An accident is a scary event that leads to long-term scale trouble. Although nobody has any control over any sudden unforeseen event, we can prepare ourselves 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. Therefore, 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 an accident whether in or outside the office area.
Common Offerings of a Group Personal Accident Insurance Scheme
Some common offerings of a group personal accident insurance scheme are:
1. Accidental Death
Whether it is a road accident or any accident, group personal accident policy covers both. Most of the companies provide the complete principal amount in this case as a loss of life can hamper the whole family badly.
2. 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-
- Losing sight in both eyes
- Loss of both feet or hands
- One foot and one hand loss
- 100% loss of hearing
- Complete loss of speech
- A limb & an eye loss
3. Permanent Partial Disablement
In case an accident leads to partial disability of the victim then the insurance provider offers benefits linked to the policy. The percentage of the sum varies depending on the disability.
Partial disability includes:
- Losing one or both toes
- Unable to hear with one ear
- Fingers loss
- Metacarpals loss
- Losing the sense of smell and taste
- One eye loss
- One hand loss
- Loss of one foot
- Loss of toe
- Damage to a portion of the leg
4. Temporary Disablement
Some group personal accident insurance schemes also offer benefits at the time of temporary disability. However, the incident has to occur during the policy period or within 12 months of the incident.
It includes issues like:
- Any damage to the skull
- Damages to the chest
- Shoulder or arm damage
- Ankle or wrist damage
Exclusions & More
Insurance providers commonly cover the above-mentioned losses. Though different policies have different advantages, some common exclusions are:
- Injury due to adventure sports
- Accident under the influence of alcohol or drug
- Non-payment 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.
Conclusion
There are hundreds of policies available in the market, offering various benefits. You must do thorough research before picking the right policy. As this policy covers many people together, therefore, you can select different sums 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 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 organization, therefore, it is very important to offer them benefits that will help them in their 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.
Written By-
Gunjan Saxena
MBA Insurance Management
With a robust background in the insurance industry, Gunjan is a seasoned professional who brings 10 years of expertise to group personal accident insurance. Throughout her career, she has demonstrated a deep understanding of the intricacies and nuances of insurance products, particularly in personal accident coverage. Having worked closely with both individuals and businesses, she has gained valuable insights into the diverse needs and challenges faced by clients seeking insurance protection. Her experience encompasses designing tailored insurance solutions, providing expert advice, and guiding clients through the insurance process with confidence and clarity.
Through her articles, Gunjan aims to educate and inform readers about the importance of group personal accident insurance and the benefits it offers in safeguarding against unforeseen events.
