Group Personal Accident Insurance

As the name suggests, Group Personal Accident Insurance is a policy issued to a group of people by an institution or organization. Perhaps the most important purpose of group personal accident insurance is to provide comprehensive financial protection against hefty expenses incurred due to disablement or death resulting from accidental injury.

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Group personal accident insurance comes in handy for employers who are constantly in a lookout for ways to safeguard their employees against certain risks that can cause death or permanent disablement. The product is available for both the employees and board or owner of a company. The broad spectrum of benefits offered by Group Personal Accident plans play a very important role in any salaried individual’s life.

Let’s Now Check Some Prominent Benefits of Group Personal Accident Insurance

The key benefit offered under group accident insurance policy is that it protects you against any financial liability arising due to death or disability due to accident. Remember, every bread winner has a family that is financially and emotionally dependent on them. And it perhaps remains a priority of every bread winner to secure their future and their interest. Besides this, there is a host of other benefits that group personal accident insurance has to offer.

Group Personal Accident Insurance - Importance

Let’s talk about some of the key importance of Group Personal Accident Insurance in greater details:

  • Group Personal Accident Insurance understands that employees are the most important asset of the any organization and therefore it offers protection against several types of unfortunate events that can cause death or permanent disablement to the insured. It is a basic responsibility of any business organization to protect its employers against any unfortunate events.
  • Group Personal Accident policy assures that the claim gets settled quickly, in case any employee dies or injured and suffers a permanent disablement, temporary total disability or any other medical expenses. The claim of the policy is paid to the policyholder or his/her nominee. It helps employers to avoid the burden of liability, as this policy bears the total expenses incurred in case the any employee meets any unfortunate events, such as accident.
  • This insurance policy is also very beneficial for organization’s repo as it makes a good image amongst worker that the organization is concerned about its employees and has certain measure to short out such problem arising out of any unfortunate events like accident. It is the complete solution that is perfect to protect the employees against any kind of accident that may incur extra expenses to the organization.

Group Personal Accident Insurance Coverage

Group Personal Accident Insurance - Key Highlights

Now that you know the importance of group personal accident insurance, let’s talk about some of the key highlights of Group Personal Accident Insurance: .

  • Group Personal Accident Insurance provides a comprehensive coverage for all expenses associated with accidents.
  • In case of the accidental death of the insured, 100% of sum insured is paid to the nominee.
  • 100% of the sum insured is paid in case the insured losses vital limbs.
  • Half of the sum assured is paid out to the insured in case of partial disablement.
  • A certain percentage of the sum assured will be paid to the insured in case of temporary complete disability.
  • It also offers coverage for the Insured’s broken bone due to an accident,
  • This policy provides protection against insured’s burns arising due to an accident.
  • Some group personal accident insurance policies also provide coverage for heart attack & stroke.
You may also like to Read: Group Health Insurance

Let’s now discuss the key highlights of Group Insurance Plan in greater details

Accidental Death- In case an employee meets with an accident that results in his/her death, the nominees are paid the principal sum as the accidental death benefit.

Permanent Total Disability- In the event where an employee meets an accident that results in a permanent disability for a period of 12 months in continuity, the insurer will pay the sum assured as compensation to the employee.

Permanent Partial Disability- In case an employee meets an accident that causes a permanent partial disability for a period of 12 months in continuity, the policy would cover between 2% and 60% of the Principal Sum according to the level of disability (listed in the policy coverage).

Ambulance Charges- The policy offers reimbursement for ambulance charges incurred in case the employee meets any accident.

Mortal Remains Transportation- The insurer issuing group personal accident insurance bears the expenses arising due to moving the mortal remains from the accident site to residence, hospital or cremation ground.

Broken Bones- A lump sum amount is compensated for broken bones of an employee, covered under group personal accident insurance plan, caused by an accident, as listed in the policy coverage.

Medical Reimbursement- This policy also provides reimbursement for the cost of hospitalization for the treatment of injury. The compensation offered under this benefit is generally a certain percentage of the actual medical cost incurred.

Changes in Lifestyle- Permanent Total Disability arising out of an accident often demand a change in lifestyle. To meet the increase in lifestyle expenses due to the change, the employee might need financial assistance. For example, modify an existing vehicle or shifting to ground floor or change in staircase. This is where Comprehensive Group Personal Accident policies come in handy. These policies provide a financial assistance to meet such expenses arising due to any such requirements.

In the End!

Group personal accident policy is a complete package in itself that can be bought by employers to provide extensive coverage to a large number of employees. A fairly large number of insurance companies also provide options to customize group personal accident covers to suit the requisites, needs and wants to the group of employees.

Written By: PolicyBazaar - Updated: 08 November 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.