What Is Group Personal Accident Insurance?

Group Personal Accident Insurance provides protection to its participants in the event of accidents resulting in disability or death. This type of insurance is frequently offered as a corporate group policy for employees, owners, and board members of a company. Regardless of your group's size, you have the flexibility to purchase a customized group personal accident policy tailored to the specific needs of your group members. Additionally, discounts are available based on the total number of participants.

Why Group Personal Accident Insurance Required?

Accidents can bring not only physical disabilities, whether temporary or permanent, but also financial crises for both the victim and their family. Given that accidents are a part of everyday life, the occurrence of an accident involving the family's primary breadwinner can lead to challenging circumstances. Consequently, in our contemporary era where businesses prioritize customer welfare, it has become crucial to select an insurance policy that provides compensation in the event of an accident resulting in disability or death.

To address these specific needs of organizations, group personal accident insurance policies have been introduced. These policies provide extensive coverage to groups of individuals, safeguarding them against accidental disability and loss of life.

Key Features of Group Personal Accidental Insurance Policy

• Accidental insurance policies for employees can be extended to clubs, corporations, associations, institutions, and companies.
• Certain plans also include an educational fund for the insured's dependent children in the event of the insured's permanent disability or demise.
• Typically, these policies have a duration of one year, commencing from the policy's inception date.
• The majority of insurance providers offer discounts contingent on the group's size.
• A group personal accidental insurance policy can be renewed by following the same steps as for any other standard policy.

Benefits of Group Personal Accident Insurance Policy

The common benefits that most of the accidental insurance policies for employees offer are:

• Accidental Death: In the event of the insured's accidental demise, the insurance provider disburses the insured sum to the designated nominee(s).
• Permanent Partial Disability: In the event that an employee experiences partial disability as a result of an injury, the employer compensates the employee with a sum insured that varies between 2% and 60%, depending on the policy's term. It's important to note that the disability must persist for a minimum of 12 months.
• Permanent Total Disability: In the case where the insured employee sustains an accident resulting in permanent disability lasting for one month, the employee is eligible for compensation, which can extend up to the sum assured.
• Educational Benefits: In the event of an employee's permanent disability or untimely demise, the insurance company covers the educational expenses for the children.
• Ambulance Expenses: In cases where the employee requires ambulance transportation to the hospital after an accident, the insurance company covers the ambulance charges.
• Weekly Compensation: In the event an employee experiences total disability as a result of an accident, the insurance company provides weekly compensation for a limited period.
• Repatriation of Deceased: Many plans offer reimbursement for the expenses associated with transporting the deceased individual's remains from the accident site to their residence, hospital, or cremation ground.
• Medical Expense Reimbursement: Employee accidental insurance policies provide reimbursement for hospitalization expenses and medical costs resulting from accidents or injuries.
• Fractured Bones: In the event of bone damage caused by injury or accident, the policy provides a lump sum payment to the employee.

What Does Group Personal Accident Insurance Cover?

The group personal accident insurance policy offers the following coverage:

• Accidental Death: In the unfortunate event of the insured's demise following an accident, the insurer will provide the full principal amount.
• Permanent Partial/Total Disability: In the case where the injury results in a partial or permanent disability for the insured that persists for a year, the insurer will offer compensation up to the sum assured.
• Weekly Compensation: If the insured experiences complete temporary disability due to an accident, they are eligible to receive a weekly compensation.
• Ambulance Expenses: In the event of an accident where the policyholder requires transportation to a hospital, the policy provides reimbursement for ambulance charges.
• Repatriation of Deceased: The policy covers the expenses associated with transporting the mortal remains from the accident site to a hospital, residence, or cremation ground, offering reimbursement for these costs.
• Fractured Bones: The policy provides a lump sum payment for bone fractures caused by accidents. The policy explicitly outlines the specific types of broken bones covered under the plan.