The correct answer is: C. Both statements are correct.
Statement i is correct because the sum assured under group insurance is not fixed by the individual member. It is decided by the insurer based on the group’s risk profile.
Statement ii is also correct because a person whose proposal is declined under individual scheme can get insurance under group policy. This is because group insurance is less risky for the insurer, as the risk is spread over a larger number of people.
Here is a more detailed explanation of each statement:
- Statement i: The sum assured under group insurance is not fixed by the individual member.
The sum assured is the amount of money that will be paid out to the beneficiaries in the event of the insured person’s death or terminal illness. Under group insurance, the sum assured is not fixed by the individual member. It is decided by the insurer based on the group’s risk profile. This means that the sum assured may be higher or lower than the sum assured that would be offered to an individual under an individual insurance policy.
- Statement ii: A person whose proposal is declined under individual scheme can get insurance under group policy.
Group insurance is less risky for the insurer than individual insurance, as the risk is spread over a larger number of people. This means that a person whose proposal is declined under individual scheme may be able to get insurance under group policy.
However, it is important to note that not all group insurance policies are the same. Some group insurance policies may have higher premiums than individual insurance policies, and some group insurance policies may have exclusions or limitations that individual insurance policies do not have. It is important to compare the terms and conditions of different group insurance policies before you decide which policy is right for you.