There are many benefits of buying group insurance plans. Since a group presents customers in ‘bulk’ quantity, the insurance companies offer attractive discounts on premiums on such policy. Hence, group health insurance works out cheaper than buying health insurance for a single individual.
The group insurance policies also offer wider coverage than individual plans in terms of dependent covered under the plan. Hence, under group insurance, the policy may extend cover to the parents, grandparents, children, partners, etc. Some policies also offer maternity cover under group insurance.
Another benefit of group health insurance is the lower waiting period. Any health insurance policy does not offer immediate medical cover to the insured after buying the policy, but the insured has to wait for a few months to become eligible for the medical cover. In the case of group insurance, the waiting period is just a few weeks after buying the policy.