Group Personal Accident

An accident can put the concerned family into a financial turmoil. Any mishap that leads to death or disablement of the insured can impact the finances of the dependents. As a way to encourage employees and make them feel safe, most organisations offer health insurance plans under the group personal accident insurance. 

What is a Group Personal Accident Insurance Policy

As the name suggests, the group personal accident insurance is a cover for employees under their organisation’s group health insurance plan. The policy coverage is available to both the employer as well as the employees of the company.

Group personal accident insurance offers comprehensive protection that covers the employee enlisted under it against hefty medical expenses incurred due to disablement in an accident. The policy also covers the death of the insured due to the mishap.

Further, we have explained the features of group personal accident insurance in detail.

Features of Group Personal Accident Insurance

Following are the general features of group personal accident insurance plans available in India.

  • It covers a group of people belonging to the same company or community that has taken the policy.
  • This group or community is created by the employer/owner of the company.
  • The policy acts as an incentive to the employees.
  • It covers the medical and treatment expenses arising in case of accidental death or treatment of the insured.
  • It provides compensation to the dependents in case the insured dies in an accident.
  • It also offers compensation to the dependents in case of permanent total/partial disability of the insured in an accident.

What Does Personal Group Accident Insurance Cover

Typically, the coverage of the personal group accident insurance depends on the term of the plan taken by the employer. Most personal group accident insurance plans cover the following things -

  • Accidental Death: The policy provides a lump sum benefit to the dependents of the insured if they die in an accident.
  • Permanent Total Disability: If the accident leads the insured to permanent total disability that continues for over a year, the insurer compensates as per the sum assured.
  • Permanent Partial Disability: If the accident leads the insured to permanent partial disability, then the insurer pays 2-60% of the total sum assured amount. However, the benefit is paid if the disablement continues over a year.
  • Weekly Benefits: The policy provides weekly benefits to the insured in case of full disablement. However, the said benefit is temporary and compensates for the loss of income incurred due to the accident.
  • Ambulance Cost: The policy also covers ambulance charges.
  • Mortal Remains Expenses: The policy reimburses the expenses incurred due to transportation of the insured’s mortal remains to its dependents.
  • Reimbursement of Medical Bills: The medical treatment and hospitalisation expenses are also covered under the plan.
  • Education Benefits: In case the insured dies in the accident or faces permanent disability, the education costs of the children are covered under the policy.
  • Lifestyle Changes: If the permanent partial/total disability leads to lifestyle changes in the insured wherein they need a car for transportation or constant care, the policy covers the said expenses.

Benefits of Group Personal Accident Insurance

  • A group personal accident insurance plan fulfils the fundamental responsibility of an employer towards their employees. The policy covers the employees and provides financial security to the dependents in case of accidents.
  •  It acts as an incentive to the employees and helps them understand that they are valued in the organisation. Moreover, it ensures that the employees and their families will be protected against unfortunate events under the policy.
  • The claim settlement process is quick and hassle-free. The insurer directly compensates the insured in the case of disablement or the dependents in case the insured dies.
  • The policy benefits act as a great way to promote the company’s reputation in the market.

Conclusion

Group personal accident insurance plans are an excellent way for companies to show that they care for their employees and their families. In fact, many health insurance plans in India have a provision to customise group coverage to fulfil the needs of the employees.

It may require the employees to pay additional premiums to enhance the coverage of their health insurance plan. However, the primary health cover is free, and the organisation pays the premiums. Besides, employees can use the health insurance calculator to determine the premiums charged on the overall coverage they have chosen and make an informed decision based on it.

Overall, this only reiterates the importance of having a comprehensive health insurance plan that covers the medical needs of you and your family. In case your organisation does not offer this incentive, you can always choose to buy health insurance with a trusted provider.

The health insurance plans available on Finserv MARKETS offer extensive coverage at affordable prices, bespoke health plans, reinstatement benefits in case you exhaust your sum assured, cashless claim settlements, hassle-free renewals, and so much more.

So, why wait? Insure yourself and your loved ones with a health insurance plan available on Finserv MARKETS, today.

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