Businesses and corporate houses thrive to provide a significant level of satisfaction to their employees. It directly impacts the way their business expands, competes in the market, and expands. The organizations offer many benefits to keep their employees happy like maternity leave, paid leave, casual leave, etc. are to name a few.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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Besides, providing a health insurance policy is also a part of such benefits that many companies offer to their employees. Here we are going to discuss the same under the name of Group Medical Coverage (GMC) and Group Personal Accident (GPA). We will discuss how these policies offer substantial and financial coverage to their employees.
Group personal accident policy comes under the group insurance policy. This policy offers financial support against unexpected and unforeseen circumstances like an accident that leads to disability or fatal injury. However, there is not feature of customization in this policy as per the needs of the employees.
Additionally, it comes with in-built features and services that apply to all people irrespective of their requirements and personal needs. The amount of premium is lower than a standalone cover for personal accidents and is either paid by the organization or sometimes from a fraction of the salaries of their employees.
The GPA provides insurance coverage even when an employee is not on duty or is outside the country. Some of the noteworthy features of this policy are as follows:
Some insurance providers as well provide the facility of add-on covers at the payment of extra premium wherein the policyholders can avail personal accident cover of up to 40% and a daily allowance of Rs. 500 for a maximum of 30 days while the policyholder is hospitalized.
GMC is a short form for Group Medical Cover, which is a customizable health insurance plan for a group of people with the same interest. It can be tailor-made for organizations and corporations according to their requirements and needs. In this type of health insurance plan, the risk cover is saturated on many people and therefore the premium amount that policyholders pay for this type of insurance policy is comparatively lesser than individual health insurance policies. In some cases, the entire premium cost is paid by the employer itself, whereas some employers charge a specific amount from the salaries of their employees.
A GMC is dependent on many factors like group size, demographic components such as income, age, and occupation of the employees or group members and it includes some add-on covers or riders according to the insurance policy. Some major features of this policy are:
These are the small descriptions of GPA and GMC insurance policies with their advantages. Hopefully, after reading the aforementioned content, you will no longer be in the dark about these two types of group health insurance plans. However, despite the differences, these two are opted by the organizations or groups for providing benefits to their employees. Moreover, these insurance policies also come with some exclusions like death clauses, engaging in criminal activities, sexually transmitted diseases, etc. You always have the option to select a separate health insurance plan for your family and yourself in addition to these group health plans according to your health and financial conditions.