Understanding Group Personal Accident Insurance: Benefits and Coverage Explained”
Industrial and commercial establishments provide a Group personal accident insurance as accidental coverage towards employees, members, and workers. Group Personal Accident Insurance protects employees and their families financially against loss of income that occurs due to accidental disablement or death. Commercial or industrial establishments offer this policy as accident coverage for employees, workers, members, etc.
Permanent partial disability and Permanent total disability
| Permanent Partial Disability | Permanent Total Disability |
| Complete and Irreversible Loss of eyesight in an eye | Complete and Irreversible Loss of Eyesight in Both Eyes |
| Loss of a Hand / Foot | Total and Permanent Loss of Both Hands and Feet |
| Complete and Irreversible Loss of hearing capacity in one ear | Complete and Irreversible Loss of Hearing capacity in Both ears |
Benefits of Group Personal Accident Insurance
- Coverage against accidental death
It provides financial coverage to employees against accidental death, where the nominee receives the sum insured.
- Coverage against disabilities
In case of permanent partial or complete disability, it provides financial support to the insured and his family. It helps the family to survive financially when an employee is not able to work due to a disability caused by an accident.
- Educational benefits for children
It provides educational benefits to the children of the insured as it covers the cost of up to two children in the event of sudden demise or permanent disability of the insured.
- Coverage for ambulance charges
The ambulance-related expenses are also covered when required after an accident.
- Medical reimbursement
The medical expenses incurred after an accident can be reimbursed. It includes post-accident hospitalisation, daily hospital allowance, and post-hospitalisation medical expenses as well.
What’s covered?
- Accidental Death
The nominee of an insured gets the insurance amount from the insurer in the event of death.
- Temporary Total Disability
It also covers accidental injuries, restricting the insured employee from engaging in employment for a limited time period. It is paid till the time disability continues.
- Child Education Cover
In the event of permanent disability or death of an insured, it provides child education.
- Medical Expenses
The cost of hospitalisation or daycare expenses is reimbursed to the insured for up to 90 days.
- Transportation of Mortal Remains
It includes expenses related to the transportation of mortal remains from the location of demise to the residential address.
- Funeral Expenses
It also covers the funeral-related expenses after the death of the policyholder in an accident, which includes transportation of the body from the place of death to the location of the funeral, cremation, burial, etc.
- OPD Treatment
It may cover consultation fees, test charges, treatments, etc.
- Physiotherapy
It covers physiotherapy expenses in case they are required to recover from accidental injuries.
- Permanent Partial / Total Disability
It also includes permanent partial or total disability preventing the insured from working.
Conclusion
Employees are the most valuable asset of a company; hence, an organisation should focus on retaining them. One of the ways is to offer employees financial assistance if they face a medical emergency due to an accident.
