Group Personal Accident Cover

Accidents create financial problems for the insured and dependents alike. Group personal accident insurance offers complete coverage in the event of death or disablement of the policyholder due to accidents occurring anywhere in the world.

Group personal accident insurance is a comprehensive cover that can be bought for large as well as small groups, such as bank customers, employees, schools, colleges, and corporates. Irrespective of the size of your group, you can buy customizable group personal accident cover to suit the requirements of your group members.

In addition to offering such basic benefits as accidental death and permanent partial/total disability coverage, various group accident covers offer an option to choose additional benefits for all or selected members of the group. The group personal accident cover also offers discounts on the basis of the number of members.

What Does It Cover?

The group personal accident insurance offers the following coverage:

  • Accident Death: If the insured succumbs to death after an accident, the insurer will pay the principal amount
  • Permanent partial/total disability: If the injury causes a partial/permanent disability to the insured which continues for a year, the insurer will pay compensation up to the sum assured.
  • Weekly Benefit: The insured is entitled to get a weekly compensation if they are fully disabled for a temporary period due to an accident.
  • Ambulance Charges: If the policyholder meets with an accident and is taken to a hospital, the policy offers reimbursement of ambulance charges.
  • Mortal remains transportation: The policy reimburses the cost incurred in moving the mortal remains from the accident site to hospital, residence or cremation ground.
  • Broken bones: A lump sum amount is paid for broken bones resulting from an accident. The policy clearly states which broken bones will be covered under the plan.

What it doesn't Cover?

Usually, group personal accident insurance doesn't offer coverage in the following cases:

  • Natural death
  • Injury caused while under the influence of drugs or alcohol
  • Violation of law
  • War and nuclear perils
  • Pregnancy or childbirth
  • Ionizing radiation or radioactivity

Compare and Buy Group Personal Accident Cover at PolicyBazaar

In just a few seconds, you can compare and buy group personal accident cover at PolicyBazaar. You can compare the plans offered by different insurers and proceed to buy the plan of your choice. The premiums can be paid online and policy will be issued instantly.

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What is Group Personal Accident Plan?

Ans:

Group personal accident insurance is a comprehensive policy that is offered to large as well as small groups like employees, bank customers, colleges and corporate offices. The plans are customizable irrespective of the size of the group and match the requirements of the group members.

Can I Avail Tax Benefits of Group Personal Accident Insurance?

Ans:

Unlike health or life insurance, which provides you with a tax benefit for the annual premium paid, Group Personal Accident plan don’t have any tax benefit for the insured.

What are the factors that determine the premium?

Ans:

The factors that are taken into account while deciding the premium include exposure to risk, employment category etc. However, age and income are the secondary factors here.

What is not covered by Group Personal Accident Policy?

Ans:

The exclusions of Group Personal Accident policy may vary insurer to insurer. The policyholder may find a comprehensive list of exclusions in the official wordings of the policy at the time of buying a plan. However, below conditions are not covered by this plan:

1. Intentional injury or intentional negligence

2. Injuries that happen while being under the influence of drug or alcohol

3. AIDS/HIV/STDs are not covered

4. Accidental injury happens while the insured is riding a two-wheeler with an engine capacity of over 150cc.

5. Injury due to participation in any adventitious sport.

6. Any claim arising out of past illnesses

7. No claim will be entertained for pregnancy or childbirth

What are the additional benefits offered by Group Personal Accident plan?

Ans:

The additional coverage offered by group personal accident plan includes:

1. Educational allowance in case of accidental death of the insured

2. Family transportation

3. Modification allowance

4. Repatriation of mortal remains.

However, these benefits may differ insurer to insurer.

I often travel to different countries for business and at times for leisure. What if I meet with an accident outside India?

Ans:

You can be assured as group accident policy offers coverage worldwide. The insurer will pay for the expenses incurred on an accident met when abroad.

I already have a health and life insurance cover. Do I need Group Accident Insurance?

Ans:

While life insurance offers death coverage to the family in case of an accidental demise of the insured, health insurance provides a comprehensive financial net during a medical emergency by covering pre and post hospitalisation expenses. Accidental cover, on the other hand, insures you against financial risk that could occur due to accidental permanent disability or loss of income in case of a death of the earning member. The policy strengthens your financial portfolio in case of a monetary hardship.

Would I need to pay a premium for availing the benefits of group personal accident plan?

Ans:

As the name suggests, group personal accident insurance is offered by the employer under the employees’ benefit scheme. This is a group plan and the premium is paid by the employer only.

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