What is Group Personal Accident Insurance? (Explained)

The employees are the greatest asset of a company. However, they’re exposed to several risks. It’s one of the organizations’ responsibilities to look after the employee’s well-being. Group personal accident insurance offers the company a policy to protect its employees from any accident that occurs at the workplace. Under this policy, the employees are absolved of all the medical expenses incurred due to injury or death in case of any mishappenings.

Group personal accident insurance is a win-win for both the company and the employees. While the employees are protected under the policy, the company gets a group discount based on the number of employees in the company.

Benefits of Group Personal Accident Insurance

Here are some of the benefits of the Group Personal Accident Insurance policy-

• The policy fulfils the basic responsibility of any organization is to protect the employees against any unfortunate events.
• It assures quick claim settlement for the employee.
• It also provides hassle-free documentation.
• It is great for the reputation of an organization as it gives satisfaction to the workers that the company ensures their protection.
• All the expenses related to hospitalization and medicines due to the injury get reimbursed.

Coverage offered by Group Personal Accident Insurance

A group personal accident insurance coverage varies according to the terms of the plan.
Here’s what the coverage includes-

• The family receives the insured compensation in case of the death of the insured.
• In case of permanent or total disability caused to the employee which continues for over 12 months, the entire compensation is paid to the person insured.
• If the employee gets disabled partially, a certain percentage of the sum insured is paid.
• Weekly benefits are provided to the employee who is fully disabled. It is offered to compensate for the loss of salary as the employee would be unable to work.
• If hospitalization is necessary for the employee, ambulance charges are covered under this policy.
• The policy will reimburse all the expenses that arise during the transportation of the insured person’s mortal remains to the ground or home.
• In case of broken bones, the insured gets compensated a certain amount of money.
• The policy covers the educational costs of the children if the insured dies or has a permanent disability.
• In case of permanent disability, the insured may need some changes in lifestyle such as modifications to his car and home which is compensated by the policy.

Group Personal Accident Insurance Exclusions

Group personal accident insurance protects all employees against most accident scenarios. But there are some exclusions that the policy does not cover. Some of the notable exclusions are:

• When the injury is self-inflicted.
• Injuries caused due to illegal or criminal acts.
• Injuries/damages sustained under the influence of alcohol, drugs, or other intoxicating substances.
• Death or injury due to illness or disease during childbirth or pregnancy.
• Accident cases involving nuclear weapons or armed forces.
• Accidents involving a violation of the law.
• Suicides or attempted suicides.

Accidents not only cause financial trouble for the employee’s family, but they may also affect the company in a way. It’s thus advisable to insure your employees with Group Personal Accident Insurance and provide them with the financial security they deserve.