valuable benefits to their employees.

Safeguard your business with tailored insurance solutions from GoodHope Insure. Call 01711025165 for expert advice.

Types of Group Insurance Policy in Bangladesh Offered by GoodHope Insure

GoodHope Insure offers 2 (two) main types of products and benefits under group insurance policy in Bangladesh as below:

1. Group Term Life Insurance and it’s supplementary benefits; and
2. Group Health Insurance and it’s supplementary benefits

1. Group Term Life Insurance and It’s Supplementary Benefits

Group Term Life Insurance

GoodHope Insure offers the best package of group insurance policy in Bangladesh including group term life insurance, which provides a death benefit to the beneficiaries of covered employees in the event of their untimely death. This coverage helps ensure financial security for the employees' loved ones. Group life insurance death benefits can be an essential part of a comprehensive employee benefits package.

Group Whole Life Insurance

For employers looking to provide long-term financial protection for their employees, GoodHope Insure also offers group whole life insurance. This type of coverage combines a death benefit with a cash value component, allowing employees to accumulate savings over time while enjoying life insurance protection.

Basic Coverage can be determined in three ways-

• Flat Rate Coverage: Same amount for all member (Tk.1,000,000 or Tk.500,000 or Tk.300,000 for Each Eligible Member);
• Salary Based Coverage: coverage is equal to multiple times of monthly salary of an employee (i.e.12/ 24/ 36/ 48 months’ salary); and
• Class Based Coverage: Coverage amount is determined by each employee’s position in the organization (e.g.; Category 01, 02, 03 or 04).

Supplementary Benefits of Group Term Life Insurance:

A. Accidental Death Benefit (Additional Coverage to Group Term Life):

It is the most important benefit of group accident insurance. If an insured employee dies from direct cause of accidental injury within 90 days from date of occurrence, the Insurance Company, as stated in the benefit schedule of the Policy, will pay the sum assured for Accidental Death Benefit, in addition to the Group Life Insurance benefits.

B. Permanent Total Disability due to Accident/ Sickness:

This benefit is the most vital type of group personal accident insurance in Bangladesh. If any employee becomes totally and permanently disabled from sickness or bodily injury and is wholly prevented from performing any occupation for remuneration or profit, this benefit is payable in lieu of the Group Term Life Insurance benefit.

C. Permanent Partial Disability due to Accident/ Sickness:

The amount of coverage under this Rider is the same as under Term Life. If any employee becomes partially disabled on a permanent basis, as a result of sickness or bodily injury, these benefits are payable in lump sum as per agreed upon schedule. Benefits are payable in lieu of Group Life Insurance benefits

2. Group Health Insurance and It’s Supplementary Benefits

Under Group Health Insurance Coverage or Medical Insurance Coverage, Insurance Companies provide treatment expenses to the insured persons in the event of medical treatment because of Injury or Sickness up to the agreed upon plan Limits/Sub-limits.

a. Hospitalization Medical Insurance

Under Group Hospitalization Benefits, Insurance Companies provide treatment expenses to the insured persons in the event of CONFINEMENT in a HOSPITAL because of Injury or Sickness up to the agreed upon plan Limits / Sub-limits.

b. Maternity (Child Birth and Miscarriage)

Insurance company will pay a pregnancy/child-birth benefit under this Rider up to the maximum amount. The Maternity / Obstetrical Benefit is applicable to expenses incurred for room, board and general nursing care, special hospital services and ordinary nursing care of the baby / babies while the mother is confined in the hospital, and for charges made by the physician, or registered midwife. This benefit is payable once for any one pregnancy. Maternity insurance benefit shall include childbirth, miscarriage, or legal abortion, including any and all complications arising there from in connection with any one pregnancy.

c. Out-Patient Medical Benefits:

Medical insurance for reimbursement of the expenses incurred for treatment in the Out-Patient Department of a Hospital or Clinic without being hospitalized is considered Out-patient medical insurance benefit.

Out-patient Medical Insurance Benefits provide for reimbursement of actual Medical expenses- up to certain yearly limits against-

• Consultations;
• Investigations; and
• Prescribed Medicines.

