8 Benefits of Group Personal Accident Cover

All successful businesses depend upon some external and internal factors. The performance of its employees is one such contributing factor that impacts a company's work culture, achievements, growth, etc. With all the havoc that the pandemic has struck, employee wellness has become very important for the overall value proposition of an organization. HR leaders, world-over, are discovering ways to connect and engage employees. This is where Group Personal Accident Insurance helps employers safeguard the financial conditions of their employees in an uncertain time. It is a policy issued to a group of people by an organization or institution. Its prime objective is to provide comprehensive financial protection against substantial liabilities incurred due to disablement or death resulting from accidental injury.

When employees aren't financially protected, it causes emotional as well as financial stress among them. What makes the group accident insurance policy stand apart is the feature that it protects insured employees against any financial liability arising due to death or disability stemming from an accident. It is intended to financially unburden the breadwinner of the family in the event of an accident. The benefits of group personal accident insurance play a very important role in any salaried individual’s life. It is among the most influential measures used by insurers for retaining employees and boosting productivity by providing financial security for their families.

((calculator))

Benefits of Group Personal Accident Insurance:

1. Accidental Death
If an employee meets an accident that ultimately results in their death, the nominees are paid the principal sum as the accidental death benefit.

2. Permanent Total Disability
In case an employee meets with an accident that results in a permanent disability for 12 months in continuity, the sum assured will be paid by the insurer as compensation to the employee.

3. Permanent Partial Disability
If an employee is in an accident that causes a permanent partial disability for 12 months in continuity, the policy would cover 2%-60% of the Principal Sum, depending on the level of disability that is mentioned in the policy's coverage.

4. Changes in Lifestyle
Permanent Total Disability resulting from an accident often make way for lifestyle changes. Sometimes, employees need financial assistance for meeting the increased lifestyle expenses due to this change. Say, for example, modifying an existing vehicle or shifting to the ground floor, or changing the staircase due to disability. Comprehensive Group Personal Accident policies come in handy at such junctures and provide financial assistance to meet these expenses.

5. Ambulance Charges
Reimbursement for ambulance charges is included in Group Personal Accident Insurance when an employee meets with an accident.

6. Mortal Remains Transportation
Insurers of group personal accident insurance also bear the cost incurred in the transportation of the mortal remains from the accident site to their residence, hospital, or cremation ground.

7. Broken Bones
Insurance companies estimate a lump sum amount that is used to compensate for the broken bones of an employee under group personal accident insurance.

8. Medical Reimbursement
Reimbursement for the hospitalization cost of the sustained injury treatment is a big highlight of this policy. This compensation benefit is usually a certain percentage of the total medical cost incurred.

((relatedarticle_1))

Importance of Group Personal Accident Insurance

A chief advantage of the Group Personal Accident policy is that it ensures that the raised claims are settled promptly. The claim of the policy is given to the policyholder or their nominee to avoid any burdens or liability on them. Mostly, Group Personal Accident policies bear the entire expenditure incurred in case an employee is in an accident or any other unfortunate event. Such policies play a great role in boosting the reputation of the organization, as it presents the company as one that shows care and concern for its employees.

Group personal accident policy is a holistic solution for employers who want to give extensive coverage to several employees. These days, several insurers also offer the option to customize a group personal accident plan. So, browse for the most beneficial policy for your organization based on the requisites of your employees.

((newsletter))