Definition of Group Personal Accident Insurance
As the name suggests, a group personal accident insurance policy can be created by an employer to safeguard their employees’ financial condition by creating a coverage for death or permanent disablement due to accidental injury. A group accident policy taken by an organization can cover its employees, supplier, customers, as well as board or owner(s) of the company.
Key Features of Group Personal Accident Insurance Policy
The key features of a GPA policy are:The group to be covered under a GPA policy can be formed by an organization, a travel company, banks or any other service providersGroup personal accident insurance covers for all expenses associated with an accidental injury100% of sum assured is paid to the nominee in case of accidental death of the insured100% of sum assured is paid in case of total permanent disability2 to 100% of sum assured is paid in case of partial disablement depending upon the vitality of the part that is disabledBroken bones due to accidents can also be covered
Benefits of Group Personal Accident Insurance Policy
Comprehensive coverage: Group personal accident cover assures a comprehensive coverage for all expenses pertaining to an accident.Coverage for death due to accident: Insurance companies pay for 100% of the sum assured to the nominee in case of unfortunate death of the insured due to accidental injury.Permanent disability cover: Compensation is awarded for full or partial disablement due to an accident.Medical expenses: Expenses incurred due to accidental injury could be covered both for OPD and hospitalization.Ambulance cost: In case of hospitalization, the insurance companies pay for the ambulance cost of the insured.Transport of mortal remains: In case the insured meets with an unfortunate death due to an accident in a different location, insurance companies offer to help in transportation of the dead body to the place of residence.Educational grant allowance: The group personal accident insurance also supports educational expenses for up to 2 dependent children based on the coverage plan.
Necessity of Group Personal Accident Insurance Policy
Group personal accident insurance cover understands the importance of an employee’s presence for his/her organization and hence, provides protection against several types of unfortunate eventsA GPA cover aims at quick claim settlements in case of death, partial/permanent disablement or any other medical expenses incurred due to accidental injury, so that expenses do not become a burden for the beneficiariesAn organization that takes a group personal accident insurance policy for its employees, also builds a good reputation. Employees feel secured and that always increases productivity and loyalty for their organization
Coverages under Group Personal Accident Insurance
Accidental death coversCoverage for loss of limb or decapitation of any body partPartial or permanent disability coverTransportation and ambulance cover for accidental injuryIt’s possible to get a worldwide coverage for accidental injuriesSome group personal accidents also provide optional cover to fund the education for up to two dependent children per insuredThe coverage is applicable 24X7 irrespective of the place of accident of the employee
Claim process for a Group Personal Accident Insurance
In case of an accident, under the group personal accident insurance policy, the employer and the insurance company have to be informed about the incident and a procedure for filing a claim has to be followed.
Disability or Injury ClaimDuly filed claim formHealth check-up reports and original bills provided by the medical practitionerDisability certificate from government or the hospitalLeave certificate from employerPolice report if required
Death ClaimDuly filled claim form with proper information about the deceased and the beneficiaryDeath certificate of the insuredPost-Mortem reportPolice reportEmployment Letter and salary slips from HR/organizationPhoto ID of the beneficiary