Personal insurance is to meet the needs of individuals and families, with individuals as the underwriting unit. This means that the risk selection object of life insurance is individual.
The difference between group insurance and individual insurance is mainly manifested in the following aspects:
1, different insured units
The insured subject of group insurance is a group, such as various enterprises, state organs, institutions, etc., and must be a legal organization established according to law. The subject of life insurance is the individual.
2. The insured objects are different.
The protection of group insurance is based on the group's insurance for its members. Personal insurance is to review the individual's insurance eligibility and protect the individual's insurance.
3. Different insurance conditions
Group insurance requires that the proportion between the number of the insured and the total qualified number of the insured group must reach the proportion stipulated by the insurer, and generally no personal medical examination is required. Personal insurance generally requires a physical examination.
4. Different insurance rates
Group insurance is generally based on the nature of the work. Life insurance should be based not only on the nature of work, but also on the specific situation of the insured. Generally speaking, the rate of group insurance is relatively low.
5. The insurance period is different.
Generally speaking, the insurance period of group insurance is one year, which can be long-term or lifelong, but the insurance period is long-term. The insurance period of personal insurance is generally long-term.
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