Can Alumni Association take Group Term Insurance for its member
12 May, 2021
by Pankaj Kumar Gera
Our association Irma Almuni Association is looking for Term Insurance for its member. How do we go about it?
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Alumni associations can buy Group Term & Health covers as well as other risk coverages for their member alumni. Just approach any Insurer of your choice & formally place your proposal form. Along with the proposal form, you will be required to give information about each alumnus that the Association is seeking to insure. Every Insurer has a pre-defined format for collection of member information & the data sought is basic in nature (Name, Age, Sum Assured, Member since, declaration of pre-existing medical conditions, etc). You can get a uniform Sum Assured for all alumni or can get a graded Sum Assured.
For a better comparison of policy benefits & prices, you can also start your search from an aggregator platform like Policybazaar. They will take your Group requirement & give you information about multiple Insurers.
Depending on the Sum Assured sought & the medical declaration made by members, some or all of you may be asked to undergo a pre-policy medical examination by the Insurer. The cost of this examination is usually borne by the Insurer & all arrangements including booking your slot at the diagnostic centre are also taken care of by the TPA of Insurer.
Hope this helps you get started.