Group personal accident insurance is perhaps a must- have, in the present corporate scenario. it protects a group of employees from an accidental injury or even death. Physical injuries cover includes partial or permanent disability, of a policy member, in a public or private organization set up. Some group personal accident insurance policies also cover accidents during a work-related event, or an incident occurring at the residence of an employee, like, if an employee is on his way to work, he meets with an accident. Then, any incurred expenses are liable to the employer.
Why We Need It Even More Today?
A group personal accident insurance cover is a necessity today. It benefits the employer and the employees, both. Considering that we live in a vulnerable environment today, where an accident can happen anytime and anywhere, it is crucial to provide a group personal accident cover to the employees. Especially, if the nature of the job is risky. For example, a worker on a construction site or in the delivery business is more prone to the risk of injury, by personal accident. However, any employee in a regular organization setup is too prone to such risk. It can be a workplace accident or it can be an injury during a fieldwork assignment (when an employee is out of office on-duty).
How Does Group Personal Accident Insurance Help?
Compensates for Disability
It goes a long way in expressing the employer gratitude towards an honest and hardworking employee. By enrolling an employee in a group personal accident insurance cover, an employer is committed to reimbursing all the medical expenses of a single employee (as a part of the policy). The steep cost of hospital treatment in India makes it compulsory to have a personal accident insurance team-copy. If it is provided by an employer, it is a great relief for the employee on-duty. He feels secure and safe while undertaking evident job risks for the organization. It creates bonding.
Reimbursement of All-Expense
An employee of the group personal accident cover is compensated not only for the hospitalization cost but, recuperation expenses as well. Even more important fact is that an employee gets on-spot treatment in case of medical emergencies. By reducing the dependency cost of time, an employee is given the best treatment and care; something, which he deserves and so does the organization. Any employee is a long-term asset and no organization wants to suffer business productive loss due to long absenteeism of best employees from work.
The biggest advantage is that the policy covers all accidental injuries 24×7, whether occurring in office premises or outside. Even if an employee is on a foreign business tour, there is an accidental cover extension for him. The policy continues to exist.
It is, therefore, crucial to have a group personal accident insurance for the prime employee base in any organization. Depending upon the nature of the job one can decide on the total amount of insurance coverage. That said, it is important for every organization to have a group personal accident cover.