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Know About Group Personal Accident Insurance Policy Covers

Updated On Jan 31, 2024

Group personal accident insurance policy is a tool to protect employees against unforeseen risks that can lead to permanent death or any physical disability. The insurance plan is available for both, the employees and board members or owners of a company. The insurance provides comprehensive financial protection against the high cost of treatment incurred due to any disability.

Features of Group Personal Accident Insurance Policy

A group personal accident insurance has the following characteristics-

  • It is issued to a group of people with a similar risk profile. 
  • This group can be formed by an employer for his/her employees, organization, travel company, banks, and other service providers for customers. 
  • The policy covers the expenses and gives compensation to the group members insured for any injury mentioned in the causes that occurred in their lives.   
  • It applies to the entire world.

The general benefits included are-

  • Accidental death 
  • Medical expenses incurred due to accidents 
  • Permanent total disability due to the accident
  • Permanent partial disability caused by an accident

What All Does Personal Group Accident Insurance Cover?

The coverage of group personal accident insurance depends upon the terms of the plan. However, most group personal accident insurance covers-

1. An accidental death

the insured suffers a fatal injury, and his or her family member receives compensation.

2. Permanent total disability

In the case of an employee's accident, if the result is a permanent disability that lasts more than 12 months, compensation is paid to the insured person based on the SI (Sum Insured) under the group accidental insurance policy for employees.

3. Permanent partial disability

If the insured gets disabled partially, then 2%-60% of the total SI is paid by the insurer depending on the terms of the policy. It is applicable when the disability continues for over 12 months. 

4. Weekly benefits

If the insured is completely disabled, they will receive weekly benefits. It is provided for a limited time to compensate for salary loss due to the inability to work. 

5. Ambulance charges

If the insured is injured and needs to be taken to the hospital, ambulance fees are reimbursed.

6. Mortal remains charge

A GPA insurance policy will cover all expenses incurred during the transportation of the insured's mortal remains to the ground or home.

7. Broken bones

If the insured's bones are broken or damaged as a result of an accident or injury, the policy will compensate them.

8. Medical reimbursements

All the hospitalization charges and medical expenses related to the injury get reimbursed. 

9. Education benefits

The policy covers the children's educational expenses. It pays out the amount if the insured dies or becomes permanently disabled.

10. Lifestyle changes

Because of their permanent disability, the insured may require modifications to their car or home to keep them comfortable. The policy reimburses a portion of such expenses.

Benefits of Group Personal Accident Insurance Policy

The main advantage of group accident health insurance is that it protects you against any financial liability that may arise as a result of disability or death caused by an accident. This policy is designed keeping in mind that the sole breadwinner of a family is responsible for protecting the interests of those who are financially and emotionally dependent on him as well as the family's future. Other than this, there are various other benefits that the group personal accident insurance provides to the policyholder.

  • Group Personal Accident Insurance is important because it fulfills the basic responsibility of any business organization. It is to protect the employees against any unfortunate events. 
  • It recognizes the value of employees to any organisation and thus protects them from a variety of unfortunate events that can result in death or permanent disability to the insured.
  • It ensures that claims are settled quickly. It assists employers in avoiding liability by paying claims to the policyholder or their nominee.
  • It is beneficial to an organization's reputation because it reassures employees that their employer cares about them and is doing its part to protect them.

Key Highlights of Group Personal Accident Insurance

Some of the key highlights of Group Personal Accident Insurance are mentioned below:

  • Group Personal Accident Insurance provides comprehensive coverage for all accident-related expenses.
  • If there is an accidental death of the insured individual, the entire sum insured is paid to the nominee.
  • If the insured person loses vital limbs, the entire sum insured (100%) is paid. However, if the insured member is temporarily or completely disabled, a specific sum insured will be provided.
  • A specific sum insured percentage will be provided to the insured member if there is temporary or complete disability.
  • Protection against the burns to the insured individual is provided that can arise because of an accident.
  • Certain Group personal accident insurance plans also provide coverage for stroke and heart attack.
  • Coverage for the broken bone of an insured due to the accident is also provided.

At the End

Quite many organizations extensively cover a lot of employees. Many health insurance plans also have a provision for customizing group personal health insurance. It covers the needs, prerequisites, and requirements for them. 

To cover the above-mentioned mishaps, Insurancedekho.com presents your various health insurance plans. Get in touch with our experts through customer.support@insurancedekho.com to know the deals better!

Also Read:

Personal Accident Cover - What Is So Special About It?

The Need for Personal Accident Insurance? It's More Than You Think

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