What liabilities does a Group Personal Accident Insurance scheme cover?

group personal accidentAn accident is a scary event that can lead to a long-term scale trouble.  Although nobody has any control over any sudden unforeseen event, we can be prepared for the damage that can happen after an accident. Loss of life to permanent disability, any unfortunate thing can take place after an accident. The worst part is that these days’ good medical services are highly expensive and almost not affordable by a large scale of the Indian population. These days, many organizations have started providing group personal accident insurance schemes to their employees. After all, no organization can afford to lose good staff because of any accident whether in or outside the office area.

Some common offerings of a group personal accident insurance schemes are-

  1. Accidental Death

Whether it is a road accident or any accident, both are covered under this policy. Most of the companies provide the complete principal amount in this case as a loss of life can hamper the whole family badly.

  1. Permanent Total Disability

If any accident or injury leads to a permanent disability scenario then this policy will pay maximum compensation of 100%. Total disability includes-

  • Loss of sight (Both eyes)
  • Loss of both feet or hands
  • Loss of one foot and one hand
  • 100% Loss of hearing
  • 100% Loss of Speech
  • Loss of a limb & an eye
  1. Permanent Partial Disablement

In case an accident leads to the partial disability of the victim then the insurance provider offers benefits linked to the policy. The percentage of the sum varies depending upon the disability.

Partial disability includes-

  • Loss of toes (One or both)
  • Loss of hearing (One ear)
  • Loss of fingers
  • Loss of metacarpals
  • Loss of the sense of smell
  • Loss of the sense of taste
  • Loss of one eye
  • Loss of one hand
  • Loss of one foot
  • Loss of toe
  • Damage to a portion of leg
  1. Temporary Disablement

Some group personal accident insurance schemes also offer benefits at the time of temporary disability. However, the incident should have taken place during the policy period or within 12 months of the incident.

It includes things like-

  • Any damage to skull
  • Any damage to the chest
  • Any damage shoulder or arm
  • Any damage to ankle or wrist

Above mentioned things are some common benefits offered by different insurance providers. Though different policies have different advantages, some common exclusions are-

  • Injury due to adventure sports
  • Accident under the influence of alcohol or drug
  • Nonpayment of premium
  • AIDS/HIV
  • Self-injected Injury

Apart from all these, some policies also offer weekly remuneration based on the policy taken. Educational benefits are also offered in case of loss of life or permanent disability, to the children. Ambulance charges and transportation of mortal remains are also provided in some cases.

There are hundreds of policies available in the market offering various benefits. A thorough research is required before picking the right policy. As this policy offered to many people together, therefore, different sums can also be selected for different grades of employees (depending upon the company’s policy). Overall, we know that any accident or health issue is something that nobody wants but we have no control over the sudden incidents. Additionally, the treatment charges in India have gone to a new high making it very difficult for a commoner to afford good quality medical healing. Therefore, taking a good insurance policy is the best thing to do. Also, as employees are valuable assets for any organizations therefore, it is very important to offer them benefits that will help them at the time of need and will eventually build their trust more towards the organization. Many insurance brokers offer good policies along with the necessary help. So, wait no more and opt for a good group policy for your organization now.

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