Why Can You Not Afford to Ignore Group Personal Accident Insurance?

“Travesty is a risky business,” said a learned saint, as one cannot foretell what may come by in the coming future. Though clichéd, the impact of the statement can never fade away; Prevention has always been and will always be better than cure.

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There are times when you meet with accidents despite giving hundred percent on driving, all because of sheer negligence of the fellow drivers. This is not just a statement, as it has been proved by Road Safety in India Status Report 2015.

With the booming number of vehicles on roads, the people are gradually becoming rash drivers. This has not only resulted in the significant growth of road accidents but is also responsible for the financial loss to the family of the affected person and the employer who is banking on that person. This makes it quite important for the employer to get to know about the terms and conditions of group personal accident insurance and the various benefits one can get from the policy.

 

This is one such scenario where group personal accident insurance not only helps the employers, but also the employees. Thus, there are a lot of companies that offer their employees group personal accident insurance policy.

In this blog we will discuss why one, who commutes daily cannot afford to ignore Group Personal Accident Insurance.

Group Personal Accident Insurance: An insight

In case of accidents caused by external means that lead to death or physical injury, a Group Personal Accident Insurance is required. The policy also provides coverage for physical injuries which include partial or permanent disability and death caused due to an unfortunate event of accident.

Group Personal Accident Insurance

Who all can opt for this Insurance Policy?

Public and private sector organizations offer their employees a complete insurance cover. This policy also offers coverage in case of events apart from workplace or residence, for instance, their way to work. 

Why the Group Personal Accident Insurance has become a need of today’s generation?

As we are living in a vulnerable phase of life where anything can happen, a group personal accidental insurance policy can help to maintain your savings as well as lower the burden of your medical expenses. The benefit of this policy is that you do not need to get your or your family’s medical check-up done. There are several companies that offer Group Personal Accident Insurance. In such cases, you must not leave the chance of taking the insurance for yourself as well as your dependents.

You may also like to Read: Corporate Group Health Insurance- an Intro

Following are the Reasons to Purchase this Policy:

Road Accidents

One of the prime reasons why people need to opt for this policy is the vulnerability to road accidents. As per Ministry of Road Transport and Highway, the mortality rate in road accidents is quite high in India. According to a post on Times of India, more than 400 people lose their lives in road accidentsdaily in India. The reasonsfor these accidents are ignorant behavior, rash driving and not following the proper traffic rules on the road. Due to this, even those who are vigilant while driving have to suffer. On the other hand, if you are insured, then at least you have a monetary backup for your family during such a tough time.

Disability Caused due to Accidents

This is quite important for those who are the only earning member in their family. Thus, they need to be cautious from the damages such as partial disability or permanent total disability made due to road accidents. Handling the expenditure incurred to handle any of such disability will make it quite difficult for the family to survive. This is the reason why group personal accident insurance becomes an indispensable need in case of reimbursing the money spent on the losses caused due to accident.

Reimbursement of Hospitalization and Recuperation Expenses

One of the major benefits of purchasing this insurance is it offers reimbursement of hospitalization as well as recuperation expenses. Accidents are a case of emergencies, and this is the reason why insurance is a must in order to render optimal medical care within very less time.

Can be Availed Worldwide

Taking a group personal accident policy is a fair deal as this policy not just offers accidental cover in India, but also in foreign countries. Therefore, if you are a traveler and if encounter with an accident anywhere abroad then you are eligible to get your hospitalization expenses reimbursed.

In a Nutshell!

Aforementioned pointers are some of the most important reasons why companies ensure group personal accident insurance for their employees. This is specifically important for those who single-handedly run their family as this is their responsibility to shelter and protect their family financially.

No matter whether you go for high sum insured or low, it will be quite enough to offer you proper coverage. When it comes to the employers, make sure to find out best health insurance plans so as to provide insurance to your employees from fatal accidents.

You need to compare to find out the best by insurance policy and then pick out add-ons that help you to enjoy maximum benefit. Make sure to compare the insurance provider and spend time in reading the reviews and rating that has been given to the policy by the existing users.

Written By: PolicyBazaar - Updated: 20 March 2024
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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