Insurance companies in Bangladesh provide 3 types of Out-Patient Medical Insurance Benefits as below:

• General Out-Patient Benefits;
• Dental Out-Patient Benefits; and
• Optical Out-Patient Benefits.

d. Group Accidental Medical Expense Reimbursement:

If an insured person faces accidental injury and requires treatment from Hospital or Clinic or a Physician, Insurance Company will pay the Reasonable, Customary and Necessary medical expenses incurred within fifty two (52) weeks from the date of the accident for such treatment. The benefits Features are as below:

• Treatment must be for the injury or disability due to Accidental Reason;
• Treatment must be started within 30 days of the accident/ injury;
• Treatment be provided by any Physician, Hospital, Clinic, a licensed/graduate nurse in the Hospital
• Insurance Company will pay the Reasonable, Customary and Necessary medical expenses incurred within fifty two (52) weeks from the date of the accident
• Expense must not exceed the Plan Maximum Amount

e. Group Critical Illness Benefits:

Group Critical Illness Benefit provides for SAME Flat monetary benefit for insured members for treatment of certain / specific Terminal Illnesses to an insured member upon positive and confirmed diagnosis per defined symptoms in the Group Policy Contract. Insurance company provides benefit under this rider to an insured once in his life while insured under Group Insurance Policy.

Covered 18 Critical Illness:

i. Cancer, ii. Stroke, iii. Myocardial Infarction, iv. Renal failure, v. Paralysis, vi. Coronary artery surgery, vii. Major organ transplant, viii. Blindness, ix. Heart valve replacement, x. Surgery for disease of Aorta, xi. Multiple Sclerosis, xii. Aplastic Anaemia, xiii. Malignant Brain Tumour, xiv. End Stage of Lung Disease, xv. Major Head trauma, xvi. Complete Deafness, xvii. Loss of Limbs and xviii. Loss of Speech.

Why Choose GoodHope Insure for Your Group Insurance Solutions in Bangladesh

GoodHope Insure is a trusted name in the Bangladeshi insurance distribution and administration market, offering a variety of group insurance solutions tailored to meet the necessities of businesses and organizations. GoodHope Insure distributes the group life insurance benefits, as well as group health insurance coverage to all large and small businesses. Here are some attractive reasons to choose GoodHope Insure as your aggregator of group insurance requirements:

Comprehensive Range of Group Insurance Products

GoodHope Insure has accommodated a comprehensive portfolio of group insurance products, including group life insurance, group medical insurance and group personal accident insurance from different insurance companies in Bangladesh. This diverse range of products ensures that you can find the right benefits to make a package to protect your employees and their dependents financially.

Facility of Customizing Your Organization's Requirements within Budget

At GoodHope Insure, based on our long experience, we will meet your company’s management to understand your requirements as well as the financial budget for Group Life and Health Insurance policy. Afterwards, we shall customize the insurance benefits package and offer it for the employees (and their dependents) of your organization. We always try to guide our customer to accommodate the right benefit, not the highest ones, to get right benefits without wasting hard-earned money. Our proposal must be based on quotations from several insurance companies. So, this proposal shall definitely meet your budget having all your required benefits.

Competitive Pricing and Excellent Value for Money

We believe in ensuring the best services to clients with the best value for their investment. We always advise our customers to accommodate the insurance benefits which are practically beneficial for their members within their affordable budget. Sometimes, customers cannot estimate their necessary products with proper volume of group insurance policy due to lack of experience. In those situations, they get misguided. At GoodHope, we offer the customized package with necessary products of appropriate volume or amount or benefits structure. Our proposal must be based on quotations from several insurance companies. So, this proposal shall definitely meet your budget having all your required benefits without wasting hard-earned money. Our cost-effective solutions help you attract and retain your top talented HR while managing your expenses effectively.

Dedicated Account Management Team

When you choose GoodHope Insure, you gain access to a dedicated account management team that is committed to providing exceptional services your employees and their dependents. Our well-trained professionals remain always alert to cooperate with you for any solution, concerns or claims processing. Our relentless endeavor is to build long-term relationships with our clients, ensuring personalized attention and support throughout your journey with us.

Prompt Claims Settlement

We know the importance of timely and appropriately settlement of claims of group insurance policy. GoodHope Insure has built up their reputation of processing claims efficiently ensuring that your employees receive the benefits in time. Our streamlined procedures and experienced claims team work diligently to adjudicate claims fairly.

Strong Financial Stability and Reinsurance Backing

GoodHope Insure distributes the insurance policies of the insurance companies which are financially stable with a strong track record in the insurance industry. Our reinsurers of our partner insurance companies are worldwide reputed. These are ensuring an additional layer of security for our clients. You can keep trust on our financial capacity of providing your necessary coverage as per our commitments, even in challenging times.

Secure your employees' well-being with group insurance plans from GoodHope Insure. Call 01711025165 to discuss your options.

How GoodHope Insure's Group Insurance Plans Work

Eligibility Criteria for Employees

GoodHope Insure's group insurance plans are designed to cover a wide range of employees within an organization. Typically, all full-time employees who meet the minimum work hours requirement are eligible for coverage. Some plans may also extend coverage to part-time employees and dependents, such as spouses and children.

