Group personal accident insurance is a policy provided by an employer or an organization to a group of own employees. An employer purchases this kind of insurance policy to cover the risk of accidental injury to any employee. The main reason to use a group personal accident insurance cover is to provide financial protection to an individual employee. Any accidental injury may lead to steep hospitalization expenses and with a group personal accident insurance cover, the employee will not have to bear all the bills.
Depending upon the exact nature of work, an organization will put the right value on the insurance coverage and buy the right plan. However, the prime motive is to ensure employees against the common risk of sufferings from an accident.
Group Personal Accident Insurance Benefits to Employees
Accident Leading to Death of An Employee
Full-compensation (as per the entitlement) is paid to the deceased employee’s family member (the official nominee) if there is an injury resulting in the death of a worker.
Accident Leading to Permanent Disability of An Employee
The whole sum-assured is paid to the employee if he meets with an accident and it later results in a permanent disability. The only clause here is that the permanent disability should have existed for more than 12 continuous months, to classify the accident injury as permanently resulting in disability.
Accident Leading to Partial Disability of An Employee
A partial sum is remitted to the employee, in case he becomes partially disabled- permanently. In this case, too, the occurring disability should be for a considerable time to categorize it as permanent in nature. The amount given to the employee varies as per the exact terms and conditions of the group personal accident insurance policy.
Hospital plus Medical Expenses
Any expense associated with the accident, including hospital or the associated expenses is to reimbursed by the insurance company. In short, the complete treatment expenses are borne by the appointed insurance company.
100% & 50% compensation
- 100% compensation if the covered member/employee loses sight (both eyes) or two limbs in an accident
- 50% compensation if the covered member/employee loses sight (of one eye) or loss of one limb or loss of hearing (both ears), or loss of speech in an accident
Extra benefits as per the Fixed Terms and Conditions of a Policy:
- Ambulance cost incurred during transportation to the hospital
- Transportation cost for bringing the mortal remains of an employee to home
- Education fund of two dependent children
- Compensation for loss of employment due to accidental injuries