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Accident Insurance Policy for Employees

Updated On Dec 02, 2020

Medical emergencies can take place at any time. Sometimes, in the form of accidents as well. An individual may have a health insurance policy from one of the best health insurance companies, but it may be of no use due to lack of cover for accidental injuries. Here is when the group accident insurance policies come to the rescue. If your organization is providing a group personal accident insurance policy, but you are new to the term, continue reading.

What Is Group Personal Accident Insurance?

Group personal accident insurance policy is a prime advantage for employees of an organization. This reliable policy provides complete coverage in case of an employee’s death or disablement, owing to an accident. Specifically designed to provide compensation to an employee, a group personal accident insurance policy takes care of the medical expenses that are incurred due to the employee experiencing bodily harm, be it disability or loss of any part.

What Does Group Personal Accident Insurance Cover?

The coverage features under group personal accident insurance include:

  • Accidental death
  • Accidental permanent total disability
  • Accidental permanent partial disability
  • Accidental temporary total disability
  • Weekly compensation benefits

Note that some of the additional benefits that may be included are:

  • Carriage of mortal remains
  • Medical expenses extension

What Does Group Personal Accident Insurance Not Cover?

In general, a group personal accident insurance may not provide cover for:

  • Passengers and co-drivers
  • Sexually transmitted diseases like HIV, AIDS, and others
  • Injuries from participation in motor races, bike races, and others
  • Medical treatment, services are taken from a non-registered medical practitioner or hospital
  • Any claim in the same insurance period exceeding the capital sum insured
  • Compensation under more than one clause for the same disability period
  • Disability before the commencement of the policy
  • Therapeutic treatments or acquired or pre-existing disease of the insured
  • Compensation payment due to death or disablement caused due to

a. Pregnancy and/or childbirth

b. Ionizing radiation or radioactivity

c. Suicide attempted suicide etc.

d. War, nuclear perils, terrorist activities

What Are the Benefits of Buying a Group Personal Accident Insurance Policy?

Buying a group personal accident health insurance will provide you with not just one, but many benefits. Take a look at this list of advantages that you gain on buying group personal accident insurance:

  • Group personal accident insurance policy covers you for everlasting overall disability due to an accident. This policy helps you and your family in times of need.
  • An employee may not be financially well to pay high bill costs arising out of accidental injuries. In such a situation, group personal accident insurance proves to be of immense use.
  • Even if an employee dies due to an accident, the group personal accident policy makes sure their family does not have to pay for the expenses incurred while performing any treatment or saving their life.

Will I Get Tax Benefits Under My Group Personal Accident Policy?

No, group personal accident policies do not provide tax benefits. You will be eligible for income tax benefits as per Section 80D of the Income Tax Act under your basic health insurance policy.

Can I Include My Family Members Under My Group Personal Accident Policy?

No, adding family members to group health insurance is not allowed. You can add your family members to your traditional health insurance if needed.

At Last

Group personal accident insurance is an optimum way organizations support their employees in adverse times. Remember, your organization will take care of you and your family in case you meet an accident. What’s best is that you will get covered for 24 hours and all around the world. So, even if you are not in India, you will be taken care of by your organization.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.


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