Enrollment Process

The enrollment process for GoodHope Insure's group insurance plans is simple and straightforward. Our team works closely with your HR department to provide all the necessary information and forms. Employees can easily enroll in the plan during the designated enrollment period, typically when they first become eligible or during an annual open enrollment window.

Premium Payment Options

GoodHope Insure offers flexible premium payment options to suit your organization's preferences. Premiums can be paid by the employer, shared between the employer and employees, or fully contributed by employees through payroll deductions. Our team will guide you through the available options and help you choose the most suitable payment structure for your company.

Claims Procedure

Filing a claim with GoodHope Insure is a hassle-free process. Our claims team is dedicated to providing prompt and efficient service to ensure that your employees receive the benefits they are entitled to. Employees can submit claims directly to GoodHope Insure, either through our online portal or by completing the necessary forms and providing supporting documentation. Our claims experts will review the claim and keep the employee informed throughout the process.

Enjoy a hassle-free claims process with GoodHope Insure. Call 01711025165 to experience the difference.

People Also Ask

What is group insurance in Bangladesh?

Group insurance in Bangladesh is a type of insurance plan that provides coverage to a group of individuals, typically employees of a company or members of an organization, under a single contract. It offers uniform coverage to all members of the group, regardless of their individual health status or risk factors.

What is a group insurance policy?

A group insurance policy is a single contract that extends life insurance coverage to an entire group of people, such as employees of a company or members of an association. The objective of forming the group should have a meaningful purpose apart from requiring life insurance coverage.

What is the most common group insurance?

The most common type of group insurance is group life insurance, which provides financial protection to the families of the insured employees in the event of their untimely demise. It is the most cost-effective way of providing immediate financial support to the insured employee and/or their family members.

What is the meaning of group term insurance?

Group term insurance is a type of group life insurance plan that provides coverage for a specific term or period. It offers a death benefit to the beneficiaries of covered employees in the event of their untimely demise during the coverage term.

Who pay the premium for group insurance policies?

The required premium of group life insurance is paid in two types as below:

• Contributory group life insurance: In this type, employees pay a portion of the premium, and the employer pays the balance amount.
• Non-contributory group life insurance: Here in this type, employer pays the full premium, and the employees don’t need to pay any amount.

What is group loan insurance?

Group loan insurance provides financial protection to lending agencies and bankers. If the borrower or the debtor fails to repay the loan, the insurance plan will cover the loss suffered by the lenders.

What is a group owned insurance company called?

A group owned insurance company is typically referred to as a captive insurance company. It is a subsidiary company established by a parent company or a group of companies to insure the risks of its owners and affiliates.

How to claim group insurance?

To claim group insurance benefits, the following steps are generally involved:

• Notify the employer or the group policyholder about the claim.
• Fill out the necessary claim forms provided by the insurer.
• Submit the required documents, such as death certificate, medical reports, and discharge summary, depending on the type of claim.
• The insurer will verify the documents and process the claim.
• Upon approval, the benefit will be paid to the nominee or the beneficiary.

What is group assurance?

Group assurance is another term for group insurance, which provides coverage to a group of individuals under a single contract. It offers assurance of financial security to the insured members and their families in case of unforeseen events like death or disability.

What is the difference between a group and a policy?

A group refers to the set of individuals, such as employees or members of an association, who are covered under a single insurance contract. A policy, on the other hand, is the legal document that outlines the terms, conditions, and benefits of the insurance coverage provided to the group.

Get the Best Group Insurance Deals in Bangladesh with GoodHope Insure

Request a Quote Online

Visit the GoodHope Insure website at https://goodhope.com.bd/ and fill out the online form to request a quote for group insurance. Provide the necessary details about your organization and the coverage requirements, and our experts will get back to you with a customized proposal.

Speak with Our Group Insurance Experts

If you have any questions or need assistance in choosing the right group insurance plan for your organization, feel free to reach out to our dedicated team of group insurance experts. They will guide you through the process, help you understand the various options available, and ensure that you get the best coverage at competitive rates.

Compare Plans and Pricing

GoodHope Insure offers a wide range of group insurance plans to suit the diverse needs of businesses and organizations in Bangladesh. Take the time to compare the different plans and their pricing to find the one that aligns with your budget and coverage requirements. Our experts will provide you with a detailed comparison and help you make an informed decision.

Enjoy Comprehensive Coverage and Exceptional Services

By choosing GoodHope Insure for your group insurance needs, you can rest assured that your employees and their families will be protected with comprehensive coverage. Our plans offer a range of benefits, including life insurance, health insurance, personal accident insurance and more. Additionally, you will experience exceptional services from our dedicated account management team, who will be there to assist you throughout the policy term and ensure smooth claim processing.

Get the best value for your group insurance investment with GoodHope Insure. Call 01711025165 for a personalized quote.