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Can Alumni Association take Group Term Insurance for its member

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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?


1 Answer

14 May, 2021
Self Employed - Digital Consultant

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.

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