As the name suggests, group personal accident insurance protects the employee and their family in cases of unfortunate events like death, disability etc. caused by an accident. Just like Group Medical Insurance, this policy is also availed by employers for the physical and social protection of their employees.

There is no denying that employees are a major strength of any company. And It also can’t be ignored that no one can succeed without them, therefore the employers who understand this and are constantly finding ways that enable themselves to take care of their employees’ safety and security to the best possible extent, insure their employees from any mishap from an accident as that “little extra” they can do for  them.

Major benefits of Group Personal Accident Insurance:

The major benefit of Group Personal Accident Insurance is to safeguard an employee from any financial liability or accountability arising out of death or disability that’s happened due to an accident.

As an employer, if you can protect your employee and his/her family from a financial and emotional crisis that an accident brings, then that is probably the best thing you can do for them.

Other benefits of Group Personal Accident Insurance:

1. Availing Group personal accident policy for your employees is good for the reputation of your company as workers perceive your company as a good place to work and they feel socially secure. When they work for you they always work with full motivation as they realize that the company they work for cares for them.
2. The claim settlement of Group Personal Accident Insurance is fast and reliable. In an unfortunate event of death or total/partial disablement, the claim amount is quickly provided to the policy holder’s nominee.
3. Under Group Personal Accident cover, your employees get worldwide coverage. That means this policy covers you even if the casualty has happened outside of India. Personal Accident Cover does not have any geographical limits which make it even more important in emergency cases.

Coverages of Group Personal Accident Insurance:

Let’s now take a look at scenarios where Personal Accident Insurance comes to your rescue.

Death by Accident: If an employee dies due to an accident then the nominees are paid the sum insured as an accidental death benefit. 

Permanent Total Disability: If an employee meets an accident and that accident causes a permanent total disability for a period between 12 months to continuity then based on the level of disability the insured will be paid anywhere between 2% to 60% of the insured amount. 

Permanent Partial Disablement: If an employee meets an accident and that accident causes a partial disability for a period between 12 months to continuity then based on the level of disability the insured will be paid anywhere between 2% to 60% of the insured amount. 

Ambulance Fare: Personal Accident Insurance policy also covers the transportation cost of an ambulance in the event of an accident of the policyholder.

Mortal remains transferring: This policy also makes the insurer (insurance company) responsible to bear the expenses of transferring the mortal remains from the spot of the accident to the hospital, home, or cremation ground.

Broken Bones: In case the policy holder’s bones get broken in an accident, then the policyholder is provided with a lump sum amount as compensation.

Hospitalization Expenses Reimbursement: This policy also covers the cost of hospitalization to an extent for the treatment of an injury. The sum offered is mostly a percentage of the medical cost.

Financial assistance in lifestyle shifts: When a person meets an accident and unfortunately has to live with total/partial disablement permanently or temporarily then that person has to go through a certain lifestyle shift.

For eg: If the aftermath of mishappening calls for modifying a certain vehicle, change in a staircase or anything that seemingly needs a change, the financial assistance to support that change will be taken care of by this policy.

So that’s all about Group Personal Accident Insurance that you need to know in order to make an informed decision about purchasing the right plan for your team.

You can also browse a dozen of group accident cover plans from the best insurance companies and get an instant quote from J Insurance.

Thanks for reading this through!

Until next time!