What Does Personal Group Accident Insurance Cover?

Organisations may offer their employees a group personal accident insurance policy to ensure their financial security in the event of an unfortunate incident such as an accident or death. The policy offers coverage to the leadership team/managing committee and the employees of an organisation. In simple words, the policy ensures coverage for the entire workforce.

Group policies protect the employees against hefty accident bills. However, the policy’s terms and conditions must be complied with by both the insurer and the insured. As a result, whenever any expenses are to be met, they will be in accordance with the policy’s conditions. Thus, employees need to grasp and comprehend the scope of their plan’s coverage.

What are the features of a group accident insurance plan? 

The following are the characteristics of a group accident insurance plan:

  • The organisations ensure that the group plan is offered to a group of individuals having a homogenous risk profile.
  • If the employees have similar characteristics such as age, medical history, etc., then they are suited to be clubbed under the same group.
  • The process of formation of the group is carried out by the employer, the banks, travel company or any other service provider.
  • Members of a group accident plan are covered against medical expenses in the event of accidents and injuries that occur post-plan activation for as long as the plan is active.

The benefits of a group accident insurance plan are as follows:

  • The accidental death of any staff member
  • Treatment costs or medical expenses incurred due to any unfortunate accidents
  • The cost incurred due to permanent total disability by an accident
  • The cost incurred due to permanent partial disability by an accident

In what ways does the group personal accident insurance policy provide coverage?

Here are some of the more prominent benefits offered by a group accident insurance plan:

  • In case staff members lose their lives due to an accident, their family is eligible to receive compensation as per the terms of the policy.
  • In case of any permanent total disability due to an accident, and if the disability continues for more than 12 months, then the insured can claim compensation as per the sum insured of the plan.
  • When a permanent partial disability occurs due to an accident, the insured can claim up to 2% to 60% of the sum insured paid by the insurer. The range is decided based on the policy terms.
  • An unexpected accident prevents the employees from working, which causes them to lose their income and worsens their financial situation. To tackle this issue, the insured employee is eligible for weekly benefits, which are given for a temporary period.
  • The entire cost of ambulance charges will be given as a reimbursement whenever an insured has to be rushed to the hospital for medical care due to an injury.
  • The family is reimbursed for the transportation costs of the deceased’s mortal remains to the cremation ground or the insured’s home.
  • Depending on the insurance policy, an insurance company may pay a specific amount to the insured if they suffer a fracture.
  • Hospitalisation costs are fully reimbursed.
  • When an insured suffers from a permanent disability, leaving them in a position of lifelong unemployment or even death, the policy covers their children’s education.
  • Following an accident or a severe injury, the insured may want assistance moving around to maintain their body at ease. Changes may be required in the car or at residence, and the policy covers those expenses as well.

What are the benefits of the Group Personal Accident Insurance Policy?

A group accident coverage plan safeguards the employees not only financially, but also gives them peace of mind. It is natural for employees to be stressed if they suffer an unfortunate accident or injury. The policies are often structured to ensure that no dependent member of the family has to undergo stress or worry if the sole breadwinner is unable to work. The policy provides emotional support and works in the interest of the insured.

  • Group Personal Accident Insurance Policy helps organisations extend critical care and support to their workforce. The organisation must protect its people and stand by them during emergencies.
  • It helps the organisations attract and retain the best available talent.
  • The plan provides a decent assurance for claim settlement.
  •  It also assures that the process will be smooth and hassle-free.
  • A group accident coverage policy also provides insured policyholders with digital and physical insurance policy cards for cashless hospitalisation. The card permits the insured to utilise PAN India network hospitals for treatment. This cashless policy card is identical to the Government of India’s digital health ID card.

Wrapping Up!

Several organisations offer customised group accident insurance policies to ensure the welfare of their employees. It is possible to modify the plans according to the needs and requirements of the employees. All in all, it is one policy that never fails to disappoint and comes to the rescue just when you need it the most!

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