A Group Personal Accident Insurance offers financial coverage to an individual against a risk of accidental health and disability. It offers comprehensive protection at an affordable premium to enhance the coverage for a group of persons, such as employees, board members, owners, etc. The insured gets a lump sum compensation in the event of an accidental death or a permanent injury. The only requirement is that there should be an existing relationship between the policyholder and the members:
- Any organisation for financial security for members
- School/education institutions for students
- Associations/Housing societies/Clubs for members
- Seller taking policy for customers
What is Included?
- Accidental Death
- Permanent Total Disability & Permanent Partial Disability
- Temporary Total Disability
- Medical expenses incurred because of the accident
- There are multiple add-ons such as Child education grants, Loss of job protection, Hospitalization and OPD expenses for injury, etc.
What is Excluded?
- Suicide, an attempt to commit suicide or intentionally self-inflicted injury
- Addicts of drugs, alcohol, or any other intoxication or hallucinogens
- War
- Nuclear Hazard
- High-risk adventurous activities like parachuting, skydiving, etc.
Key Features of Group Personal Accident Insurance
- In the case of employees, group personal accident insurance can be available to clubs and corporations.
- Some of them offer an educational fund for the dependent children of the insured in the event of death or permanent disablement.
- It has a policy tenure of one year from the start date of the policy.
- Discounts are also provided depending on the group’s size.
Benefits of Group Personal Accident Insurance
- Accidental Death: The sum insured is paid to their nominees in the event of the insured's accidental death.
- Permanent Partial Disability: If a continued partial disability for 12 months occurs, then the sum insured, ranging from 2% to 60%, depending on the policy term, is paid by the employer to his/ her employee.
- Permanent Total Disability: If a continued total disability for 1 month occurs due to an accident, then the compensation is paid to the employee maximum up to the sum assured.
- Educational Benefits: In the event of an employee’s unfortunate death or permanent disability of an employee, the company will pay for the cost of the children’s education.
- Ambulance Charges: In case an employee has met with an accident, the company will then incur ambulance charges.
- Medical Reimbursement: Employees can be reimbursed for hospitalisation charges and medical expenses, as well as those incurred due to accident or injury.
How to Claim Group Personal Accidental Insurance?
- Intimation
- Intimate the insurance provider about the accident.
- The insurance company will register the claim.
- The claim form will be sent to the insured along with the required documents checklist.
- Processing
- The policyholder will be informed if incomplete documents are needed.
- Once all the documents are received, the claim will be processed as per merit.
- Settlement
- The cheque will be prepared and sent to the concerned insured.
- In case of rejection, a letter is sent by the claim settlement team to the insured.
Conclusion: Group Personal Accident Insurance is a wholesome package that employers can buy to provide extensive coverage to their employees. Also, many insurance companies provide customised options based on requisites, needs, and wants.