Group Personal Accident Insurance- A Perfect Protection Plan for Employees

Organizations must be ready for the unexpected in today's fiercely competitive business environment. It applies to the community where you conduct business and your staff. The workforce of a company is its most valuable asset. That's why people-first organizations prioritize finding and keeping top talent. Offering employees financial support in case of a medical emergency due to an accident is one way to achieve this. You can offer complete accidental coverage to your employees with group personal accident insurance.

What is Group Personal Accident Insurance?

As the name implies, group personal accident insurance is a form of corporate group insurance that primarily covers employees against accidental injuries and death. It is accessible to a company's board of directors and employees. No matter the size of your group, you can purchase individualized group personal accident insurance to meet the needs of your group members. Discounts are also available for the group's personal accident insurance based on the number of participants.

Accidental death, medical costs associated with accidents, permanent total disability or permanent partial disability as a result of an accident are all generally covered under the policy. The employee's nominee receives the full amount insured in the event of death.

Unlike group health insurance, a group personal accident insurance plan does not have to be a blanket policy. Employees with varying grades or levels may have a different insurance maximum.

What is Covered Under Personal Group Accident Insurance?

The plan's terms determine the group personal accident insurance's scope of coverage. But the majority of group personal accident insurance policies provide:

1. Coverage for accidental death.
2. Coverage for permanent or total disability. The insured here would receive the promised compensation as per the sum assured.
3. Cover for partial disability if the condition continues for over a year.
4. The insured receives weekly benefits if they are temporarily totally disabled. It is offered for a brief period to compensate for the salary loss resulting from the inability to work.
5. Ambulance costs are covered if the insured has to be transported to a hospital due to an injury.
6. The policy pays the insured a certain amount if they sustain broken or damaged bones because of the accident.
7. The cost of every hospital stay and other related medical expenses are covered.
8. The cost of the children's education is covered by the policy in case the insured person passes away or becomes permanently disabled.
9.  If physiotherapy is necessary to recover from accidental injuries, the policy will cover the cost as per mentioned conditions.
10. After an accident-related death of the policyholder, the GPA coverage may enable the insured's family to recover the funeral cost. These costs typically cover moving the body to the funeral, burial, cremation site, etc.

What are the Exclusions of GPA insurance?

Group personal accident insurance policies cover employees during unexpected risks, but some aspects are not covered. Here are a few of these exclusions:

1. Suicide and self-inflicted injuries are excluded from coverage under such policies.
2. Any injuries sustained while engaging in illegal or criminal activity are not covered.
3. Injuries brought on by substances such as alcohol, drugs, etc., while one is intoxicated.
4.  Injury or death brought on by pregnancy or childbirth-related complications.
5. Nuclear weapons, the military, etc., brought mishaps during warlike situations.

Why is Group Personal Accident Insurance Required?

One of the main advantages of a group accident insurance plan is that it protects you from any financial obligations resulting from an accident-related disability or death. This policy was created with the understanding that the family's sole provider is responsible for protecting the interests of those who are financially and emotionally dependent on him, as well as the family's future. In addition, the policyholder receives several other advantages from group personal accident insurance. The following list includes some of the main features of group personal accident insurance:

1. Group personal accident insurance provides comprehensive coverage for all accident-related expenses.
2. 100% of the insured amount is paid to the nominee in the event of accidental death of the insured person.
3. The full amount insured (100%) is paid if the insured person loses critical limbs.
4. If there is a partial or total disability, the insured member will receive a specific sum insured percentage.
5. The insured person is provided with protection from burns that may result from an accident.
6. Some group personal accident insurance plans also offer stroke and heart attack coverage.

What is the Claim Procedure?

The procedures for making a claim with group personal accident insurance are as follows:

1. Tell your insurance company about the mishap. You can do this by emailing it or calling its customer service number.
2.  The insurance company will then file a claim and request that you, the insured, complete the form and submit all the required paperwork.
3. The insurer will then handle the claim under the terms of the policy.
4. The insurer will send a denial letter to you (the insured) or the human resources department of your company if the claim is denied.

Conclusion

Employers can purchase a group personal accident policy, a complete package in and of itself to offer comprehensive coverage to numerous employees. Several insurance providers also offer options to tailor group personal accident insurance policies to the requirements and preferences of employees. Let the best group personal accident insurance and your health insurance policy provide you and your family with unmatched support now that you know the significance of group personal accident insurance.