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Group Personal Accident

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Advantages of Group Personal Accident Insurance

Comprehensive Cover
Our group personal accident covers accidental death, permanent total and partial disability, temporary total disability, medical expenses for accidents and add-ons such as ambulance charges.
Graded Sum Assured
Within group personal accident insurance, the sum assured for each employee can be set based on combinations of paygrade, designation, profile, department, annual compensation or marital status.
Addition/Deletion Of Employees
Group personal insurance allows addition or deletion of employees. Premium is charged proportionately for actual coverage and adjusted regularly. Individual plans do not offer this flexibility.
Fixed Claim Amount
A lumpsum, fixed amount is paid on death or disability, typically within 30 days of filing a claim. This is not dependent upon actual expenses incurred or other claims paid for the same incident.

Benefits of Group Personal Accident Insurance

Accidental Death Benefit

  • Our group personal accident insurance provides 24*7 worldwide coverage for accidental death, even after office hours. You do not need to be on work to claim. However, death should not be self-inflicted or a suicide
  • Compensation is paid to the family member of the employee upto 100% sum assured or agreed policy terms
  • Children education benefit is paid to the nominee for maximum of 2 dependent children of insured.

Permanent Disabilities Covered

  • Our group personal accidental insurance plan pays a pre-specified proportion as per the policy terms of the sum assured based on the extent of disability. The permanent disability may be total or partial in nature
  • In case of permanent total disability such as loss of both limbs, the entire sum assured is paid
  • In case of partial disability such as loss of a single limb, a pre-specified part of sum assured is paid.

Temporary Total Disabiities Covered

  • In case of a temporary total disablement such as spinal cord damage, due to which employee becomes bed ridden or is unable to come to office, a fixed weekly benefit is paid in order to compensate for such a loss
  • Standard weekly benefit is Rs 5,000 for 52 weeks and can be enhanced to Rs 25,000 for 104 weeks
  • Cover for medical expenses such as fractures, which are typically not covered in other insurances.

FAQs

Group personal accident insurance covers accidental death, permanent partial or total disability, temporary total disability and dismemberment of the employees. It can also cover accidental hospitalisation expenses of employees. Further, several add-ons are available such as vehicle modification allowance, children education grant, funeral expenses etc.

Standard exclusions includes natural death, self inflicted injuries, intoxication, death or injury due to HIV or any sexually transmitted diseases, due to war and participation in criminal acts, while engaging in an adventure sport or hazardous activity, due to pregnancy including childbirth, miscarriage, abortion, or complication arising there from etc.

Various add-ons coverage like coverage for children education, ambulance charges, funeral expenses , transportation of mortal remains etc. can be covered under the group accident policy by paying a little extra premium. Depending upon the occupancy of the employer, specific risks such as terrorism, sea-perils, and snake bites can also be covered.

In the event of death of an employee due to accident, the insurance company will cover the expenses of transporting the dead body of the insured person to the place of residence under a group personal accident insurance policy. Benefit or compensation is paid to the employee as per the agreed terms and conditions of the policy at the time of placement.

The premium amount is determined on the basis of occupation of employee, sum insured, group size and claims history if any.Risks assosciated with the job plays a major role in premium calculation. Professional mountaineers, pilots, miners have to pay higher premium rate in comparison with people with low risk jobs such as bankers, IT professionals.

Premium of a group personal accident insurance plan is treated as an expense deductible from the profit and loss of a company. And so an employer can claim the premiums paid under this plan as a business expense and can claim tax deduction on such expense under Section 37. Employee cannot avail any separate deduction for the same.

One way to confirm if the selected coverages are sufficient, is to check with market benchmarks of your industry. The typical cover offered by the employers to employees under group personal accident policy is 3 to 5 times of annual salary of the employee. The higher the insurance cover the more is the security for the employee.

You can minimize the cost of a group personal accident policy through better negotiation with the insurer, by signing-up for multiple years, and by optimizing on non-essential add-ons as per the specific occupation or industry. Also ,employers with low claims track record over multiple years enjoy lower premiums in policy. Team of SecureNow will negoatiate best terms on your behalf as a service provider.

While making a claim under group personal accident insurance, the employer is required to produce complete personal information (name, age, gender, address, ID proof) along with the death certificate (in case of death), dully filled claim form, panchnama, FIR report, post-mortem report, hospitalisation report, medical bills and medical certificate.

No, the standard group personal accident insurance policy does not have any deductibles. Benefits paid under this policy depends upon the benefit schedule of the selected insurance plan agreed at the time of inception of the policy, depends upon the nature of injury sustained by the employee and upon the nature of work, the employee is engaged in.

Yes, employee can make a claim for an accident outside india as a group personal accidental insurance provides coverage for accident happening anywhere in the world. However, the claim settlement is done in Indian currency and claim gets paid under the jurisdiction of India only. All the required documents needs to be submitted timely to the insurer.

Full sum insured will get paid in case of permanent total disbalement but in case of of the disability being temporary, or permanent but partia, full sum insured will not be payable. In that case, only a specified percentage of the sum insured, which got agreed at the time of inception of the policy and is mentioned in policy terms will get paid.

Yes, if an employee is suggested for a bed rest by the treating doctor after an accident then group accident insurance will pay for the absence period. In policy,the benefit is called as temporary total disabilities under which weekly benefit of Rs 5,000 for 52 weeks is paid and it can also be enhanced to Rs 25,000 for 104 weeks. Although, as an employer you can still continue to pay the employee's monthly salary as per company's policy and benefit from insurance policy can be paid as an extra cushion.

There is no requirement of any kind of pre-policy medical tests to buy a group accidental insurance for your employees. In order to start the policy, you just have provide the basic details such as their names, dob, designation, basis of sum insured, etc. We have designed this policy as a very straight forward insurance cover with very minimal amount of efforts from the employers and no efforts required from the employees.

Group personal accidental insurance is a part of employee welfare program in the companies. This plan provides comprehensive coverage such as accidental death cover or disability, cover for medical expenses related to an accident and it is significantly cheaper when bought individually by employees and administratively easier to manage for an employer. Also, amount of premium paid by the employer is exempted from taxation under Section 37 of the Income Tax Act.

Yes, because the risks covered are different in both the policies. Health insurance covers medical treatment costs, particularly hospitalization. Personal accident covers accidental death and dismemberment. Under accidental insurance, lump sum payment is made depending upon the type of claim, unlike health insurance where only amount of treatment is paid.

Insuropedia

What is the difference between personal accident insurance and life insurance?

Life insurance policy is a contract between you and your insurer under which, the insurance company provides a lump-sum payment, known as the death benefit, to beneficiaries upon the insured’s death. It acts as an income replacement for the family of the life assured. Life insurance caters to anyone that is financially dependant on you...
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What does personal accident Insurance cover?

Personal accident insurance provides financial support at the time of an unfortunate mishap. It is important to understand the coverage provided under this policy while buying the policy. Following are the standard coverage in a personal accident insurance: 1. Accidental Death: Death because of a car crash, slip or any other unfortunate accident...
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What is considered as an accidental injury in personal accident insurance?

Accidental injury as the name suggest delineates all those types of injuries which are the outcome of an unforeseen and unfortunate mishap. Falls, cuts, burns, road accidents, bites, stings and drowning are examples of accidental injuries. Accidents can happen any time and accidental injury is one of the alarming cause of death...
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